Smallholder farmers are central to Zambia’s agricultural economy, contributing 60–70% of staple food production and supporting livelihoods for over 60% of the population. However, they face increasing exposure to climate-related shocks, including droughts, floods, pests, and livestock disease outbreaks, while lacking effective tools to manage these risks. The 2023/24 farming season, the worst drought in over 40 years, highlighted these vulnerabilities, affecting more than nine million people nationwide. Historically, agricultural insurance has failed to adequately respond to smallholder needs due to systemic constraints across the market: Insurers lack viable and relevant products, distribution channels have been weak, and technology systems have often been poorly adapted to rural realities, while farmers have had low trust and limited understanding of insurance. Although various stakeholders have made efforts over time to address these constraints, they remain significant barriers to inclusive agricultural insurance.