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Edward and Pauline Mkopi, Trans Nzoia Farmers
In a case study, GIIF's Partner ACRE Africa reports that the project has helped Edward and Pauline Mkopi in Kenya protect their crops with weather index, area yield, and hybrid insurance. After several seasons of drought and excess rainfall, the Mkopis say "they now confidently invest in their maize and sunflower farm because they know they are insured against all kinds of risk." They also feel confident in working with ACRE Africa because the product relies on accurate data to determine how to do payouts.
According to agriculture and development researchers, Southern African farmers facing hunger as a result of worsening drought know a lot about climate change but lack the resources to put solutions that work into place, Reuters reports. Such shortcomings are one reason an ongoing drought in southern Africa has left 23 million people dependent on food aid, with another 13 million in need of help, according to the Southern African Development Community. In addition, persuading farmers to buy indexed insurance remains a struggle, said Godwin Mashiri, a micro-insurance expert with mobile phone...
In a podcast , NPR's Planet Money (The Economy Explained), listeners are taken on a journey in Africa to meet with the continent's farmers and learn about common risks they face in their crop productions - "Farmers don't grow enough of the things they're best at growing." Episode 723 also focuses on index insurance and discusses how access to finance can affect the farmers' investment choice.
Subsistence farmers are often among the world’s most poor and they will need access to financial products if they are to adapt to climate change and the extreme drought, floods and storms it brings, said Her Majesty Queen Máxima of the Netherlands during the 4th International Climate Change Adaptation Conference in Rotterdam on May 11, 2016. Her Majesty believes that financial services that are more inclusive and insurance innovations, such as index insurance, help reduce many smallholder farmers' vulnerability and increase their ability to escape poverty, and also cites the the Kilimo Salama...
The World Bank has welcomed the government's partnership with local insurance companies in crop and livestock cover policies, saying they will benefit smallholder farmers. Country director for Kenya, Ms Diarietou Gaye, said the programme has the potential to positively impact the country's economic development since it will help increase production as well as producer incomes. "The large majority of the poor in Kenya are farmers and it will enable them to adopt improved production processes to help break the poverty cycle of low investment and low returns," she said. The bank's Disaster Risk...
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Jan
This post was originally produced during the GIIF Conference held in Paris at the OECD Headquarters. The 6 key lessons learnt that emerge from the panel are as follows: Insurance needs to be part of a value add package that generates higher income for the farmers Governments play a key role in creating markets for agricultural insurance. Experiences in Peru, India and Senegal point to government interventions such as premium support, risk financing, and linkage to credit. There is a need to design and offer the right insurance product. Area Yield Index Insurance may offer an adequate...
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Sep
Held as part of the New York City Climate Week, Climate Risk Forum 2014 is organized jointly by the World Bank Group's Global Index Insurance Facility and International Research Institute for Climate and Society. The event focuses on: Index insurance as a tool for Climate Risk Management; sc aling up index insurance and boosting private sector participation; and l ocal implementation and impact evaluation. View event highlights here .
The recent path of Tropical Storm Isaac in September 2012 caused the destruction of plantain fields in the South Region. This situation forced the national authorities to provide in-kind assistance (i.e. planting materials, fertilizers, cleaning labor, land preparation) to the most affected farmers. Although some private insurers provide agriculture insurance, the Ministry of Agriculture does not have a pre-defined budget to tackle the negative effects caused by events in the agricultural sector while it faces significant contingent liabilities in this sector. The Ministry of Agriculture of...
Argentina’s agriculture sector is very vulnerable to weather risks. For instance, cotton in the Chaco Province - the most important cotton producing area in Argentina and the third poorest province - is very exposed to drought, excess rainfall and pests. Similarly, cattle-rearing in South West Buenos Aires Province is very exposed to droughts which impact severely on pasture production. In 2011, the Government of Argentina through the Ministry of Agriculture, Livestock and Fisheries (MAGyP), requested the World Bank to conduct a feasibility study for the development of a suitable index-based...
Agricultural insurance was introduced in Nigeria in 1987 through the creation of the Nigerian Agricultural Insurance Scheme (NAIS). In 1993, the private company in charge of underwriting and implementing the NAIS was dissolved and replaced by a public-sector corporation, the Nigerian Agricultural Insurance Corporation, NAIC. Currently, NAIC oversees a portfolio of crop, forestry, livestock, poultry and aqua-culture insurance and also non-life commercial insurance lines. NAIC has received government support both in the form of the initial capitalization of the company and 50 percent premium...
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