Index Insurance Forum

East Asia and Pacific

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(C) World Bank Group
16
Oct
On October 16-19, 2018 policymakers and experts from Pacific Islands and around the world will gather in Port Vila, Vanuatu for the Understanding Risk Finance Pacific (URf Pacific) forum, co-organized by the World Bank’s Disaster Risk Financing and Insurance Program ( DRFIP ) and the Government of Vanuatu. For questions, please reach out to DRFPacific@worldbank.org .
The core objective 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.
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.
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.
A 24-page illustrated comic book on Earthquake Index Insurance in Bahasa Indonesia.
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.
Sompo Japan Nipponkoa Insurance will start selling insurance products that compensate farmers hit by drought in Indonesia as early as this fall, Asian Nikkei Review reports . With a premium of 50,000 rupiahs ($3.76), contract farmers will be entitled to be compensated 500,000 rupiahs if a drought occurs, the newspaper also details.
The International Finance Corporation (IFC) and specialist reinsurance company Reasuransi MAIPARK Indonesia have agreed to develop insurance products to help local farmers mitigate weather-related risks, Jakarta Globe reports . The agreement will establish insurance schemes that pay out benefits to farmers if a weather event exceeds levels in a predetermined index — which will measure rainfall levels, temperatures, wind speeds and crop yields, expected to provide cheaper and less complicated insurance benefits to farmers in the event of a natural disaster. "The region's changing climate has...
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