County government of Tana River and insurance firm Britam have inked a deal seeking to increase the number of households covered under the Index-Based Flood Insurance (IBFI) policy in the county.
The policy is designed to cushion small-scale farmers residing in flood-prone areas from the catastrophic effects of floods.
The agreement targets to onboard close to 20,000 families in Hola and Garsen, to add on the 300 households who are already in the programme.
Britam says the scaling of the coverage is designed to safeguard and enhance the resilience of communities against the impact of floods.
The signing of the MOU comes two months after the 300 households under the programme in Madogo Ward, received Sh14.1 million in compensation for the losses resulting from the enhanced-rainfall flooding incident in Upper Tana.
Commenting on the partnership, Tana River governor Dhadho Gaddae Godhana, said the impact of the innovative solution was already evident following last December’s payout to individuals and families that lost their livelihoods 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," Godhana said.
On his part, Britam's Group managing director Tom Gitogo highlighted the importance of the partnership with the County in delivering the company's social impact goals.
He noted that the collaboration underscores Britam’s commitment to leveraging 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,” Gitogo said.
Launched in May 2023, the IBFI is a result of a partnership between Britam, Oxfam in Kenya and global re-insurer Swiss Re.
IBFI was developed using data modelling and satellite imagery to predetermine flood thresholds and provide coverage at an affordable cost.
The IBFI product is especially valuable for those who live in areas with a high risk of flooding but may not have access to conventional property insurance products.
