On October 14, 2024, nearly 1,800 smallholder farmers in Goromonzi, Zimbabwe, celebrated a significant milestone as they received their first insurance payout under the Agricultural Index Insurance Pilot Project. This payout came in response to the severe El Niño-induced drought that impacted the 2023/2024 farming season, leading to dramatically reduced crop yields across the region. Each farmer, received a payout of US$65 under the Farmer’s Basket Insurance Product, specifically designed to mitigate financial risks stemming from climate-related disasters. The success of this initiative was

In an era marked by escalating climate challenges and food insecurity, the need for innovative insurance solutions has never been more pressing. The German Federal Ministry for Economic Cooperation and Development (BMZ) and the Global Shield Against Climate Risks initiative are among the most vital entities enabling these solutions through their financing, helping advance farmers’ resilience through the World Bank Group’s Global Index Insurance Facility (GIIF) Program. BMZ supports smallholder farmers through microinsurance, while the Global Shield—an extension of Germany’s InsuResilience

On October 4th, 2024, the United Nations Development Programme (UNDP) and Generali Global Corporate & Commercial launched their collaborative report, Parametric Insurance to Build Financial Resilience . The report highlights the potential of parametric insurance to provide governments, businesses, and communities with the financial tools necessary to navigate an increasingly unpredictable climate, marked by severe natural hazards such as droughts, extreme heat, and tropical storms. With an alarming US$1.8 trillion protection gap, showing the difference between insured and uninsured losses, the