On 16 April 2024, Senior Representatives of the V20 Finance Ministers from the Climate Vulnerable Forum (CVF), representing 68 climate-vulnerable developing countries, during the Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group. In their communique, titled " Unlocking Growth and Prosperity through Innovations in Climate Finance and Debt," called for major reforms of the international financial system to advance innovative financial strategies to drive growth and address the disproportionate impact of climate change on vulnerable developing countries. The group

In the field of climate risk insurance, gender integration plays a crucial role in addressing the unique challenges women face. According to IFC report estimates, women represent a significant market opportunity for insurance premiums, projected to be between US$1.45 and US$1.7 trillion by 2030. Since its inception, GIIF has facilitated the issuance of over 14 million agricultural insurance policies to date, reaching nearly 70 million beneficiaries globally. It is estimated that 30-35 million of these beneficiaries are women, given that the program focuses on serving subsistence farmers, the

This blog highlights IFC's critical role in supporting climate risk insurance products through collaborative efforts between its Advisory and Investment teams, other development partners and public-private stakeholders. It features a project example involving various levels of engagement within the WBG, which started from a pilot in 2010 and led to an investment in 2024. In 2010, the World Bank Group's Global Index Insurance Facility (GIIF) program started providing technical assistance and capacity building support to Kilimo Salama (KS), an index-based microinsurance product developed jointly

The Democratic Republic of Congo (DRC) is at a pivotal moment in its agricultural history, as innovative initiatives begin to reshape and empower its agribusiness sector. Among these transformative efforts, the GRECOM-RDC (Green Community Mind) initiative stands out as a remarkable example, illustrating the extraordinary potential of sustainable agriculture in the region. Driven by a passion for ecological balance and economic growth, this initiative has ushered in a new era for DRC's agricultural practices. By leveraging cutting-edge technologies and sustainable methodologies, GRECOM-RDC

Climate change poses a significant threat to global economies, with fragile and developing countries being particularly vulnerable. Recent research shows that these nations experience a disproportionate impact, with cumulative GDP losses of around 4% three years after extreme weather events, compared to 1% in other countries. Specifically, droughts in fragile states annually reduce per-capita GDP growth by 0.2 percentage points, emphasizing the urgent need for action to address the challenges faced by vulnerable countries. The Global Index-Insurance Facility (GIIF) is at the forefront of

La République Démocratique du Congo (RDC) se trouve à un moment charnière de son histoire agricole, alors que des initiatives innovantes commencent à remodeler et à autonomiser son secteur agro-industriel. Parmi ces efforts transformateurs, l'initiative GRECOM-RDC (Green Community Mind) se distingue comme un exemple remarquable, illustrant le potentiel extraordinaire de l'agriculture durable dans la région. Cette initiative, animée par une passion pour l'équilibre écologique et la croissance économique, a introduit une nouvelle ère dans les pratiques agricoles de la RDC. En exploitant des

In recent decade, an increasingly number of insurtech solution firms, mobile network operators and other innovators are brought into the insurance industry to harness power of new data and technology to catalyze innovation to reduce costs and increase client value. As one of the key pillars of the GIIF Program, innovation is central to realize the full potential of GIIF in closing the last mile protection gap with the aim to increase livelihoods of farmers and low-income families through improved access to knowledge, institutions (financial services and inputs, etc.) and markets. In July 2019

Du 12 au 15 septembre, le GIIF de la Banque mondiale, a organisé un symposium à Dakar, sur le renforcement de la résilience financière contre les risques climatiques dans les pays francophones. Ce symposium a réuni une délégation diversifiée de plus de 120 représentants venant des pays suivants : Sénégal, Mali, Burkina Faso, Côte d'Ivoire, Togo, Djibouti, Bénin, Madagascar, la République Démocratique du Congo, Mauritanie, Burundi, Zambie, Kenya, Ouganda. Cette rencontre a été un creuset d'idées, d'expériences, et d'expertise. Les délégués provenaient de divers secteurs, englobant à la fois le

In 2014, GIIF started supporting CARD-Pioneer Microinsurance Inc (CPMI), a joint venture between CARD MRI and Pioneer Insurance in the Philippines, in developing, pricing and deployment of the country’s first private-sector led crop insurance product, named Binhi (“seed”). The goal with the project was to bring in technical support through actuarial experts from IFC, to analyze historical agricultural damage and weather data, to develop a risk-pricing system that would ultimately allow CPMI to strategically manage its typhoon risks and set a sustainable price for its customers.The agribusiness

Despite the potential for increased profitability and the global commercial opportunity offered by the women's market, the insurance industry in developing countries is confronted with significant challenges when it comes to addressing gender diversity and equality. Despite the IFC's SheforShield report indicating that women are more profitable clients, the industry continues to struggle with gender-based wage gaps and inequalities, which not only hinder women's potential in the industry but also limit their contribution to the broader economy. According to the report, the global insurance