Index Insurance Forum

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17
Jul
Smallholder farmers in Sub-Saharan Africa are some of the most vulnerable to the effects of climate change and adverse weather events. Weather-based index insurance can help farmers become more resilient by giving them a tool to manage their risk, protect their investment, and maintain their livelihood. But the insurance industry in the region has been slow to develop these products, mostly because they lack the necessary technical skills and capacity; high-level training helps develop these skills to create new and innovative index-based insurance products in the regional market, which in...
The World Bank Group has approved additional $14.6m IDA (loan and grant) financing for the Strengthening Climate Resilience (PPCR Phase II) Project that will help strengthen Zambia’s institutional framework for climate resilience and improve the adaptive capacity of vulnerable communities in the Barotse sub-basin of the Zambezi. The project is also expected to help integrate financial and technical services such as savings, micro-credit, and index insurance into the existing approaches to sustainable agriculture and climate resilience.
On May 22-24, 2018, the IFC Eastern Europe and Central Asia Agri-Finance Project held a 3-day seminar titled “Basic principles of development of index insurance products" for the insurance market of Ukraine. The seminar was a continuation of work started in summer of 2017 that aimed at developing local skills for index insurance and, once again, was led by Shadreck Mapfumo, GIIF Senior Financial Sector Specialist. Mr. Mapfumo and the participants deep dived into the fundamentals of index product modeling based on real data and modern actuarial models. The event was organized with the support...
(C) Katharina Nett / GIZ
22
Jun
From April 17 to 20, the Strategic Alliance on Climate Risk Transfer Solutions facilitated two high-level executive training on index-based livestock insurance in Mombasa, Kenya. The goal was to reflect on the Kenya Livestock Insurance Program (KLIP) – a flagship program in agricultural insurance – and define next steps for further improvement and implementation on national and county level. The World Bank and the International Livestock Research Institute (ILRI) are also involved in the Program and the gained knowledge is openly shared for other programs and countries to use. The...

Introduction to Index Insurance and GIIF

Index insurance is an innovative approach to insurance provision that pays out benefits based on a pre-determined index or loss of assets and investments resulting from weather and catastrophic events, without requiring the traditional services of insurance claims assessors. It also allows for the claims settlement process to be quicker and more objective.
On January 19, 2018, the International Finance Corporation (IFC) and the World Bank organized a workshop in Abidjan to present the results of a feasibility study on index-based agricultural insurance conducted in Côte d’Ivoire between the months of May and September 2017 by the Global Index Insurance Facility (GIIF). As part of the World Bank Group’s Climate Finance and Risk Management unit, GIIF facilitates access to finance for smallholder farmers, micro-entrepreneurs, and microfinance institutions through the provisions of catastrophic risk transfer solutions and index-based insurance in...

GIIF Capacity Building in West Africa (French)

In December 2017, participants from various African Francophone nations attended a regional workshop held in Saly, Senegal, to learn about index insurance fundamentals and risk transfer process as well as to discuss and apply the use of agro-climactic data to the design of index insurance products. GIIF staff and participants discuss the importance of capacity training on index insurance in this video.
There has been an increase in projects in sub-Saharan Africa to develop index insurance that helps farmers build resilience against climate change, EURACTIV.fr reports . Currently, dozens of projects are led by the World Bank to develop this type of insurance. In West Africa, initiatives are coordinated by GIIF's partner, PlaNet guarantee, in Benin, Burkina Faso, Mali, and Senegal. Anne Durez, head of marketing at PlaNet guarantee, index insurance follows a double objective: “stabilizing farmers’ incomes and allowing them to finance their activities.”
A l’initiative du Global Index Insurance Facility (GIIF) du Groupe de la Banque mondiale a eu lieu le vendredi 19 janvier 2018 à Abidjan un Atelier de restitution des résultats de l’étude sur le Développement d’un marché de l’assurance agricole indicielle en Côte d’Ivoire, selon Abidjan.net . L’objectif général assigné à cette étude vise à Promouvoir le développement et la croissance d’un marché local viable et pérenne pour l’assurance agricole indicielle en Côte d’Ivoire, via une assistance technique et un accompagnement financier. «Avant le début de la période d'assurance, un indice...
Johannesburg, South Africa, 18 January 2018 – IFC, a member of the World Bank Group, today announced a grant extension to Mayfair Insurance Company Zambia Limited, to support Mayfair in scaling up its weather-based index insurance product line in Zambia. The additional performance-based grant, awarded through the Global Index Insurance Facility, is expected to help Mayfair reach an additional 300,000 farmers by December 2019. Smallholder farmers in Zambia are vulnerable to weather-related shocks such as drought, flooding, and irregular rainfall. Insurance can be a good risk management tool...
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