Index Insurance Forum

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Agricultural insurance was introduced in Nigeria in 1987 through the creation of the Nigerian Agricultural Insurance Scheme (NAIS). In 1993, the private company in charge of underwriting and implementing the NAIS was dissolved and replaced by a public-sector corporation, the Nigerian Agricultural Insurance Corporation, NAIC. Currently, NAIC oversees a portfolio of crop, forestry, livestock, poultry and aqua-culture insurance and also non-life commercial insurance lines. NAIC has received government support both in the form of the initial capitalization of the company and 50 percent premium...
PG activities started in 2012 with index insurance for maize and groundnuts. The first year the price of the product was very high and few farmers bought the product. The product was reviewed with the farmers’ organizations and CIRAD in 2013.
In Mozambique, agriculture accounts for approximately 32% of GDP and involves over 81% of the population (CIA, 2012). Yet, only a fraction of Mozambique’s potentially arable land is currently under cultivation.
GIIF activities in Mali started in 2010 based on a funding from AECF (Africa Enterprise Challenge Fund) and ILO (Microinsurance Innovation Facility).
In Kenya, where more than 96 percent of agricultural land is rain-fed and vulnerable to drought and erratic rain, mitigating weather-related risks for smallholder farmers is an important tool for unlocking credit.
Haiti is one of the most disaster-prone countries in the world with earthquakes, hurricanes and flash floods.
The project will achieve the following objectives by project completion: 1. Support the development of a simple, flexible, affordable Weather-Index Based Crop Insurance product that will cater to diverse client needs for food crops in Sri Lanka 2. Assist in developing institutional capacity of SICL (Sanasa Insurance) and select agents 3. Raise awareness among at least 50,000 farmers on the availability of the index insurance product/s and its benefits
PlaNet Guarantee has designed various index insurance products in Benin, Burkina Faso, Mali and Senegal. The project works with Banks, MFIs, Cooperatives and NGOs as main distribution partners in these countries.
MicroEnsure operated two main weather index insurance products in Rwanda: 1) Weather station-based product that provides coverage against dry spells and excess rain. To insure against the effects of dry spells, cumulative rainfall is measured daily over a pre-determined period (typically between 30 and 45 days). If the cumulative rainfall falls below a set threshold for the period, a payout is made. 2) Satellite-based product that also provides coverage against dry spells and excess rain. Cumulative rainfall over a number of consecutive decades (typically three decades for dry spells and one...
Guy Carpenter’s index insurance is distinguished by several unique features, including its use of a “portfolio pricing” model where the sum insured in a given region forms the basis for risk calculation. Compared to the alternative where each individual plot is priced separately, this method can result in lower premium costs by including more farmers and diverse areas in a group.
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