26 July 2023
A new livestock insurance product from Kuda considers each farmer’s specific needs, and is available at a market-related price for every breeder.
Because insurers must always innovate, Kuda has revised its livestock product, says CEO Wéhann Smith.
The Cape Town company provides nationwide insurance for wildlife, racehorses, livestock and sport horses, as well as general short-term insurance, auction coverage insurance, and import-export insurance for wildlife and livestock.
Landbouweekblad spoke to Smith and Duppies Fourie, the game and livestock product manager, about the new product, which is tailored to meet the personal situations and insurance needs of each farmer and breeder.
“Farmers’ unique insurance needs are taken into account for each individual’s circumstances, and the insurance is composed accordingly,” says Smith.
“This involves looking at possible animal diseases that occur in the specific part of South Africa, as well as other aspects that may not be important in other parts of the country. The insurance package is compiled accordingly.
“With 14 years of experience in a variety of niche markets, Kuda has built a reputation for having the best access to insurance capacity in these types of markets in South Africa. In the past, this was the result of good relationships, both locally and internationally, good risk management, and the fact that Kuda was diversified across a variety of markets – and therefore less vulnerable to the downturn in any specific market.”
Since 2022, insurance capacity has been further improved with a cell captive structure via Guardrisk, the second-largest insurer in South Africa.
“This cell captive structure gives Kuda access to reinsurance markets worldwide, as well as much more control over product design and underwriting decisions,” says Fourie.
“The good news is that this niche-market product’s price is market-related and no more expensive than regular, conventional insurance packages.
“When everything is taken into consideration, it is actually better priced than conventional insurance for exactly what a farmer needs.”
Kuda has a reputation as a reliable niche insurance company, and its claims payouts are close to 100%.
Over the years, game insurance has covered the capturing and transportation of wildlife, and field coverage. For livestock, diseases, injuries, fertility and transportation are covered, as well as disasters such as fire and lightning.
Furthermore, clients never deal with a call centre. “At Kuda, you speak directly with an expert to meet your needs,” says Smith.
The accessibility and personalised service make it easy for farmers to obtain coverage. Technology is used efficiently to avoid paperwork and bureaucracy.
“We believe in ploughing back into the agricultural community. Support is also provided for the continued education of veterinarians to keep up with the latest developments in that field. Therefore, we are also ploughing back into the livestock and wildlife industry in South Africa because prosperity for the farmer is important to us,” says Smith.
Kwandwe Rhino Conservation Trust is one of many projects supported by Kuda. The company also collaborates with Dr Johan Steyl, head of the department of veterinary pathology in the faculty of veterinary science at the University of Pretoria, and many other experts working and researching in the veterinary sector.
Smith and Fourie are well-known nationwide in the livestock and wildlife industry, and although Kuda’s headquarters are in Cape Town, there are also offices in Pretoria and Stellenbosch, and the client base is nationwide.
