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According to AllAfrica , Nigeria and Morocco have set up a steering committee, comprising representatives of the Nigerian Agricultural Insurance Corporation (NAIC), Bank of Agriculture, the Moroccan Agricultural Insurance Company (MAMDA), and MAMDA RE, to develop a sustainable crop insurance scheme for the countries.
Oliver Ralph and John Aglionby at the Financial Times wrote in The Big Read about how "insurance will help deliver relief more effectively". The authors cited several disaster risk insurance programs undertaken by development agencies and governments, including Kenya's Livestock Insurance Program.
Asia needs to explore index Insurance and parametric solutions in its efforts to close the region's protection gap, according to the Monetary Authority of Singapore (MAS), Reinsurance News reports . “We must put in place mechanisms for the effective assessment, management, and transfer of disaster risks. Advances in technology, innovation, research, and market integration put us in a strong position to address these challenges,” Ravi Menon, MAS Managing Director, was quoted as saying.
In a blog posted on the World Bank Group's Voices, Ceyla Pazarbasioglu, Senior Director in the Finance & Markets Global Practices, wrote that "strengthening women’s role in finance is one of the keys to boosting economic growth." 1.1 billion women worldwide (about 42% of the global female population) remain unbanked or have little access to finance, and this fact poses economic and developmental challenges. Click here to read the blog and more about the new World Bank Group's Women Entrepreneurs Finance Initiative (We-Fi).
Simon Kilgour and Mick McArdle at CMS Law-Now have penned an article suggesting that index insurance is gaining momentum in Africa. The article also discusses pros and cons of the innovative insurance provision.
In a press release ahead of the G20 summit, Peter Höppe, Chairman of the Munich Climate Insurance Initiative (MCII) and Head of Geo Risks Research/Corporate Climate Centre at Munich Re said, " It is high time that G20 nations take responsibility to support the most vulnerable countries in their fight against climate change and the increasingly severe impacts of floods, heatwaves and changing weather patterns." "One major milestone would be a climate insurance partnership that helps vulnerable and poor countries and communities better cushion the impacts of extreme climatic events," he added...
The World Bank’s Global Index Insurance Facility (GIIF) has commended Africa Reinsurance Corporation (Africa Re) for educating over six million people on risk management, Vanguard Reports. In June 2017, GIIF and Africa Re were speaking before the audience at the European Development Days in Brussels. Representatives from AXA, The Syngenta Foundation for Sustainable Agriculture, and the National Agricultural Insurance Company of Senegal also joined the panel. Listen to the recording here .
Ethiopian pastoralists have received payouts for index-based livestock insurance offered by a local insurance company, Thomson Reuters Foundation reports . In Ethiopia, livestock insurance schemes were initiated by the International Livestock Research Institute, which has been providing technical support for the design and monitoring of the index in the country, the report adds.
AXA Global Parametrics is looking to offer its parametric insurance product in the Philippines, primarily targeting the local agriculture sector, Busines World Online reports . “In the Philippines, we don’t offer any products yet but we are working...[with] companies, partners to try to sell the product across the Philippines,” AXA Philippines Chief General Insurance Officer Claude Seigne said in the interview.
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.
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