By Almot Maqolo
HARARE – Farms, ranches and other businesses that raise or house livestock may lose money if the animals are injured or die due to accidents or disease.
However, they can protect themselves against the loss of valuable animals by purchasing livestock insurance. Livestock insurance provides several important benefits to protect your animals and your investment. With more farmers with the knowledge of entrepreneurship, it is hoped that insurance could be implemented for all livestock commodities and for farmers with working risks. Whilst cattle farmers spend a lot of their hard-earned money on the purchase and management of cattle.
Financial institutions Stanbic Bank Zimbabwe is working flat out to educate farmers on why
livestock insurance is a necessity. This comes as despite the heavy risks, livestock insurance penetration remains very low. Sometimes it is attributed to lack of education awareness. Most of the concentration is directed on insuring the crops as the risk of material loss due to climate change is now being recognized. The Bank encourages farmers to take advantage of its Agribusiness advisory services, as well as livestock insurance cover to mitigate against various challenges brought about by climatic change and other natural factors to cushion themselves against potential losses.
The Standard Bank Group subsidiary’s Head, Agribusiness, Tawanda Maposah said Stanbic’s Agribusiness unit is on hand to offer sound financial solutions to commercial farmers for them to protect and maximise on their investments. “We have a comprehensive portfolio of advisory services which covers a diverse section of the economy and Zimbabwe being an agro-driven economy, one such sector in which we provide viable financial solutions is agriculture. To that end, commercial farmers can take advantage of our experienced bankers from the Agribusiness Unit for solid financial solutions,” said Maposah.
He urged cattle farmers to insure their livestock against diseases such as anthrax, Foot and Mouth and January disease which has been wiping out cattle in various parts of the country over the last few years. Stanbic Bank Head, Client Solutions, Tich Zuze said the leading financial services institution works with insurance partners to provide comprehensive insurance cover which not only protects cattle but extends to other livestock. “While anthrax, Foot and Mouth and January disease on cattle are the major concern, the livestock insurance cover extends to accidental death, emergency slaughter on advice of a recognized veterinary
surgeon and theft of livestock in raising units or paddocks,” said Zuze.
Livestock covered include dairy cattle, beef cattle, poultry, pigs, sheep and goats. The cattle can also be insured against a wide range of other perils such as fire, smoke and lightning.
“While our insurance portfolio is wide ranging, farmers are urged to cushion themselves against the loss of their cattle from anthrax, Foot and Mouth and January disease by taking advantage of our user- friendly packages. They get to receive a 60% cover limit,” said Zuze.
The cattle are also covered against impact by road vehicles or railway locomotives; snake bites;
accidental electrocution; non-political riot and strikes; malicious injury; flooding, earthquake and storm damage.
Zuze said theft of cattle, for which there should be an accompanying police report, as well as use of force or violence against workers while animals are in paddocks or grazing in addition to calving losses are also covered under the comprehensive cattle insurance. He said any accidental death or injury; drowning; collapse of building; falling into a pit or being hit by a
falling tree as well as transit risks -within a radius of 25kms are all insurable perils for cattle.
“The benefits of the cover include protection from loss of valuable animals as well as affordable cover as it is tailor made to an individual’s needs at competitive rates. As for the cost, the premiums are based on one’s needs and business risk profile,” said Zuze.
Farmers need to protect their livestock from the unimaginable and minimise the risk of loss due to unforeseen circumstances.
In 2020, 200 cattle are said to have succumbed to anthrax while hundreds more died due to January disease that hit many parts of the country. January disease is still a cause of concern countrywide with parts of Mashonaland West and Masvingo the hardest.
