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PlaNet Guarantee and GIIF to launch first regional management platform for index insurance

PlaNet Guarantee and GIIF to launch first regional management platform for index insurance

Topics:
Data management
Public/Legal frameworks
Other frameworks
Weather index
Hybrid
Country:
Burkina Faso
Mali
Senegal
PlaNet Guarantee, member of the PlaNet Finance Group, and the GIIF come together to launch the first regional management platform for index insurance. The objective is to cover 60 000 farmers in West Africa by 2015. While agriculture remains the main economic sector in West Africa (on average 30% of the GDP of countries in the region and 70% of the workforce), no risk management tool is offered to farmers to secure their income. In case of drought, floods, or due to other factors that could cause a significant drop in yields, farmers currently receive no form of protection. The traditional
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Weather Index Insurance

Weather Index Insurance

Content owner:
MicroEnsure
Topics:
General
Weather index
The weather is unreliable. It impacts agricultural production in many ways. Poor yields and crop damage due to adverse weather can lead to lower revenues for farmers. This can lead to difficulty in paying back loans and meeting household expenses. Weather Index Insurance is a new tool for farmers to protect themselves and their lenders against the financial impact of bad weather.
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Weathering the Risks: Scalable Weather Index Insurance in East Africa

Weathering the Risks: Scalable Weather Index Insurance in East Africa

Topics:
General
Weather index
Product distribution
Having enough food in East Africa depends largely on the productivity of smallholder farms, which in turn depends on farmers’ ability to invest in their farms. Weather insurance can encourage farmers to make these critical investments by improving their access to credit. The Global Index Insurance Facility (GIIF)—an IFC/IBRD collaboration housed under IFC’s Access to Finance’s Global Retail/Microfinance Cluster—is an innovative program that is expanding access to insurance against weather risks and natural disasters to farmers, livestock herders, and others, particularly in Africa and the
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Kilimo Salama (Safe Farming) Weather Index Insurance in Kenya: Early Market Success

Country:
Kenya
Region:
Sub-Saharan Africa

The Syngenta Foundation’s Kilimo Salama weather index insurance program has taken off in Kenya and has recently expanded to Rwanda and Tanzania. Beginning in 2009 with a pilot project offering index insurance to 200 farmers, at last count 51,000 farmers in Kenya and 14,000 farmers in Rwanda have the insurance. In 2011, Kilimo Salama’s partner UAP Insurance collected KSh 19 million in premium payments, and premium revenue has nearly doubled to KSh 33 million in just the first six months of 2012. These premium volumes are approaching levels than can make index insurance economically sustainable

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The relevancy of crop insurance in enhancing food security in Zimbabwe

The relevancy of crop insurance in enhancing food security in Zimbabwe

Author:
INNOCENT TINARWO
Food security is a critical phenomenon amongst developing countries. Most nations are now placing greater emphasis on crop insurance as a means of managing farming risk and enhancing food security. With Southern Africa having been hit by weather hazards such as floods and drought over the past few decades and its agricultural output continuing its downward plunge, the paper explores the relevancy of crop insurance in enhancing food security and facilitating agricultural productivity in Zimbabwe.
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IFC, SANASA Insurance Contribute to Food Security in Sri Lanka through Weather Insurance

IFC, SANASA Insurance Contribute to Food Security in Sri Lanka through Weather Insurance

Published on:
Topics:
Product design
Weather index
Area yield
Hybrid
Premium subsidies
Product distribution
Micro-level
Meso-level
Country:
Sri Lanka
IFC, a member of the World Bank Group through its Global Index Insurance Facility (GIIF), has entered into a project agreement with SANASA Insurance Company Ltd, to support the development and use of flexible and affordable weather index insurance products to help minimize the impact of crop losses due to floods or droughts on farmer livelihoods. The project objective is to expand access to insurance for food crops such as rice and in turn offer protection for up to 15,000 small-scale farmers against weather-related risks and natural disasters. The project will also raise awareness amongst 50
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Syngenta Foundation and IFC’s Global Index Insurance Facility Mark 100,000 Farmer Milestone for African Weather Insurance

Syngenta Foundation and IFC’s Global Index Insurance Facility Mark 100,000 Farmer Milestone for African Weather Insurance

Published on:
Topics:
Product design
Weather index
Area yield
Product distribution
Country:
Kenya
Nairobi, Kenya, April 22, 2013—IFC, a member of the World Bank Group, announced that a Kenyan partner of the Global Index Insurance Facility (GIIF), a program managed by IFC and jointly implemented with IBRD, reached a major milestone in April 2013 in improving income security for 100,000 farmers by providing them with insurance against adverse weather. The milestone was reached through the work of Kilimo Salama, a social enterprise launched by the Syngenta Foundation for Sustainable Agriculture with the support of GIIF. Started with only 185 farmers in Kenya in 2009, Kilimo Salama allowed
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Earthquake Index Insurance

Earthquake Index Insurance

Topics:
General
Earthquake data
Product design
Index insurance is a relatively new but innovative approach to insurance provision that pays out benefits on the basis of a pre determined index (e.g. rainfall level) for loss of assets and investments, primarily working capital, resulting from weather and catastrophic events, without requiring the traditional services of insurance claims assessors. It also allows for the claims settlement processes to be quicker and more objective. Before the start of the insurance period, a statistical index is developed measuring deviations from the normal level of parameters such as rainfall, temperature
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Haiti launches micro-finance catastrophe insurance program

* World Bank announces $1.7 million funding for program * Designed to insure against hurricanes like Sandy in 2012 By Susana Ferreira PORT-AU-PRINCE, Haiti, Jan 29 (Reuters) - When Hurricane Sandy struck Haiti late last year, the home Guerda Pierre shares with her three children and mother in Cabaret, north of Port-au-Prince, was flooded - and so was the merchandise she sold to make a living. "The books, the food, everything was wet after Sandy," said Pierre. The plantain plants and beans in her garden were also destroyed. But unlike the majority of Haitians, Pierre had an insurance policy.
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G20 Mexico 2012: Agriculture Vice Ministers / Deputies Meeting REPORT

G20 Mexico 2012: Agriculture Vice Ministers / Deputies Meeting REPORT

Topics:
General
Product design
Weather index
Under Mexico’s G20 Presidency, Vice Ministers/Deputies of Agriculture from the countries of the G20, and invited countries1 (the “G20 Agriculture Group”) met in Mexico City with the aim of articulating goals, focusing efforts and establishing sound commitments to address food security challenges under a global perspective.
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