The claims were paid under the Index-Based Flood Insurance (IBFI) policy which is designed to cushion small-scale farmers residing in flood-prone areas from the catastrophic effects of floods. The payout for 2023 was handed to Oxfam which facilitated payment to the 300 households covered by the flooding insurance policy. Besides the flood policy, Britam has an index-based livestock insurance which has benefitted over 2,800 pastoralists in drought-prone counties. Britam addresses this gap with initiatives like index-based flood and crop insurance, protecting small-scale farmers against adverse weather effects,” he noted. Flood-related insurance claims are set to worsen business for insurers who are already grappling with losses in their core activity of selling policies.
