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According to a Thomson Reuters Foundation report , The African and Asian Resilience in Disaster Insurance Scheme (ARDIS), led by VisionFund International, the microfinance arm of World Vision, and Global Parametrics, a new venture backed by the British and German governments, is setting up to help up to 4 million poor people in Africa and Asia rebuild their lives after climate disasters. The insurance program will support mostly women farmers and their families, affected by droughts in Kenya, Malawi, Mali, Zambia and Cambodia, and by tropical cyclones in Myanmar.
Green Delta Insurance, a GIIF's partner, recently settled a claim of 1,000 farmers in Chitalmari, Begarhaat, Bangladesh. The 1,000 tomato farmers were insured by Green Delta's Weather Index-based Agri Insurance, the first of its kinds in the country. Bangladesh's State Minister for Finance, Chairman of Insurance Development and Regulatory Authority Bangladesh, and CEO of Green Delta Insurance Company, Farzana Chowdhury, attended the event.
The International Association of Insurance Supervisors (IAIS) has released the draft Issues Paper on Index-based Insurances for a public consultation. Index-based insurance is increasingly looked at as a means to manage weather and catastrophic events, support food security and enhance access to insurance. The proposed Issues Paper provides background on this product, describes practices and actual examples and identifies related regulatory and supervisory issues and challenges. The draft paper and consultation tool are at this link . The consultation will end on 29 January 2018.
On the sidelines of the U.N. climate talks in Bonn this week, officials experimented with a game aimed at giving them a real-life flavor of the pressures to find the right response to worsening climate-related disasters, Thomson Reuters Foundation News reports . The game was invented by Pablo Suarez, a World Bank consultant in the Disaster Risk Financing & Insurance Program. Global Index Insurance Facility's Manager Fatou Assah was at the event. " The game 'gives you a sense of what’s at stake'," Ms. Assah said. “You can lose it all. If you’re the minister of finance you realize the money...
Geneva/Bonn, 13 October 2017: On the International Day for Disaster Risk Reduction , the first-ever online database on climate risk insurance is being launched by the Global Index Insurance Facility (GIIF), the Munich Climate Insurance Initiative (MCII), and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, commissioned by the German Government. The Climate Insurance database shares the experiences of numerous international organizations in the field of risk transfer and insurance solutions in the context of climate risk management and disseminates information on good...
Washington, DC September 28, 2017 – The World Bank Group received EUR 10 million from Germany’s Federal Ministry for Economic Cooperation and Development (BMZ) to improve and scale up the use of extreme weather insurance instruments as risk management tools for the poor and the most vulnerable smallholder farmers particularly affected by climate change. The contribution will finance knowledge and technical assistance activities of the Global Index Insurance Facility (GIIF) to build capacity and expertise among practitioners in developing countries to devise effective index insurance products...
In a Business Mirror (Philippines) Op-ed , Dennis B. Funa, the Philippines's insurance commissioner, wrote that the Binhi Micro-Crop Insurance Program of CARD Pioneer Microinsurance Inc. will benefit smallholder farmers face typhoon risks. When leading portfolios of micro-finance institutions are protected by insurance, farmers are also protected. The Binhi Micro-Crop Insurance is supported by the Global Index Insurance Facility and the Government of Canada.
The World Bank has stated that the Kenya Livestock Insurance Program (KLIP), an index insurance that insures vulnerable pastoralists in the northern counties, has so far paid out about 5.3 million U.S dollars to over 20,000 pastoralists, according to a Xinhua report .
Rwanda is hosting the 4th Eastern and Southern Regional Conference on Microinsurance aimed at sharing insights on inclusive insurance business models and strategies, Rwanda's The New Times reports. National agricultural insurance schemes and weather index insurance pilots will be discussed as tools for making agricultural insurance accessible to smallholder farmers.
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.
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