Ethiopia, a new insurance policy for the coverage of crops

Ethiopian Insurance Corporation (EIC) has marketed an insurance policy targeting low income farmers. This microassurance product provides protection against weather risks such as droughts, floods, torrential rain and damage caused by insects.

EIC has estimated at 200 000 the number of policyholders targeted by this coverage in 2016. This figure is likely to rise to 15 million in the course of the next five years. According to official studies, damage affecting crops has risen to nearly 2.5  billion ETB (119 million USD) in the course of last decade.