The Horn of Africa would experience below-average rainfall during the October-December season, potentially leading to drought conditions, international agencies warned on Friday.
The agencies, which include the United Nations World Food Programme, the United Nations Office for the Coordination of Humanitarian Affairs, and the Climate Prediction and Applications Center (ICPAC) of the East African bloc of the Intergovernmental Authority on Development, said in an alert that climate models have predicted a transition to La Nina conditions during the second half of 2024, which could bring below-average rainfall.
“The greatest impacts are expected in central and southern Somalia, southern Ethiopia, and the arid and semi-arid lands of Kenya,” the institutions said in an alert issued in Nairobi, the capital of Kenya.
Other countries to be affected are Uganda, Rwanda, Burundi, and Tanzania, where the second rain season happens in October-December.
Read: EA braces for hunger as floods destroy farms
The first rain season runs from March to May.
The agencies noted that the below-average rains would lead to “crop failures, deteriorating pastoral conditions, water shortages, atypical livestock movements, increased disease outbreaks, and heightened food insecurity and malnutrition.”
They called on humanitarian partners to engage with local and national governments to support their contingency planning, the implementation of preparedness activities, and the identification of anticipatory actions, to mitigate the impacts of potential below-average rains.
The Horn of Africa has experienced severe drought events in the past, including in 2010/2011, 2016/2017, and 2020/2023, which were characterised by consecutive seasons of poor rainfall, the ICPAC said.
The droughts, exacerbated by higher-than-usual temperatures, have led to severe pasture and water shortages, livestock fatalities, failed cropping seasons, population displacements, rising food prices, worsening human health, and widespread food insecurity and malnutrition among pastoral and agro-pastoral communities.
According to the WFP, some 20.4 million people across Kenya, Somalia, and Ethiopia, are currently facing high levels of food insecurity and in need of urgent assistance.
Read: Horn of Africa nations to face heatwaves
Acute malnutrition continues to be a major source of concern with estimates indicating that more than 6.2 million children below five years will suffer from acute malnutrition in 2024 in Ethiopia, Kenya, and Somalia, out of which 1.7 million will suffer from severe acute malnutrition, added the UN agency.
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Britam half-year net profit hits Sh2bn on higher investment income
Insurer and financial services provider Britam posted a 22.5 percent jump in net earnings for the half-year ended June 2024, to Sh2 billion, buoyed by increased investment income.
The rise in half-year net profit from Sh1.64 billion posted in a similar period last year came on the back of net investment income rising 2.5 times to Sh13.27 billion from Sh5.3 billion.
“We are confident in the growth and performance trend that Britam has achieved, supported by its subsidiaries in Kenya and the region. Our business is expanding its revenue base while effectively managing costs,” Britam Chief Executive Officer Tom Gitogo said.
“Our customer-centric approach is fueling growth in our customer base and product uptake, particularly through micro-insurance, partnerships, and digital channels.”
The investment income growth was fueled by interest and dividend income rising 34 percent to Sh9.1 billion, which the insurer attributed to growth in revenue and the gains from the realignment of the group’s investment portfolio.
Britam also booked a Sh3.79 billion gain on financial assets at a fair value, compared with a Sh1.8 billion loss posted in a similar period last year.
The increased investment income helped offset the 12.7 percent decline in net insurance service result to Sh2.13 billion in the wake of claims paid out rising at a faster pace than that of premiums received.
Britam said insurance revenue, which is money from written premiums, increased to Sh17.8 billion from Sh16.6 billion, primarily driven by growth in the Kenya insurance business and regional general insurance businesses, which contributed 30 percent of the revenue.
The group has a presence in seven countries in Africa namely Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.
Britam’s insurance service expense hit Sh13.6 billion from Sh11.3 billion, while net insurance finance expenses rose 2.6 times to Sh12.3 billion during the same period.
“Net insurance finance expenses increased mainly due to growth in interest cost for the deposit administration business driven by better investment performance. This has also been impacted by a decline in the yield curve, which has led to an increase in the insurance contract liabilities. The increase has been offset by a matching increase in fair value gain on assets,” said Britam.
Britam’s growth in profit is in line with that of other Nairobi Securities Exchange-listed insurers, which have seen a rise in profits.
Jubilee Holdings net profit in the six months increased by 22.7 percent to Sh2.5 billion on increased income from insurance, helping the insurer maintain Sh2 per share interim dividend.
CIC Insurance Group posted a 0.64 percent rise in net profit to Sh709.99 million in the same period as net earnings of Liberty Kenya nearly tripled to Sh632 million from Sh213 million, while Sanlam Kenya emerged from a loss to post a Sh282.2 million net profit.
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