Small scale farmers in Tana River County with flood insurance policy have been paid Ksh 14.1 million for losses incurred in the ongoing floods that have affected the region.
The claim paid by Britam Group under the Index-Based Flood Insurance (IBFI) policy partnership with, Oxfam in Kenya and global reinsurer Swiss Re has benefitted 300 households in flood-affected Madogo Ward in the county.
“At Britam, we will not hesitate to step into the unknown if it enhances the resilience of the vulnerable within our community,” said Tom Gitogo, Britam Group Managing Director.
Britam says the policy is designed to cushion small-scale farmers residing in flood-prone areas from the catastrophic effects of floods uses technology-based innovations to previse possibility of floods and fast-track claims payment.
“We measure rainfall using satellite data, and within two days we can determine whether a rainfall will trigger flooding or not. The Tana River water level is measured using automated water gauges with data being available hourly within a day of the incident,” added Saurabh Sharma Britam Director for Emerging Market Consumers.
Under the partnership, Oxfam funds the Ksh 7,000 per year premiums for each of the 300 vulnerable households in Upper Tana. It also facilitates payment to the households insured under the Policy.
“This claim payout demonstrates that insurance can be an effective approach to transforming disaster response in the region,” said David Abudho, Social Protection Strategist at Oxfam in Kenya.
