More than 2,250 pastoralists received insurance payouts following the extremely poor rains this year in southern Ethiopia. Low levels of rainfall have led to the loss of approximately 300,000 livestock in 2017 in the Borana zone of the southern Oromia region. The insurance payouts of more than ETB5.233 million (USD220,000) was the largest-ever micro-insurance indemnity made in Ethiopia. Each insured pastoralist received an average of ETB2,255 (USD96), which will allow the herders to purchase feeds for their surviving animals and to restock their herds.
ILRI’s Index Based Livestock Insurance (IBLI) program and Takaful Insurance of Africa are this year’s winners of the prestigious Insurance Innovations Award 2017. The announcement was made at the African Reinsurance Corporation (Africa Re)’s Insurance Awards gala dinner held on Monday 22 May 2017, at the Serena Kigo Hotel, in Kampala, Uganda.