Crop insurance is purchased by agricultural producers, and subsidized by the federal government, to protect against either the loss of their crops due to natural disasters, such as hail, drought, and floods, or the loss of revenue due to declines in the prices of agricultural commodities.
Agriculture is synonymous to disasters and risks beyond our control, thus necessary to take precautionary measures to control damage faced by farmers. The AZ Crop and Micro Health insurance plan assists in the stabilization of crop production and reduces the negative impacts disaster may cause in the lives of the farmers. Considering the current scenario of unpredictable weather, crop insurance has become a necessity for farmers.
The AZ Bundle is an insurance package innovated by axiomzorn.com aimed at providing farmers and their family members with micro health insurance at only UGX 37,000/= per acre each season and only UGX 12,000/= for additional acres of land with numerous other benefits like life cover as stated in the advantages.
About 60 percent of Uganda’s population is engaged in agriculture, forestry and fishing hence depending on it. According to a report from the Food and Agricultural Organization of United Nations (FAO), agriculture is the single most affected sector by droughts, absorbing on average about 84 percent of all the economic impact.
This situation is expected to worsen unless effective measures are taken to protect the agriculture sector. With the increase in population, there is immense pressure to increase food production, boost security and protect farms.
Advantages of crop Insurance.
Since the major impact of the natural disasters affect farmers with limited means in developing countries, it is necessary to use data, technology and financial services to solve climate related challenges.
Farmers in Uganda can access the AZ Bundle by dialing *217*111# on MTN and Airtel networks, follow prompts and feel at ease with the unpredictable weather.
Visit axiomzorn.com for more information on a number of solutions such as the Financial Inclusion for farmers and Digital agriculture.
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