ILRI, Equity Bank Limited and UAP Insurance Co. Ltd launched an innovative livestock insurance product (Index Based Livestock Insurance, IBLI) on Friday, 22nd January, 2010 in Marsabit town. IBLI product pilot comes after over two years of comprehensive collaborative research with Cornell University, Syracuse University(Maxwell School) and University of Wisconsin(BASIS Research Program) aimed at designing, developing and implementing market-mediated index-based insurance products to protect livestock keepers – particularly in the drought prone ASALs – from drought-related asset losses. IBLI will be piloted in (the old) Marsabit District with Equity Bank’s insurance agency as the delivery agent and UAP Insurance Co. as the underwriter.
Chief guests for the occasion were Hon. Mohammed Kuti, EGH (Minister for Livestock Development), Hon. Hussein Sasura (Assistant Minister for Development of Northern Kenya and other Arid Lands and area MP), John McDermott (ILRI), Dr. James Mwangi (CEO, Equity Bank Ltd), James Kamiri (Head of Marketing and Distribution, UAP Insurance). The members of parliament for the area and religious leaders also attended.