Index Insurance Forum

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In mid September, the International Research Institute for Climate and Society (IRI) helped launch an innovative new data platform in Lusaka, Zambia that combines satellite rainfall estimates with the country’s existing network of rain gauges. The platform, developed with the Zambia Meteorological Department and through funding from NASA, is the latest to come out of IRI’s Enhancing National Climate Services (ENACTS) initiative which aims to address the persistent problem of data scarcity and lack of access to climate information products in many African countries. The World Bank Group’s...
Geneva, Switzerland July 24, 2014 – The International Labour Office (ILO) and the World Bank Group (WBG) have signed a memorandum of understanding that aims to provide access to improved insurance products to hundreds of thousands of smallholder farmers, small businesses and individuals in Asia and Africa. The three year partnership is the first-of-its-kind within the rapidly evolving index insurance industry. The Facility and GIIF combine their strengths to improve the delivery of index insurance to farmers and their families as well as businesses, through extraction, dissemination and...

ITV Sophia

Sophia Belay, Manager – R4 Rural Resilience Initiative, talks about increasing awareness of index insurance among farmers
PG activities started in 2012 with index insurance for maize and groundnuts. The first year the price of the product was very high and few farmers bought the product. The product was reviewed with the farmers’ organizations and CIRAD in 2013.
In Mozambique, agriculture accounts for approximately 32% of GDP and involves over 81% of the population (CIA, 2012). Yet, only a fraction of Mozambique’s potentially arable land is currently under cultivation.
GIIF activities in Mali started in 2010 based on a funding from AECF (Africa Enterprise Challenge Fund) and ILO (Microinsurance Innovation Facility).
In Kenya, where more than 96 percent of agricultural land is rain-fed and vulnerable to drought and erratic rain, mitigating weather-related risks for smallholder farmers is an important tool for unlocking credit.
Haiti is one of the most disaster-prone countries in the world with earthquakes, hurricanes and flash floods.
MicroEnsure operated two main weather index insurance products in Rwanda: 1) Weather station-based product that provides coverage against dry spells and excess rain. To insure against the effects of dry spells, cumulative rainfall is measured daily over a pre-determined period (typically between 30 and 45 days). If the cumulative rainfall falls below a set threshold for the period, a payout is made. 2) Satellite-based product that also provides coverage against dry spells and excess rain. Cumulative rainfall over a number of consecutive decades (typically three decades for dry spells and one...
Guy Carpenter’s index insurance is distinguished by several unique features, including its use of a “portfolio pricing” model where the sum insured in a given region forms the basis for risk calculation. Compared to the alternative where each individual plot is priced separately, this method can result in lower premium costs by including more farmers and diverse areas in a group.
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