Business Reporter
AS the country’s agriculture continues to battle challenges brought about by climatic change and other natural factors, Stanbic Bank Zimbabwe has urged farmers to embrace insurance cover to cushion their businesses against potential losses.

The bank’s head of personal and business banking, Mr Patson Mahatchi, said they have set up an agribusiness unit to offer some financial solutions to commercial farmers who need to protect their return on investment.

“Our financial advisory services cover a wide range of industries and agriculture is one of them. We have experienced bankers in our agribusiness unit who provide viable financial solutions for the benefit of commercial farmers,” said Mr Mahatchi.

Towards the end of 2019, the financial institution’s agribusiness unit launched state- of- the- art satellite-hosted remote sensing technologies, which help farmers and agronomists with data analytics on local weather, soil moisture, field accessibility and leaf wetness.

This technology also provides optical satellite monitoring of the area planted, germination and growth progress forecast through algorithms.

Responding to the crisis where over 200 cattle are understood to have succumbed to anthrax between January and April this year while hundreds more died due to mysterious diseases that hit many parts of the country, Mr Mahatchi recommended that farmers insure their livestock.

“We have been reading reports on the deaths of livestock, especially cattle, which is a very unfortunate loss of wealth for both commercial and non-commercial herd owners.

“We do offer a livestock insurance facility which helps farmers protect themselves from such unfortunate circumstances,” he said.

Mr Mahatchi said the insurance cover products not only applies to diseases but also extends to other loses such as accidental death, emergency slaughter on advice of a recognised veterinary surgeon and theft of livestock in raising units or paddocks, fire, smoke and lightning.

The bank said the insurance also covers livestock against snake bites, accidental electrocution and storm damage amongst many other unfortunate events.