Oromia Insurance Compensates Farmers





Oromia Insurance Company (OIC) has announced that it will give 1.6 million Br in insurance claim payments to farmers who lost their cattle because of the El Nino-caused drought that affected large areas of the country last year. Around 1,470 farmers around Guji and Borena, Oromia will be receiving compensation from the Firm.

OIC launched the livestock insurance program for rural pastoralists in 2014, in collaboration with the International Livestock Research Institute (ILRI).  In addition to the compensation program, the two organisations are now working together in environmental protection other facilitation programs.

Other than paying out compensation to pastoralists who lost their livestock, OIC has also launched the “Greenness Watch Insurance”, which covers clients with high risk livestock. OIC has also partnered with Kifiya Financial Technologies to expand its current livestock insurance and eventually shift into a paperless format.

Alongside with the farmers to be insured on Saturday, a total of 4,588 farmers in Oromia Regional State have livestock insurance. Founded in 2009, Oromia Insurance reported a 30pc rise in claims to 184.7 million Br.



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