Insurance is considered a luxury for many poor people, but they need it the most
Zambian farmers, Stephen Chomba suffered badly from a prolonged drought that started just after last year’s planting season in October. The maize seeds he had used in his little 12-hectare farm in Chilanga, on the outskirts of the capital, Lusaka, failed to germinate. He risked losing his entire crop. Then, to his astonishment, he received a phone-call from the seed company. He was told he was entitled to pick up replacement seeds at no cost. He was, it turned out, insured.
The government also offers a crop-insurance scheme, which is subsidised. But this is available only to farmers who take out loans through co-operatives, and tend to be relatively well-off. Mr Kant says Indian small farmers cover their risks as their ancestors did—by hoarding produce and having more children, to look after them, they hope, when they are old.
Correspondingly, where claims are not paid, or met in full, insurance can soon get a bad name, often unjustifiably. So Ms Parmar is interrupted while advertising the benefits of insurance by an assertive woman in a pink sari, who complains that she made a health claim, and received 2,000 rupees when her total costs were 10,000 rupees. She terminated her policy when the premiums rose.
Or insurance may be bundled with a product, making the price invisible and buying it as straightforward as possible. People, says Ndavi Muia of Bayer, will not pay for insurance unless it is a statutory requirement, like motor insurance. So Pula’s premium is paid by the seed company, which absorbs the cost and bundles the insurance with its product to boost sales. It can afford this because the payout is in seed and the risk period relatively short.
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