Kenya’s Equity Bank and UAP Insurance are launching an insurance scheme to cover the losses of livestock farmers in northern Kenya, whose herds face the risk of starvation due to poor weather condition. The insurance program will use satellite images to predict drought. The index-based product will initially be offered to herders of camels, cows, goats and sheep in Kenya’s drought-prone Marsabit district. If satellite images indicate that a lack of rainfall has seriously damaged vegetation in their region, putting livestock at risk of hunger or thirst, farmers may receive compensation.

The Company for Cooperative Insurance (TAWUNIYA), Saudi Arabia’s leading insurer rose to 4Q 2009 NI of SAR101.5 mn ($27.1 mn) versus a 4Q 2008 Net Loss of SAR34.6 mn but missed its own guidance of SAR125.6 mn due to floods in the city of Jeddah in December. Tawuniya said it lost SAR38 mn due to [...]