Old Mutual Namibia has announced the launch of Agrisure, an insurance scheme that protects farmers in Namibia from unforeseeable disasters.

Old Mutual in a statement on Thursday said Agrisure will provide a comprehensive risk management solution tailored to the specific needs of each farmer.

Gert Grobler, Old Mutual’s General Manager for Commercial Lines and Short-Term Insurance, in the statement said the agriculture sector is the backbone of the Namibian economy as it is the largest employer and has been one of the major contributors to national coffers over the years.

He said the sector continues to be a critical engine due to its nature of providing a source of income, food security, foreign earnings, and raw materials to the manufacturing industry.

“Over the last five years, the agriculture sector’s contribution to the country’s GDP (excluding fishing) has been just over four per cent. Livestock farming accounts for roughly two-thirds of agricultural production, with crop farming and forestry accounting for the remaining third,” he noted.

He further said Old Mutual understands the challenges of protecting agricultural risks and the impact that unforeseen events can have on an agricultural producer’s long-term sustainability.

Agrisure amongst others covers home, building, vehicle, irrigation systems on wheels, theft, accidental damage, livestock and pedigreed animals and machinery breakdown.

Source: The Namibian Press Agency