Current State of the Industry: Challenges Facing Agriculture Insurance in Tanzania July 19, 2018 | 8:30 am-6:00 pm Ramada Encore Hotel | Dar es Salaam.

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Current State of the Industry: Challenges Facing Agriculture Insurance in Tanzania July 19, 2018 | 8:30 am-6:00 pm Ramada Encore Hotel | Dar es Salaam www.fsdt.or.tz

78% of SHF produce more than one crop for consumption Source CGAP 2016

Most keep livestock and are older Source CGAP 2016

92% of rural households experienced a “shock” The main shock is in medical emergencies. Crop failure follows at half the rate. Source CGAP 2016

79% of hazards in upstream agriculture are related to weather Source CGAP 2016

The hazards are frequent enough Source CGAP 2016

Borrowing is most common coping method for emergencies The use of borrowing is driven by medical emergencies Finscope 2017

For agriculture related risks several coping strategies are used Source CGAP 2016

Affordability is main barrier to insurance Finscope 2017

Challenges to development of agriculture insurance Underwriting Distribution Value Limited extension services Lack of data General underinvestment in SSF Reaching SSF at cost and scale Addressability (awareness, literacy) Market risks (price, off take) Post harvest losses Limited commercialization of SSF

Farmers are willing to invest to cope

Opportunity to leverage plans and to drive investments ASDP II calls for TZS 13 trillion in investments in the agriculture sector. It is important for the insurance sector to investigate opportunities in agriculture insurance from the large investment requirements of the sector. TADB and SAGCOT CTF can inject additional $150 million into agriculture in Tanzania. The additional capital can create opportunities for investment.

Fit4Ag platform as a resource for discovering opportunities The platform is facilitated by FSDT, SAGCOT, and AMDT with collaboration with key agriculture sector partners. The platform facilitates knowledge on value chain investment opportunities over a long term period.

Tanzania Mercantile Exchange as a potential game changer This exchange offers a platform for the sale of commodities. It will be able to facilitate hedging instruments to manage market risks and give more confidence for investment and insurance.

New rural partnerships and products in insurance: NHIF very recently launched a health insurance solution that is offered through agriculture marketing cooperative societies (AMCOS). The solution can potentially reach millions of rural households and help to increase awareness of insurance. The partnership will test the viability of AMCOS as distributors.

End www.fsdt.or.tz