Janashakthi launches livestock insurance

Janashakthi Insurance launched the Janashakthi Livestock Insurance Policy. Private owners, dairy farms, co-operatives, corporate dairies and livestock breeders across Sri Lanka will have access to Janashakthi’s Livestock Insurance Policy through which they can insure cattle, goats and poultry. Cattle include milch cows, buffaloes and stud bulls, while poultry includes layers, broilers and hatchery birds. Insurance cover will also be given to indigenous crossbreds and exotic cattle.

The scope of cover in the policy include the loss sustained as a result of death or permanent disablement due to accidents (including fire, lightning and floods) and various kinds of diseases that affect livestock including cattle, goats and poultry.

Janashakthi’s General Manager Insurance, Dayalanie Abeygunawardena said, "This policy will help the national livestock industry. The uncertainties of this industry are immense and is vulnerable as accident and disease can strike at any time resulting in loss".

‘According to Central Bank statistics, Sri Lanka’s Gross National Product (GNP) of Agricultural, Livestock and Forestry last year amounted to Rs. 283.2b of which, livestock alone amounted to Rs. 22.3b.

This is a thriving industry and in fact last year loans to the livestock and dairy sector increased to Rs. 4.5b., an increase of 52.5 percent by commercial banks.

Central Bank statistics also indicate that in 2010 Sri Lanka had milching cattle and buffaloes numbering 338,640 yielding 248m litres.

With the government’s ongoing focus on developing the local dairy industry, the fresh milk industry is poised for growth within the next few years.