Crop insurance provides stability in the volatile world of farming, defying the notion that it is a “grudge purchase” for farmers. Pascal Siphugu, managing director of Land Bank Insurance Company (LBIC), challenges farmers to purchase crop insurance by highlighting the critical need for this frequently disregarded protection.
“We all know that insurance is [often viewed as a] grudge purchase and even more so in the current economic environment with high input costs,” says Siphugu.
“Farmers can barely afford the cost of purchasing all the inputs plus insurance, so most farmers are forced to go without insurance, which is risky and not ideal.”
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Cover for all farmers
In the podcast episode, Siphugu shares thats LBIC realises how crucial it is to provide a wide selection of insurance products that are affordable and easily accessible. These alternatives are designed to meet the specific requirements of different farmer segments, such as large-scale corporate farmers, new-era farmers, and commercial farmers.
“Therefore, to ensure farm sustainability and uninterrupted food security, LBIC responds to these weather risks by providing much-needed cover for hail, frost, damage caused by wind, damage caused by chemical spray, locusts, and damage during transit of produce,” Siphugu says.
In this episode, he also discusses:
- Crop types covered;
- How the insurance works;
- Future insurance offerings.
Want to know more? Listen to the full episode of Farmer’s Inside Track.
Option 1: Click here to listen on Spotify (all mobile and other devices).
Option 2: Click here to listen on any Apple device.
Option 3: Click here to listen on Google Podcast.
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