ESADA 2012. Livestock Insurance Best Practices / Lessons Learned John MacKillop Land OLakes International Development Division Dairy / Livestock Practice.

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Presentation transcript:

ESADA 2012

Livestock Insurance Best Practices / Lessons Learned John MacKillop Land OLakes International Development Division Dairy / Livestock Practice Manager

Risk Management -Agriculture is a high risk business Property risk Liability risk Market risk

Useful Definitions -Actuary -Underwriting / Coverage -Premium -Indemnity / Pay out

Livestock Insurance -Types of losses -Frequency and severity of losses -Risk characteristics of individuals -Value of loss -Affordable product -Insurance fraud

Requirements for Insurance -Identification, Ear Tag -Health Certificate Adequate housing Adequate feed Free of parasites Current with recommended vaccinations

Cost of Insurance -Depends greatly on historical data -The size of the insurance package -Greater risk you accept, lower the cost -Examples Malawi 5.1% of value of cow Zimbabwe 2.5% India 3.5% to 4% Kenya Marsabit 3.25% - 5.5% US 2.5% or $33/cow for farm insurance

Insurance Claim -Livestock claim form -Veterinary certificate -Treatment chart -Post – Mortem report -Valuation certificate -Photographs -Police report, if applicable

Insurance coverage -Is it covered? Negligence / Manageable events Uncontrollable event / natural hazard

Sudan livestock insurance Loss Ratio 1998 – 2003 (claims/premium) 1998 – 10.23% 1999 – 76.13% 2000 – % 2001 – % 2002 – 57.12% 2003 – 13.52%

Index based livestock insurance -Premiums and indemnity based upon an event (drought) occurring which leads to loss of livestock -Strike point (index)of insurance activation -Monitor index not individual loss

IBLI Example -10 TLU valued at Ksh 120,000 -Insurance premium Ksh 3,900 (3.25%) -Strike point is 15% -Data index prediction is 13% -Date index prediction is 25% -25% minus strike point 15% = 10% payout -Indemnity payout Ksh 12,000

Challenges -Penetrating new markets is expensive -Distribution channels undeveloped -Farmer education, high priority -New products and bundle products

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