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A newly designed Global Index Insurance Facility's Country Profile for Kenya is available for digital viewing. The document contains an overview of GIIF's project in Kenya with the partner, ACRE Africa.
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 .
The term “financial literacy” means having the knowledge, skills, and confidence to manage your finances well, taking into account your economic and social circumstances. People who are financially literate are able to make sound financial decisions for themselves and their families, to make informed choices between different financial products and services, to budget and to plan ahead, to build up some savings, to protect themselves against financial risks, to invest prudently and to understand their rights and responsibilities.
There is a range of reasons for establishing agricultural and climate risk insurance, including adaptation to climate change, food security, disaster risk management or social protection. Regardless of the motives, however, creating an effective insurance system inevitably cuts across various political spheres. Hence, the first key element is to create a broad consensus amongst policy makers and their commitment to creating an enabling policy environment that fosters the necessary infrastructure. This includes the integration of agricultural and climate insurance into respective national...
The core objective of Adaptation to Climate Change and Insurance (ACCI) is to enable farmers, cooperatives and other value chain actors to adapt to climate change.
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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Jun
In May 2017, the International Livestock Research Institute (ILRI) was hailed as “Innovation of the Year” from the African Insurance Awards for its work on developing the index-based livestock insurance (IBLI) in the arid lands of Kenya and the Horn of Africa. Using Normalized Differenced Vegetation Index (NDVI) that monitors livestock stress and mortality based on grazing conditions, the innovation offers a more convenient, objective measure upon which insurance contracts can be written. Which such an index insurance, herders can recover losses more quickly during and after severe droughts...
Jacinta at her maize farm / Cr: ACRE Africa
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Mar
ACRE Africa, a GIIF partner in East Africa, is a microinsurance product designer that helps foster equity, fairness, and innovation in the agricultural sector. As farmers in the region experience changing weather conditions, with delayed rain and more frequent incidents of drought, ACRE Africa engages stakeholders along the agricultural value chain and advises insurers on the development and distribution of low-cost insurance to protect smallholders’ investments. The following story is told by one of the beneficiaries of ACRE Africa. Jacinta Mutuse is a 36-year old farmer and the mother of...
A $1.4 million grant from USAID is funding a University of California's project that will use a randomized, controlled trial to evaluate the impacts of combining programs that offer training, support, and aid with affordable insurance in Kenya. According to UC Davis , the new project is led by Michael Carter, a professor of agricultural and resource economics and director of the Feed the Future Innovation Lab for Assets and Market Access at UC Davis, and Dr. Andrew Mude from the International Livestock Research Institute (ILRI) in Kenya. Last year, Dr. Mude received the World Food Prize...
Thomson Reuters Foundation reports that thousands of pastoralists across six counties in northern and eastern Kenya will get payouts this month under the Kenyan government's subsidized livestock insurance scheme. The disbursement will total nearly 215 million Kenyan shillings ($2.08 million), according to the article. Recently, the Government declared a national disaster after more than 2.7 million people across half of the country have been affected by a severe drought, the worst in six years. The Kenya Livestock Insurance Program (KLIP), launched last year, was developed by Kenya's Ministry...
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