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In India's the Hindu, Sucharita Mukherjee, CEO of IFMR Holdings, wrote that risk management through a range of financial products can minimize losses to livelihood. "Catastrophes such as drought, floods and earthquakes not only impact the economy of a nation but also affect the very subsistence of poor and vulnerable communities," reads the Op-ed. The article also cites index insurance practices in Ghana and Mongolia, where, respectively, drought index insurance covers all the growing stages of maize and index-based livestock insurance protects livestock against particularly strong winters...
In its Topics Online article, Munich Re reported that many risks are not yet sufficiently covered by insurance in developing and emerging countries , resulting in the so-called protection gap, which is the difference between total economic loss and insured loss. Joaquim Levy, Managing Director and World Bank Group CFO, addressed the topic in a speech at this year’s Chief Risk Officer Assembly in Munich . "We are concerned about the fact that in many emerging-market countries, risk-sharing mechanisms such as insurance are not sufficiently developed in view of the significant challenges posed...
On Chinadialogue.net, Zhang Chun, Senior Researcher at Chinadialogue, wrote that the Chinese government is pushing the insurance industry to offer climate risk policies, as climate changes increases the frequency and severity of typhoons. In the agricultural sector, the most relevant type of insurance policy related to climate change in China is called climate index insurance. Instead of determining pay-outs on the basis of damage and loss, policies are based on a weather index that sets compensation levels based on different weather conditions, such as rainfall," Zhang adds. Click here to...
In mid September, the International Research Institute for Climate and Society (IRI) helped launch an innovative new data platform in Lusaka, Zambia that combines satellite rainfall estimates with the country’s existing network of rain gauges. The platform, developed with the Zambia Meteorological Department and through funding from NASA, is the latest to come out of IRI’s Enhancing National Climate Services (ENACTS) initiative which aims to address the persistent problem of data scarcity and lack of access to climate information products in many African countries. The World Bank Group’s...
The World Bank has worked with insurers, reinsurers, brokers, banks, agribusinesses and governments to develop index insurance programs through the Disaster Risk Financing and Insurance Program and the Global Index Insurance Facility, managed out of the Finance and Markets Global Practice. As climate change adaptation and disaster risk management have become mainstream in development work, focus on index insurance has increased because uninsured losses keep vulnerable populations in poverty. In a World Bank feature story, two experts reflect on their work on index insurance and its use as a...
In a New York Times' Opinion, Tina Rosenberg wrote that Andrew Mude, a Kenyan economist at the International Livestock Research Institute, is helping headers in Southern Africa insure their liveshock. Dr. Mude was awarded the Norman Borlaug Award for Field Research and Application, which is a major prize in agricultural research, given by the World Food Prize Foundation. "Mude’s program began in one Kenyan county in 2010. Today, about 16,000 families are insured; most are in Kenya, and some are in southern Ethiopia," the op-ed says. To read the article on New York Times, please click here .
Ghana is celebrating its Farmers’ Day with the theme "Agriculture: A Business Response To Economic Growth". The theme focuses on addressing alternative financial and agricultural solutions that will protect farmers from erratic weather conditions. One of the innovative solutions the country has is the project dubbed “Innovative Insurance Products for the Adaptation to Climate Change” (IIPACC), led by the German Development Co-operation (GIZ), in concert with other relevant stakeholders. "The project, which started in December 2009, sought to facilitate the development and introduction of...
IFC partnered with CARD Pioneer Microinsurance Incorporated (CPMI) in the Philippines to design and launch a new crop-insurance product to protect farmers from typhoon-related losses. It will initially target CARD’s farmer clients. CARD is the Philippines’ largest micro-finance institution with four million clients. “This is the first private sector-led crop-insurance product in the Philippines and a ground-breaking initiative by our partners CPMI and CARD,” said country manager Yuan Xu. The agriculture sector contributes approximately 11 percent of the country’s GDP and provides employment...
Farmers will better hedge against crop damage by pests or natural disasters under the Binhi Crop Insurance Program launched by non-life insurer, CARD Pioneer Microinsurance Inc, Manila Standard has reported. The International Finance Corp. and the insurer conceived the program to help farmers and micro finance institutions maintain crop insurance. Since the risks of the farmers are better protected, financial institutions can more confidently lend to them. Initially, the crop insurance will be offered to members of CARD Mutually Reinforcing Institutions, and then it will reach out to as many...
In a Business Mirror article, reporter Cai Orginario wrote about Binhi Crop Insurance, the first crop insurance offered by a private company in the Philippines. Binhi Crop Insurance was developed by CARD Pioneer Microinsurance Inc. (CPMI) in collaboration with the World Bank’s private-sector arm, the International Finance Corporation (IFC). " Initially, the crop insurance will just be available for CARD Mutually Reinforcing Institutions (CARD MRI) agriculture loan clients. After six months, the crop insurance can be availed by rice and corn farmers who are part of cooperatives and are clients...
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