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In a new GIIF Result Stories, Ms. Bintou Diakite, a founding president of ASEDEFE-YDADE (Association pour la Solidarité, l’Entraide, le Développement Economique de la Femme et de l’Enfant), recounts how index insurance has set female farmers free from the consequences of mishaps due to climate disaster. The Result Stories is part of a new bilingual series produced in 2017 to capture farmers' experiences with index insurance in Burkina Faso, Mali, and Senegal.
Karim Traore, President of Burkina Faso's National Union of Cotton Producers, speaks about the cotton farmer's experience with agricultural index-based insurance in a new GIIF Result Stories. “It would be difficult for me to provide exact data, however, I can tell you that index insurance strongly encourages farmers in their work, and we are finding that cotton production has increased in all of the areas where farmers have subscribed to it," says Mr. Traore. The Result Stories is part of a new bilingual series produced in 2017 to capture farmers' experiences with index insurance in Burkina...
Jacinta at her maize farm / Cr: ACRE Africa
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Mar
ACRE Africa, a GIIF partner in East Africa, is a microinsurance product designer that helps foster equity, fairness, and innovation in the agricultural sector. As farmers in the region experience changing weather conditions, with delayed rain and more frequent incidents of drought, ACRE Africa engages stakeholders along the agricultural value chain, and advises insurers on the development and distribution of low-cost insurance to protect smallholders’ investments. The following story is told by one of the beneficiaries of ACRE Africa. Jacinta Mutuse is a 35-year old farmer, and the mother of...
In a study, a research economist at the Institute of Policy Studies finds that index insurance could be a feasible option for Sri Lankan farmers if they had greater education and awareness that overcomes existing lack of trust, EconomyNext reports . It is not uncommon that fa rmers have become skeptical about insurance after they heard about other bad experiences other farmers had with indemnity insurance. The lack of trust, as the farmers are unsure whether they will get benefits when disaster strikes, hinders the development and wider implementation of index insurance.
The recent downpours across Botswana have submerged crops and left livestock dead, Mmegi Online reports . Against this backdrop, agriculturers should be prepared for climate applications including climate-smart agricultural practices. " In this regard, dissemination of agro-weather advisories and other climate-smart agricultural practices will be enhanced through Public Private Partnerships," the report adds. Such agro-advisory services is estimated to facilitate greater investment from the private sector in priority areas including weather-based index insurance and associated infrastructure.
In India's the Hindu, Sucharita Mukherjee, CEO of IFMR Holdings, wrote that risk management through a range of financial products can minimize losses to livelihood. "Catastrophes such as drought, floods and earthquakes not only impact the economy of a nation but also affect the very subsistence of poor and vulnerable communities," reads the Op-ed. The article also cites index insurance practices in Ghana and Mongolia, where, respectively, drought index insurance covers all the growing stages of maize and index-based livestock insurance protects livestock against particularly strong winters...
On Chinadialogue.net, Zhang Chun, Senior Researcher at Chinadialogue, wrote that the Chinese government is pushing the insurance industry to offer climate risk policies, as climate changes increases the frequency and severity of typhoons. In the agricultural sector, the most relevant type of insurance policy related to climate change in China is called climate index insurance. Instead of determining pay-outs on the basis of damage and loss, policies are based on a weather index that sets compensation levels based on different weather conditions, such as rainfall," Zhang adds. Click here to...
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.
A newly designed Global Index Insurance Facility's Country Profile for the Philippines is available for digital viewing . The document contains an overview of GIIF's project in the Philippines and partners, CARD Pioneer Microinsurance (CPMI) and CARD Mutually Reinforcing Institutions (CARD MRI).
IFC partnered with CARD Pioneer Microinsurance Incorporated (CPMI) in the Philippines to design and launch a new crop-insurance product to protect farmers from typhoon-related losses. It will initially target CARD’s farmer clients. CARD is the Philippines’ largest micro-finance institution with four million clients. “This is the first private sector-led crop-insurance product in the Philippines and a ground-breaking initiative by our partners CPMI and CARD,” said country manager Yuan Xu. The agriculture sector contributes approximately 11 percent of the country’s GDP and provides employment...
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