Britam, Swiss Re, and Oxfam have partnered to expand flood insurance coverage for 20,000 families in Tana River County under the Index-Based Flood Insurance (IBFI) policy.
This is an increase in the number of households covered, with 300 households in Madogo Ward currently covered.
The Memorandum of Understanding (MoU) signed between Britain and the devolved aims to increase awareness and enrollment in the IBFI program, designed to safeguard and enhance the resilience of communities against the impact of floods.
The initiative follows a successful exercise in Madogo Ward, where 300 households received Jes 14.1 million in compensation for flood-related losses in Upper Tana.
The claim was paid under the IBFI policy, designed to cushion small-scale farmers residing in flood-prone areas from the catastrophic effects of floods.
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According to Tan River County Governor Dhadho Gaddae Godhana, the results were evident following last December’s payout to individuals and families who 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,” he said.
Britam’s Group Managing Director, Tom Gitogo, reinstated the importance of the partnership with the county in delivering on the company’s social impact goals.
He observed 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,” said Gitogo.
IBFI was launched in May 2023 and partners with Risk Shield and Arid Lands Development Focus (ALDEF), Oxfam’s implementing partner in Upper Tana.
IBFI was developed using data modeling and satellite imagery to predetermine flood thresholds and provide coverage at an affordable cost.
