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Subsistence farmers are often among the world’s most poor and they will need access to financial products if they are to adapt to climate change and the extreme drought, floods and storms it brings, said Her Majesty Queen Máxima of the Netherlands during the 4th International Climate Change Adaptation Conference in Rotterdam on May 11, 2016. Her Majesty believes that financial services that are more inclusive and insurance innovations, such as index insurance, help reduce many smallholder farmers' vulnerability and increase their ability to escape poverty, and also cites the the Kilimo Salama...
The World Bank has welcomed the government's partnership with local insurance companies in crop and livestock cover policies, saying they will benefit smallholder farmers. Country director for Kenya, Ms Diarietou Gaye, said the programme has the potential to positively impact the country's economic development since it will help increase production as well as producer incomes. "The large majority of the poor in Kenya are farmers and it will enable them to adopt improved production processes to help break the poverty cycle of low investment and low returns," she said. The bank's Disaster Risk...
NAIROBI, March 12, 2016- The Government of Kenya today launched the Kenya National Agricultural Insurance Program, which is designed to address the challenges that agricultural producers face when there are large production shocks, such as droughts and floods. The program, which is designed as a partnership between the government and the private sector, was developed with assistance from the World Bank Group and builds on the experience of similar programs in Mexico, India, and China. One program line will focus on livestock insurance, while another will focus on maize and wheat insurance. “...
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)...
In an article entitled “Index insurance: What you need to know”, Devex interviews Gloria Grandolini, the WBG’s Senior Director, and Gilles Galludec, GIIF Program Manager, on the Global Index Insurance Facility and how index insurance works. To help encourage the spread of index insurance as a risk management tool, GIIF is working with regional partners in developing countries, primarily sub-Saharan Africa, Latin America and the Caribbean, and Asia-Pacific. Over 1 million small farmers, pastoralists and small businesses have signed on — with over $130 million in sums insured. Click here to...
In a VOA article, the Kilimo Salama projected, funded by the Global Index Insurance Facility and the Syngenta Foundation, is cited for having provided insurance to about 200,000 farmers in east Africa, mainly in Kenya, Rwanda and Tanzania. Because it is so expensive to verify losses on large numbers of small landholdings, the traditional type of individual loss-based insurance is not always viable. That has led to index-based insurance for smallholder farmers for weather-related risks. In the long run in the developing world, specialists say, what is needed most is investment in science and...
Poor farmers all over the world are increasingly falling prey to natural disasters, droughts and torrential rain largely due to climate change. But there is some good news as well. Thanks to new technologies, the widespread use of satellites, and more powerful computers, such events can largely be predicted in advance, thus making possible novel and more efficient insurance schemes for those at risk. In an interview with AFP, Gilles Galludec, Program Manager of the World Bank-run Global Index Insurance Facility discusses how index insurance schemes differ from traditional indemnity coverage...
For several years, insuring harvests against the climate hazards that regularly destroy farmers’ crops in developing countries has for several years been a major tool in the fight against poverty, mainly in Africa and Asia, where between 400 and 500 million farmers survive on very low incomes. At the Convergences World Forum in Paris on 9 September 2015, Syngenta Foundation for Sustainable Agriculture and GIIF speak about the innovations in index insurance and the success of the Kilimo Salama project in Kenya, Rwanda, Tanzania. Expanded in 2014, the program develops and offers insurance for...
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This post was originally produced during the GIIF Conference held in Paris at the OECD Headquarters. The 6 key lessons learnt that emerge from the panel are as follows: Insurance needs to be part of a value add package that generates higher income for the farmers Governments play a key role in creating markets for agricultural insurance. Experiences in Peru, India and Senegal point to government interventions such as premium support, risk financing, and linkage to credit. There is a need to design and offer the right insurance product. Area Yield Index Insurance may offer an adequate...
Presentation 1 - Setting the agenda –the industry perspective: Building disaster-resilient economies and sustainable markets. A call to the industry to develop innovative insurance solutions ( presentation by Jean -Laurent Granier,Member of the Management Committee, CEO Mediterranean and LAC, Chairman & CEO AXA Global P&C) Presentation 2 - The Drivers and Barriers of Innovation ( presentation by Ulrich Hess, Senior Advisor Sector Project Insurance GIZ ) Presentation 3 – Market Makers for Index Insurance – Role of Governments, Role of Regional Institutions in supporting Government...
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