Happy Letsitsa hasn't paid off the money he borrowed to survive a 2019 drought that ravaged his maize and sunflower farm in the South African province of Free State.
He has no drought insurance. If rains fail again, they could spell the end of his business, which supports his wife, child, father and extended family.
Jan Pretorius in North West province is one of the lucky few that can pay for MPCI, but even he's struggling. His premiums make up around 11% of the roughly 7,000 rand he spends to plant each of his roughly 600 hectares of maize.Farmers and insurers alike say the insurance system is broken, at a time when droughts are becoming longer and harsher.
Nkhangweleni Ramashia, the agriculture ministry's chief director for development finance, told Reuters the subsidy scheme was critical to protect farmers from climate change. An industry pilot project that started this month, led by the country's largest non-life insurer Santam Paswel Marenya, a senior economist with the Consultative Group on International Agricultural Research, said weather index insurance was key to increasing smallholders' resilience, and that payouts would be quicker and cheaper for the government.
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