Index Insurance Forum

Latin America & the Caribbean

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The core objective of the project was to provide a comprehensive risk management solution covering life, property, productive assets and agricultural crops to farmers.
The core objective of the project was to develop a microinsurance network (RedSol) that deals with the delivery of the product, organizational training, marketing, IT solutions, communication, education for consumers and operators, and applied research.
The core objective of this project to create a risk transfer system which is generated and funded by the State as well as private sector. The system aims to contribute to the adaptation of the agricultural sector to climate change in a sustainable way.
The core objective of the project ACRI+ in Barbados is to develop a roadmap (adopting an Integrated Climate Risk Management and Transfer approach) to ensure that the existing and future energy generation, transmission, and distribution infrastructure is climate and disaster resilient.
The core objective of Climate Risk Adaptation and Insurance in the Caribbean is to overcome barriers and catalyze solutions to address middle-level weather-related risks and facilitate public safety nets and public-private insurance solutions for vulnerable people.
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 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 finan cial decisions for themselves and their families, to make informed choices between diff erent financial products and services, to budget and to plan ahead, to build up some savings, to protect themselves against fi nancial 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 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.
Sustainable insurance solutions for agricultural and climate risk requires a joint effort of both the public and the private sector: the partners need to cooperate and commit to facilitating a market development process. Private insurance companies design appropriate insurance products, establish administrative processes and carry the risk. They invest financial and human resources and commit themselves to the agricultural and climate risk insurance markets. Government support that goes beyond creating an enabling regulatory environment can be critical to the sustainability of such systems...
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