College of Insurance and USAID/COMPETE collaborate to offer a Regional Certificate of Agricultural InsuranceTanzania Commissioner of Insurance, Israel Kamuzora, presided over the September 27th launch of the Regional Certificate of Agricultural Insurance at the College of Insurance in Nairobi, Kenya. The event ushered in a new capacity building program for insurance professionals across the East Africa region.
The insurance industry in East Africa suffers from a lack of trained personnel, especially in the areas of agricultural risk assessment and agricultural insurance products. To build capacity within the insurance industry and raise the level and penetration of agricultural insurance across East Africa, the Kenya College of Insurance (COI), with support from USAID East Africa’s Competitiveness and Trade Expansion (COMPETE) Program, created a Regional Certificate of Agriculture Insurance program.
Employees of insurance companies and financial institutions, and national insurance regulators from the East Africa region now have a place to learn how to design crop insurance, write claims procedures and make insurance more affordable and accessible for the large East Africa region.
“It’s interesting and something to look forward to because EAC does not have agriculture insurance. We need to know how these programs are developed because most insurance companies have no capacity. But with this course, we are able to go back to our respective firms and propose capacity building for others and consequently expand insurance products in the market.” Michael Waigwa, Cooperative Insurance Company Kenya, a Regional Certificate of Agricultural Insurance course participant.
The College of Insurance is the only college in East and Central Africa that provides professional and technical training for the insurance industry. It is a center of excellence, designed to serve as a model for best practices across the region. As Mr. Kamuzora noted in his inaugural address “This (Regional Certificate in Agricultural Insurance) will go a long way in enhancing the growth of agriculture which is the mainstay of many African countries.” The long term impact of this will be to mitigate risk for insured farmers and increase food and financial security across the region.