Index Insurance Forum

East Asia and Pacific

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The core objective of RIICE is to reduce the vulnerability of smallholder farmers engaged in rice production by establishing rice crop information and monitoring systems and providing access to crop insurance solutions.
The core objective of Insurance Instruments for Adaptation to Climate Change to support insurance companies in providing affordable and sustainable insurance products to households and companies in China's rural areas to protect them against losses from extreme weather events.
The core objective of the project ACRI is to systematically reduce the impact of climate risks on a selected pilot city through risk transfer solutions. It also aims to support NDRC in implementing China’s National Climate Adaptation Pilots, to develop a comprehensive blueprint for climate adaption actions, to assist in the implementation of this blueprint, and to replicate this solution in other cities.
The core objective of Remote sensing-based Information and Insurance for Crops in Emerging Economies (RIICE) is to provide better information on rice crop growth for food security policy and to reduce the vulnerability of smallholders in rice production caused by natural catastrophes.
The high transaction costs of serving low-income clients in developing and emerging market economies demand innovative approaches and technological advancements. Challenges that inflate operational costs include data collection, processing and management, premium payment mechanisms as well as claims verification and settlement. Index insurance products, mobile payment devices or more accurate weather and agricultural-yield information based on satellite data are examples for innovative approaches that can help to overcome these challenges.
The core objective of Microinsurance Innovations Program for Social Security (MIPASS) is to improve risk protection for low-income Filipinos across the country through the introduction of affordable and comprehensive microinsurance products.
The core objective of "Natural Catastrophe Insurance for Low Income Groups in Asia" was to offer insurance services against the effects of extreme weather events in order to enhance the financial stability of financial cooperatives by protecting their credit portfolios. The insurance benefits are passed on to the low-income members of these institutions.
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.
More than 30 participants across Asia gathered in May 2017 in Jakarta to attend a regional workshop focusing on index insurance fundamentals and to discuss best practices in the development of the innovative financial product. The week-long workshop entitled “Fundamentals of Named Peril Index Insurance Risk Transfer Process” was sponsored by the Global Index Insurance Facility (GIIF) as part of its capacity building activities aimed at the development and enhancement of index insurance products in developing countries. Managed by the World Bank Group’s Finance & Markets Global Practice,...
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.
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