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Parametric insurance has the potential to serve a significant developmental role in Africa, as it pays out benefits based on a predetermined index for losses resulting from catastrophic events, Clyde & Co's Max Ebrahim and Wynne Lawrence wrote in Commercial Risk Online . In the article, GIIF's collaboration with ACRE Africa , which is serving the populations in Kenya, Rwanda, and Tanzania, is also cited.
At its Annual Meetings in Ahmedabad in May, t he African Development Bank (AfDB) identified political will as one of the key ingredients to the continent's agricultural agenda, AllAfrica reports . According to AfDB President, other key strategies the AfDB is proposing are the development of industrial agri-businesses to raise productivity in the sector and ultimately support economic growth. In addition, the region needs to support its young people who are providing weather index insurance and extension services.
At the 44th African Insurance Organization (AIO) conference recently held in Uganda, participants suggested that the agriculture has potential that regional insurers are yet to tap, All Africa reports . Shadrack Mapfumo, GIIF Senior Financial Sector Specialist, was also quoted at the conference as saying, "Insurance companies should invest more money in crop varieties such as maize," arguing that this would help secure farmers from poor harvests. "Even that crop variety that insurance companies say is not insurable, [it can be insured] only that because they [insurers] have not studied it. We...