Index Insurance Forum

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At the 9th Consultative Forum on Insurance for Smallholder Farmers in March 2017 in Singapore, Craig Thorburn, World Bank Group's Lead Financial Sector Specialist, said while beneficial and expanding across the globe, it is essential that there be great supervision for index-based or parametric insurance. “Policymakers, insurers, and regulators should sit together to develop new strategies and index-based insurance solutions,” said Dr. Yoshihiro Kawai, Secretary General of the International Association of Insurance Supervisors (IAIS), Artemis reports .
9
Aug
The risk of drought is one of the biggest threats to livestock production in Uruguay. This is particularly relevant in livestock breeding bases, as the quality of the available pasture directly affects the quality of the livestock, and livestock fertility takes years to recover from bad droughts. In 2011 The World Bank Group (WBG) launched a feasibility study on developing an Index Insurance pilot in Uruguay, funded by the Government of Japan through the Global Index Insurance Facility (GIIF). The study quantified the total number of reproductive livestock units as 3.8 million countrywide,...
In 2011 The World Bank Group launched a feasibility study on developing an Index Insurance pilot in Uruguay, funded by the Government of Japan through the Global Index Insurance Facility. The study quantified the total number of reproductive livestock units as 3.8 million countrywide, with 315 million USD total sum insured. The corresponding number of livestock producers was estimated at 38,000. The outputs of this technical and financial assistance has allowed the Government of Uruguay to start pilot testing an innovative Normalized Difference Vegetation Index (NDVI) index insurance to cover...
In June 2016, over 60 participants gathered at the College of insurance in Nairobi to discuss best practices and share their knowledge and expertise on index insurance, particularly livestock insurance and agriculture insurance. The discussions were quite timely, as the Government of Kenya recently allocated US$6 million for crop and livestock insurance for smallholder producers for next year, as one of the ‘key government flagship projects to drive the transformative agenda’. This is a five-fold increase in budget from the previous years with strong allocations toward data systems and...
In june 2016, over 60 participants gathered at the College of insurance in Nairobi to discuss best practices and share their knowledge and expertise on index insurance, particularly livestock insurance and agriculture insurance. The discussions were quite timely, as the Government of Kenya recently allocated US$6 million for crop and livestock insurance for smallholder producers for next year, as one of the ‘key government flagship projects to drive the transformative agenda’. This is a five-fold increase in budget from the previous years with strong allocations toward data systems and...
Mr. Tanguy Touffut of AXA Corporate Solutions discusses the benefits of parametric insurance, which he sees as a promising solution for farmers and other weather-sensitive industries against climate-change effects. It is nothing new: climate change, a phenomenon in full effect, has many drastic consequences of all types for people, companies, and entire economies alike. It has been observed that weather extremes are increasing as a consequence of climate change. In January 2015, AXA Corporate Solutions entered into a partnership with the World Bank’s Global Index Insurance Facility (GIIF)...
The International Labour Organisation (ILO)'s Impact Insurance Facility together with the Centre for Insurance and Financial Management Studies in Nigeria will be organising a training course for insurance practitioners from October 21 to 23, 2015 in Lagos. It is also being organised with the support of the Global Index Insurance Facility and in partnership with the GIZ of Germany. The training Unlock the demand for your products: How to deliver what your clients see as value” builds on a variety of resources that the ILO has produced during its six years of supporting innovation and research...
22
Sep
Previously published here on the World Bank Group's Private Sector Development Blog How governments can ensure that low-income farmers are financially protected against natural disasters, such as droughts, was at the heart of a panel discussion at the “ Global Index Insurance Conference ,” which concluded earlier this week in Paris. The panelists explored various options, such as the disaster reserve fund FONDEN in Mexico as well as three index-based insurance programs aiming to protect vulnerable farmers: the African Risk Capacity , the Kenya Livestock Insurance Program, and the Mexican...
Download full publication here. The International Association of Insurance Supervisors (IAIS) is a voluntary membership organisation of insurance supervisors and regulators from more than 200 jurisdictions in nearly 140 countries. The mission of the IAIS is to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders, and to contribute to global financial stability.
Full publication available here Considering that the microinsurance market in Jamaica is a nascent one, in order to promote its development it is essential to: (i) confront the identified supervisory and regulatory obstacles in order to incentivise providers to offer microinsurance products responsibly; (ii) encourage providers to realise the potential of the microinsurance market to innovate and offer products with value; (iii) promote demand, (iv) but at the same time foster trust by protecting microinsurance consumers and making sure that they will be empowered to use the microinsurance...
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