Mayfair pays out $800,000 in farmers’ insurance

MAYFAIR Insurance Limited has paid out a total of US$800,000 in claims to farmers to cushion the impact of crop failure due to unfavourable weather between 2014 and 2017.
The company, which operates the weather index insurance, which is a form of insurance that provides cover against the occurrence of specific events such as drought, has been providing cover to farmers under the Farmer Input Support Programme (FISP), Zambia National Farmers Union and other organisations supporting farmer projects.
The weather index insurance uses satellite data to monitor the given weather pattern over a particular region and based on the satellite data, the average rainfall is determined and during the season deviations from the set normal rainfall result in automatic payouts.

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