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Land Bank, AgriSeker partnership aimed at enhancing crop insurance

Land Bank, AgriSeker partnership aimed at enhancing crop insurance

Photo by Duane Daws

16th April 2015

By: Tracy Hancock

Creamer Media Contributing Editor

  

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Land Bank Insurance (LBIC), a subsidiary of the Land and Agricultural Development Bank of South Africa (Land Bank), has partnered with AgriSeker Onderskrywing to leverage synergies with the Land Bank to enhance the insurance product offering to the agricultural sector.

The Land Bank is a specialist insurer that offers insurance and risk management solutions solely to the agricultural sector and has granted loans to the agricultural sector in excess of R36-billion. In most instances, credit would not have been advanced to farmers if they did not have insurance, the LBIC explained in a statement on Thursday.

LBIC MD Mpumi Tyikwe, who was upbeat about the agreement, said
AgriSeker had a wide distribution network and was able to access farmers throughout the country. “The fact that the current team will be managing this account is a bonus to us.”

Tyikwe added that the agreement was part of the LBIC’s drive to fulfil its mandate through creating “innovate” insurance solutions and risk management practices. The transaction was also expected to assist LBIC to extend insurance offerings to emerging farmers, which used insurance as collateral for loans to plant crops.

AgriSeker group executive director Bertus Kruger stated that customers’ needs were rapidly changing and the opportunity to offer a one-stop agricultural risk-management service to the entire agricultural value chain was a necessary intervention.

LBIC’s involvement in insurance dates back to 1954 when it created Suid Afrikaanse Verband Versekeringsmaatskappy, which had evolved to create two subsidiaries that focused on short-term and long-term insurance with a combined capital base of about R1.5-billion.

A specialised underwriter in the crop insurance market, AgriSeker was founded by the former senior management of the Crop Insurance Business Unit of Absa Insurance Company.

Critically, the partnership was entered into with the knowledge and support of the current reinsurance fraternity, said the LIBC.

Edited by Creamer Media Reporter

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