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GIIF, Africa RE to Develop New Insurance Market for Nigeria’s Farmers

Thu, 03/28/2019
Country: 
Nigeria
LAGOS, Nigeria, 26 March 2019 -- IFC, a member of the World Bank Group, today announced that it has signed an agreement with Africa RE, a pan-African reinsurance company headquartered in Nigeria, to help thousands of smallholder Nigerian farmers more easily access insurance to protect their crops and livelihoods. Under the agreement, Africa RE and IFC's Global Index Insurance Facility will help Nigerian insurance companies licensed by Nigeria's insurance regulator, NAICOM, develop agricultural insurance products, and deepen their index insurance business lines. These index insurance products...
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Hollard Mozambique Project - Mozambique

Market launch: 
2019
Country: 
Mozambique
Region: 
Sub-Saharan Africa
GIIF worked with MITADER to conduct an Index Insurance Feasibility Study that consists of a value chain analysis for 4 priority crops (beans, cotton, maize, and cashew nuts). Results from the study where disseminated during a stakeholders workshop in Maputo in August 2018, shedding light on farmers’ willingness and ability to pay for insurance premiums as well as identifying key aggregators through which index insurance products could be distributed in the country. GIIF is providing financial support to Hollard Mozambique to help the firm expand its agricultural insurance business line. As...
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Côte d’Ivoire Project with AXA and Atlantique Assurances

Market launch: 
2019
Country: 
Côte d'Ivoire
Region: 
Sub-Saharan Africa
In 2017, GIIF conducted a feasibility study to evaluate development opportunities for index insurance for producers in four agricultural sectors in Côte d’Ivoire, namely cocoa, cotton, maize, and rice. The study produced a risk mapping for these different crops and highlighted the expected added value of index insurance based on criteria such as the level of exposure to climate risks, the structuration of the value chain, the availability of agrometeorological data, etc. A workshop to present overall findings was organized in Abidjan in January 2018 with close to 50 participants. To implement...
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Cameroon Index Insurance Project

Market launch: 
2018
Country: 
Cameroon
Region: 
Sub-Saharan Africa
In 2016, GIIF conducted a feasibility study that sought to improve the knowledge and understanding of the market opportunity for index insurance and provide a value chain mapping to assess index insurance opportunities in specific sectors: cotton, maize, livestock, and sorghum. In 2017, a complementary study focused on providing a simulation model to estimate the price of potential index products in cotton, maize, and sorghum. In March 2018, GIIF partnered with two insurance companies – ACTIVA Assurances and AXA Cameroun – to implement a risk transfer and capacity-building pilot project which...
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RTI MONEY#14 : Assurer le risque agricole

AXA Côte d’Ivoire: Index Insurance Helps Smallholder Farmers

Content owner: 
Radiodiffusion-Télévision Ivoirienne
Topics: 
Weather index
In an RTI1 (Radiodiffusion-Télévision Ivoirienne)'s featurette, AXA Côte d’Ivoire, a GIIF partner, presents its index insurance project and how index insurance can make a difference for smallholder farmers. Watch Now (starting at the 12:32)
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(C) World Bank Group

NIRSAL Comprehensive Index Insurance (NCII) Launched in Nigeria

Thu, 01/24/2019
Topics: 
General
Weather index
Country: 
Nigeria
The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) has developed a new insurance product called NIRSAL Comprehensive Index Insurance (NCII) to mitigate the impact and losses of agricultural yields and market price risks for smallholder farmers, PM News Nigeria reports . "NIRSAL’s goal is to expand insurance products and coverage on agricultural lending across the entire value chain by growing coverage from about 0.5 million to 3.8 million primary producers,’’ said Aliyu Abdulhameed, Managing Director of NIRSAL. NCII was developed by the Corporation in...
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What is Weather Index Insurance? By Mayfair Insurance

What is Weather Index Insurance? By Mayfair Insurance

Content owner: 
Mayfair Insurance
Topics: 
Weather index
Mayfair Insurance, a GIIF Partner, has produced a video for awareness raising on index insurance during last season (2018).
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Index Insurance Training for South African Regulators

Tue, 12/04/2018
Country: 
South Africa
On November 16, 2018, more than 50 participants from the Financial Sector Conduct and Prudential Authority of South Africa attended a training session on the fundamentals of index insurance. The training was the first step in providing the regulators with the needed information and skills for the upcoming index insurance pilot in the country, which aims to protect smallholder farmers from weather-related risks. The workshop was delivered by the Global Index Insurance Facility (GIIF) at the request of the South African Insurance Association (SAIA), the representative body of the short-term...
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11
Sep

2018 Development Finance Forum: Unlocking Investment Opportunities in the East African Community

Year: 
2018
GIIF Financial Sector Specialists will attend " 2018 Development Finance Forum: Unlocking Investment Opportunities in the East African Community " in Kigali, Rwanda. This year’s Development Finance Forum (DFF) in Kigali will bring together business leaders, policymakers, thought leaders and financiers from private and public sectors in the EAC and beyond to drill down together on what can be done to start to address some of the biggest challenges to scaling up private investment in housing, agribusiness, and tourism in East African Community (EAC) countries.
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Market Development - Ghana

Date: 
July/2018
Language: 
English
Topics: 
Market Development
There are two major challenges with respect to agricultural insurance in Ghana: 1. Enrollment : Scaling performance of the agricultural insurance market remains low (very few products). The growth rate of the sector is very slow (36% from 2011–2016). Very poor performances in 2012 and 2013 when overall enrolment dropped by 84% and 86% respectively. These challenges are attributable to the complexity of insurance products, financial illiteracy, and aversion towards new risk management approaches. 2. Claims : The only prominent claim pay-outs were in 2015 where 1,701 farmers received a payment...
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