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Stanbic urges farmers to insure their livestock

by Staff reporter
07 Jul 2020 at 18:33hrs | Views
As Zimbabwe continues to face various challenges in its Agricultural sector brought about by climatic change and other natural factors, Stanbic Bank has urged farmers to take advantage of its Agribusiness advisory as well as livestock insurance cover to cushion their businesses against potential losses.

Stanbic Bank's Head of Personal and Business Banking, Patson Mahatchi, said that the leading financial services institution's Agribusiness unit can offer some financial solutions to commercial farmers who need to protect their return on investment.

"Our financial advisory services cover a wide range of industries and agriculture is one of them. We have experienced bankers in our Agribusiness unit who provide viable financial solutions for the benefit of commercial farmers," said Mahatchi.

Towards the end of 2019, the financial institution's Agribusiness unit launched state of the art satellite-hosted remote sensing technologies which help farmers and agronomists with data analytics on local weather, soil moisture, field accessibility and leaf wetness. This technology also provides optical satellite monitoring of the area planted, germination and growth progress forecast through algorithms.

Responding on the crisis where over 200 cattle are understood to have succumbed to anthrax between January and April this year while hundreds more died due to mysterious diseases that hit many parts of the country, Mahatchi recommended that farmers insure their livestock.

"We have been reading reports on the deaths of livestock, especially cattle, which is a very unfortunate loss of wealth for both commercial and non-commercial herd owners. We do offer a livestock insurance facility which helps farmers protect themselves from such unfortunate circumstances," said Mahatchi.

He said the cover not only applies to diseases but also extends to other loses such as accidental death, emergency slaughter on advice of a recognized veterinary surgeon and theft of livestock in raising units or paddocks, fire, smoke and lightning.

According to the bank's terms and conditions for which the relevant reports and documentation should be provided, livestock is also covered against snake bites, accidental electrocution and storm damage amongst many other unfortunate events.

"The benefits of Livestock insurance include protection from loss of valuable animals as well as provision of affordable cover which is tailor made to an individual's needs and business risk profile at competitive rates", he said.

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Source - Agencies