Livestock and mudhuts were never recognised before for insurance purposes in the Transkei. However, a venture through the combined efforts of Old Mutual (OM) group, Mutual & Federal (M&F) and Nedbank in partnership with empowerment company Wiphold, recently developed insurance products that will cover mud houses as well as livestock.
This is great news for livestock and homeowners who will now be able to insure against crippling losses especially the livestock in an area where cattle rustling is a major problem.
This is a crucial development in the developing of the Transkei into a teritory that can grow business and feed its people, uplifting areas torn apart by poverty and unemployment. Sustainability is the key word here as this venture needs to gain momentum and sustain it.
A publicity campaign will be essential in educating the ordinary person about the importance of insuring against loss of livelihood. The situation will need to be monitored constantly to ensure that rural people are not taken for a ride by unscrupulous business people.
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