The overall aim of the project is to strengthen resilience against disruptive weather phenomena and climate change at the national, regional and local level in three partner countries: Tanzania, Peru, India.
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The overall aim of the project is to co-develop new catastrophe risk models for floods in the Philippines and cyclone in Bangladesh, and to quantify the impacts of climate change on flood risk, to support risk management decisions and risk-based financing.
Peru has a risk transfer system for the agricultural sector financed by the state and the private sector, including insurances against climate risks.
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LAGOS, Nigeria, 26 March 2019 -- IFC, a member of the World Bank Group, today announced that it has signed an agreement with Africa RE, a pan-African reinsurance company headquartered in Nigeria, to help thousands of smallholder Nigerian farmers more easily access insurance to protect their crops and livelihoods. Under the agreement, Africa RE and IFC's Global Index Insurance Facility will help Nigerian insurance companies licensed by Nigeria's insurance regulator, NAICOM, develop agricultural insurance products, and deepen their index insurance business lines. These index insurance products
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The potential of agriculture and insurance is greatly restricted by many challenges faced throughout the product lifecycle - from product design to client delivery to claim processing. Insuretech, at the intersection of insurance and technology, holds the potential to overcome those challenges and transform the insurance landscape. Integrating Insuretech innovations with agriculture insurance promises to enhance product design, improve sales and distribution, facilitate premium collection, and optimize servicing and claims processing. To leverage innovative solutions, the Global Index
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GIIF worked with MITADER to conduct an Index Insurance Feasibility Study that consists of a value chain analysis for 4 priority crops (beans, cotton, maize, and cashew nuts). Results from the study where disseminated during a stakeholders workshop in Maputo in August 2018, shedding light on farmers’ willingness and ability to pay for insurance premiums as well as identifying key aggregators through which index insurance products could be distributed in the country. GIIF is providing financial support to Hollard Mozambique to help the firm expand its agricultural insurance business line. As
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In 2017, GIIF conducted a feasibility study to evaluate development opportunities for index insurance for producers in four agricultural sectors in Côte d’Ivoire, namely cocoa, cotton, maize, and rice. The study produced a risk mapping for these different crops and highlighted the expected added value of index insurance based on criteria such as the level of exposure to climate risks, the structuration of the value chain, the availability of agrometeorological data, etc. A workshop to present overall findings was organized in Abidjan in January 2018 with close to 50 participants. To implement
In 2016, GIIF conducted a feasibility study that sought to improve the knowledge and understanding of the market opportunity for index insurance and provide a value chain mapping to assess index insurance opportunities in specific sectors: cotton, maize, livestock, and sorghum. In 2017, a complementary study focused on providing a simulation model to estimate the price of potential index products in cotton, maize, and sorghum. In March 2018, GIIF partnered with two insurance companies – ACTIVA Assurances and AXA Cameroun – to implement a risk transfer and capacity-building pilot project which
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