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.
Insurance that pays out when forage coverage drops—known as index-based livestock insurance—is an elegant idea. Andrew Mude, an economist and principal scientist at ILRI, last month was awarded the Norman Borlaug Award for Field Research and Application. The award, a major prize in agricultural research, is given by the World Food Prize Foundation and financed by the Rockefeller Foundation. Tina Rosenberg covers the story in the New York Times.
The authors call for further exploration of strategies to conserve root, tuber and banana crop residues during the harvest period to reduce waste and improve incomes for smallholder pig farmers in Uganda.
Today, for the first time in Africa, an insurance policy that combines an Islamic-compliant financial instrument with innovative use of satellite imagery is compensating Muslim pastoralists for drought-induced losses suffered in Kenya’s northeastern Wajir County, where livestock are valued at Ksh46 billion (USD550 million).