Britam, Swiss Re, and Oxfam have joined forces to expand flood insurance coverage for 20,000 families in Tana River County.
This is a considerable increase in the number of families covered by the Index-Based Flood Insurance (IBFI) policy, which now covers 300 households in Madogo Ward.
The Memorandum of Understanding (MoU) signed by Britam and the county government intends to raise awareness and enrollment in the IBFI programme, which is aimed to protect and strengthen communities’ resilience to the effects of flooding.
The project builds on a successful exercise in Madogo Ward, where 300 people received Sh14.1 million in compensation for flood-related damages in Upper Tana.
The claim was paid under the IBFI insurance, which is intended to protect small-scale farmers living in flood-prone areas from the devastating effects of flooding.
Dhadho Gaddae Godhana, Governor of Tana River County, expressed hope about the collaboration, stating that the benefits were obvious following last December’s reimbursement to individuals and families who lost their livelihoods due to floods.
“This MoU marks a crucial step towards building resilience and ensuring that our people have access to much-needed protection against the unpredictable nature of floods,” the Major stated.
Tom Gitogo, Britam’s Group Managing Director, emphasised the importance of cooperation with the county in meeting the company’s social impact aims.
He pointed out that the collaboration demonstrates Britam‘s commitment to using insurance as a tool for social good.
“By expanding the reach of our flood insurance product, we aim to be a catalyst in the economic transformation of the Tana River region, enabling families to focus on improving their lives without worrying about potential loss caused by floods,” he added.
Mr. Saurabh Sharma, Britam’s Director of Emerging Consumers, stated that the partnership with Oxfam demonstrated that insurance could safeguard communities from extreme weather disasters by paying out claims quickly.
“We will be aiming to scale up the programme to cover the entire population that is vulnerable to flood risk now that we have the support of the county government,” she went on to say.
IBFI was established in May 2023 and collaborates with Risk Shield and Arid Lands Development Focus (ALDEF), Oxfam’s implementing partner in Upper Tana.
IBFI was created utilising data modelling and satellite imagery to predict flood thresholds and provide coverage at a low cost.
Flooding is expected to become more common in Kenya as a result of climate change.
The alliance emphasises the need of public-private collaboration in solving climate-related issues and building community resilience.
