In the past, Lameck Sibukale only knew savings in the form of rearing chickens, goats and more importantly, cattle—a long cherished cultural heritage of the Tonga-speaking people of southern Zambia.
Frequent extreme weather and climate shifts pose a challenge to already vulnerable groups such as smallholder farmers in the developing world. Between 2004 and 2014, farmers are said to have endured the brunt of the 100-billion-dollar cost of climate-related disasters.
With the increased frequency and severity of extreme weather events adversely affecting agricultural outputs and farmers’ incomes, commercial crop insurance has been touted as the solution for vulnerable farmers all over the world. Financial and farm interests have been promoting US crop insurance as the solution. It is instructive to consider lessons from the 2012 drought.