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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...
On October 11, 2016, Joseph A. Owuor of The Insurance Regulatory Authority of Kenya presented a presentation entitled "Kenyan Experience with Parametric Insurance" at a workshop in Guatemala. Aimed at raising awareness on parametric insurance among supervisory authorities in Latin America and the Caribbean , t he First Regional Workshop on Parametric Insurance was put together by Microinsurance Catastrophe Risk Organisation (Micro) and participated by many stakeholders such as Access to Insurance Initiative, the International Research Institute for Climate and Society (Columbia University),...
In a Harvard Business Review article, authors Dean KarlanRebecca, MannJake Kendall, Rohini PandeTavneet, and SuriJonathan Zinman discuss why microfinance is an imporant instrument for people in poverty to protect themselves from shocks such as illness, crop failures, livestock deaths, farming-equipment breakdowns and even wedding or funeral expenses. The article also sheds some light on why uninsured risk — not lack of access to capital — is a primary constraint on investment by farmers. "In India, when farmers were given rainfall index insurance, six percent more farmers focused production...
ReliefWeb published a blog report on the progress of the Rural Resilience Initiative (R4) in Zambia. The program, launched by The World Food Program (WFP) and Oxfam, enables vulnerable rural households to increase their food and income security in the face of increasing climate risks. " In Zambia, smallholder farmers rely on rain-fed agriculture and constantly face challenges such as erratic rainfall, fragile soil and poor access to markets. Climate change places an additional burden on farmers’ food security by increasing the frequency and intensity of shocks including drought and flooding...
In an interview with The Ethiopian Herald, published on AllAfrica.com, Solomon Zegeye, Micro Insurance Business Manager at Nyala Insurance Company, said weather index insurance service provided for smallholder farmers has registered positive outcomes in Ethiopia. "The World Bank and the World Food Program (WFP) are also playing crucial role in research and interpretation," said Zegeya on how d onors are involved in the process in providing finance, advise and other technical support. Although farming is the backbone of Ethiopia's economy, it is highly vulnerable to drought, weed, and pests...
In Proparco's Private Sector & Development magazine, Chloe Dugger, Operations Officer in WBG's Finance and Markets Global Practice, and Rachel Sberro, Research Analyst on agriculture finance, write about WBG's Global Index Insurance Facility's experiences with index-based insurance in Senegal and Bangladesh. Their article focuses on micro- and meso-level approaches to distributing agricultural index insurance, which speeds up claims settlement by dispensing with loss assessments and payouts are determined on an objective basis, eliminating the risk of fraud. Please visit Proparco's...
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...
The Philippines's Former Agriculture Secretary is now pushing for an act mandating the Philippine Crop Insurance Corp. (PCIC) to offer index-based insurance coverage and allowing it to engage in reinsurance, increasing its funding source, and imposing heavier penalties on spurious claims, Manila Bulltin reports. Congressman Arthur Yap, Economic Affairs Committee Chairman, also said that "with stronger and modern insurance system in the agriculture sector, banks would be more confident to lend to farmers." Congressman Yap also specified the need to encourage private insurance companies to...
In a news feature , NDTV reports that weather insurance has become increasingly popular among Indian farmers as droughts and unseasonal rainfalls are destroying their crops.
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