Innovation & Technology

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Vulnerability to climate change can lead low-income communities deeper into poverty in the long run. Improving their ability to respond to, and cope with climate change-related shocks can increase social resilience and decrease vulnerability. Therefore, by establishing a mobile phone text message that alerts insurance policyholders to approaching extreme weather events, the project has sought to improve the risk management capacities of target communities. Challenges related to this objective are: Close cooperation is required between the local insurers and national disaster management...
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 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 of innovative approaches that can help to overcome these challenges.
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 of innovative approaches that can help to overcome these challenges
Agricultural insurance is a business transaction based on the quantification of risk. The basis for all calculations of risk exposure in agriculture is sound data. Lack of data makes insurance companies shy away from agricultural insurance, either because the uncertainty makes it impossible to calculate risk or because the cost required to generate data makes the business model unviable. Generating data and making that data available to insurance companies is a key contribution from the public sector to the development of agricultural insurance. Insurers should have a right to access data...
Over the past 30 years in the Caribbean, floods and tropical storm damage affected 1.5 million people directly and caused over USD 5 billion in damage. The increasing frequency and intensity of extreme weather events stress societies and natural systems. Challenges 1. Affordability issues for the target low-income segment. Additional transaction cost and taxes. Also, even with this cost structure, insurers and distributors are not sufficiently incentivized to push the product. 2. Intensive marketing efforts and consumer education are needed to increase the scale of LPP. Technology...