Oromia Insurance Company (OIC) disclosed it has made compensation payments worth 1.6 million Birr for farmers who lost their cattle as a result of El Nino phenomena which occurred last year across Ethiopia. The insurance company effected the payment to 1,470 farmers around Guji and Borena Zones in Oromia.

It was back in 2014 that the insurance company launched the livestock insurance program in collaboration with International Livestock Research Institute (ILRI).

In addition to the farmers that received the compensation, OIC has insured a total number of 4,588 farmers in Oromia State under its livestock insurance scheme.

In addition to covering perils for pastoralists, the insurance company has started “Greenness Watch Insurance”, which covers clients with high risk livestock.

In the aim of expanding its current livestock insurance and ultimately shifting to paperless format, OIC has joined hands with Kifiya Financial Technologies.

Source: Fortune