New parametric insurance for Kenyan coffee farmers

Britam Holdings, Liberty Mutual Reinsurance (LM Re) and Sprout, an American insurtech specializing in climate risk management, have joined forces to develop a new parametric insurance product.

The program is designed to support Kenyan coffee farmers and protect their crops against climatic hazards.

The parametric solution allows policyholders to receive rapid compensation when a specific weather event occurs, thanks to satellite data.

This initiative will help farmers mitigate the risk of crop failure and maintain their productivity despite climatic challenges.