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The development of sustainable insurance solutions requires the thorough risk assessment, modeling, and layering. Agricultural and climate risks are mainly of a systemic nature, i.e. they affect a large geographic area or large parts of the population simultaneously. If the insured risk is not adequately spread, one catastrophic event can threaten the viability of the whole scheme. To lower covariate risks, the portfolio thus needs to be diversified in terms of crops, type of risks, and different geographical regions. Since 2010, the ILO's Impact Insurance Facility has been working with...
The core objective of the project to provide farmers with the variant of seeds for contract farming that helps farmers have access to market but also in the technological application, farm credit and insurance for their crops.
The core objective of the project was to minimize Sri Lankan farmers’ risk of an income loss due to unfavourable weather conditions.
The core objective of the project was to develop various mutual crop insurance products for small-scale farmers who do not have access to insurance mechanism for adapting to climate change-related issues.
The core objective of Rural Insurance Services Program (RISP) is to strengthen insurance services that support the risk management needs of rural households.
In a study, a research economist at the Institute of Policy Studies finds that index insurance could be a feasible option for Sri Lankan farmers if they had greater education and awareness that overcomes existing lack of trust, EconomyNext reports . It is not uncommon that fa rmers have become skeptical about insurance after they heard about other bad experiences other farmers had with indemnity insurance. The lack of trust, as the farmers are unsure whether they will get benefits when disaster strikes, hinders the development and wider implementation of index insurance.
In November 2016, the World Bank Group’s Global Index Insurance Facility (GIIF), in collaboration with the International Labor Organization and Munich Re Foundation, organized a conference workshop entitled “Building Sustainable Agriculture Programs” in Colombo, Sri Lanka. Delivered as part of the 12th Annual Micro Insurance Conference, the daylong technical workshop brought together more than 50 participants from the public and private sector, donors, and development partners. Amena Arif, IFC country manager for Sri Lanka and the Maldives, and Rolande Simone Pryce, advisor from the World...
Munich Re Foundation and Microinsurance Network have released a report on t he Landscape of Microinsurance in The landscape of microinsurance in Sri Lanka . " Microinsurance in Sri Lanka initially started as a service to support the microfinance sector, focusing on providing loan protection, insurance and life savings. The insurance business extended their services to provide welfare and health products to low-income people. With almost 24% of the population living on less than USD 2 a day (World Bank Statistics, 2015), it was found that health is the largest risk faced by poor households,...
A newly designed Global Index Insurance Facility's Country Profile for Sri Lanka is available for digital viewing . The document contains an overview of GIIF's project in Sri Lanka and partner, Sanasa Insurance Company Ltd. (SICL).
In a Harvard Business Review article, authors Dean KarlanRebecca, MannJake Kendall, Rohini PandeTavneet, and SuriJonathan Zinman discuss why microfinance is an imporant instrument for people in poverty to protect themselves from shocks such as illness, crop failures, livestock deaths, farming-equipment breakdowns and even wedding or funeral expenses. The article also sheds some light on why uninsured risk — not lack of access to capital — is a primary constraint on investment by farmers. "In India, when farmers were given rainfall index insurance, six percent more farmers focused production...
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