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Nyala Insurance S.C. paid over 2.1 million birr for 1,100 drought affected farmers in Amhara, Tigray and Gambella regions.
The micro finance insurance the company provides for its customers allows farmers to get their premium for damaged crops due to the current drought.
Of the total beneficiaries, 790 farmers were from Tigray’s Enderta Woreda, Mesobbo Kebele alone received 157,386 birr to cover losses from crops expected to be harvested in 2015/16. The company paid close to one million birr for 313 households in Gambella region
The farmers were received the premium at a ceremony held in Meklelle on December 2.
Yared Molla, Chief Executive Officer of Nyala said the insurance company has been giving micro insurance in collaboration with government and non-governmental organization to minimize the impact of climate change on the farmers livelihoods.
“We are very happy topay the premium for the farmers at this very crucial time. Over the last seven years we paid more than 4.6 million birr to 9,250 farmers in Tigray in crop damage related cases.”
Nur Meded, the Environment, Forest and Climate Change Ministry’s Office Manager said, “Ethiopia has been doing several things to develop a green economy, to minimize the impacts of climate change. Insurance is one of the methods that is guaranteed to reduce farmers’ losses. And Nyala is doing great work along these lines.”
Yared added that Nayla will strengthen its provision ofmicro insurance to farmers in the GTP II periodg