GIIF works both with the private sector and public sector players in order to build index insurance markets.

On the private sector side, the GIIF IFC Team funds implementing partners comprised of an intermediary “broker/agent” who develops index insurance products with local and regional insurance companies who then sell the products. The index insurance products are often bundled with loans or credit and distributed mostly through portfolio-level aggregators such as agribusinesses, banks and microfinance institutions, and cooperatives.

On the public sector side, the GIIF WB Team works closely with governments at the regional and national level on policy issues to create an enabling legal and regulatory environment for index insurance. The GIIF WB Team also carries out feasibility studies and index insurance pilots to test the feasibility of index insurance markets.

East and Southern Africa

In East and Southern Africa, GIIF has funded private sector implementing “broker” partners to build index insurance markets in four countries:

• Mayfair Insurance - Zambia <Active Project>
• Hollard Mozambique  Project - Mozambique <Active Project>
• ACRE Africa - Kenya/Rwanda/Tanzania
• International Livestock Research Institute (ILRI) - Kenya
• Guy Carpenter & Company, LLC - Mozambique
• MicroEnsure - Rwanda

To address legal and regulatory issues, GIIF is currently working with governments and regulatory authorities in Uganda and Kenya

• WB - Legal and Regulatory Assistance - Uganda
• WB - Legal and Regulatory Assistance - Kenya

West Africa

In West Africa, GIIF has funded one private sector implementing “broker” partner to work in four countries.

Microinsurance coverage in Africa has grown tremendously over the past several years.  As of 2011, microinsurance products are estimated to cover over 44 million people (lives and properties) in 39 African countries – just over 4% of the continent’s population. The market remains dominated by life coverage in Southern and East Africa while rising in West Africa due to growth in Nigeria and Ghana and to the great number of people covered by health insurance.

The microinsurance market remains limited in Western Africa with only 4.4 million people covered (life and properties) Briefing note, the Landscape of Microinsurance in Africa 2012, Munich Re Foundation from Knowledge to Action. While agriculture represents a large portion of the GNP and employment in West African countries, crop insurance remains under-developed compared to Central and East Africa.  A new legal framework dedicated to microinsurance, with a specific provision on index insurance, has been adopted by the CIMA in 2012 and should be conducive to developing index crop insurance in the region. Nevertheless, the Sahelian region is one of the world’s regions with the highest variable of rainfalls, which makes crop insurance necessary but difficult. Donors and local institutions in West Africa are keen to develop index crop insurance. The CNAAS, AMAB, Allianz and PlaNet Guarantee are pioneers for developing and distributing index crop insurance in this region. 

• Experience Account in Collaboration with Africa Re - Nigeria <Active Project>
• Cameroon Index Insurance Project with ACTIVA and AXA - Cameroon <Active Project>
• Cote d'Ivoire Index Insurance Project with AXA and Atlantique Assurance - Cote d'Ivoire <Active Project>
• PlaNet Guarantee - Benin, Burkina Faso, Mali, Ivory Coast, Senegal

On the public sector side, GIIF has worked on creating an enabling legal and regulatory environment at the regional level through CIMA (regional insurance industry body for West Africa) and supported three countries with feasibility studies and index insurance pilots. 

• WB - Legal and regulatory work for 14 countries in Francophone Africa - CIMA (Regional insurance industry body)
• WB - Drought Index-Insurance pilot for groundnut farmers - Senegal   
• WB - Drought index-insurance pilot for maize farmers - Benin
• WB - Feasibility study for index-insurance and awareness raising - Nigeria

GIIF works both with private sector and public sector players in order to build index insurance markets.

On the private sector side, the GIIF team offers advisory services to local and regional insurance companies, and/or intermediary broker/agents in the development and retailing of index insurance products.  The index insurance products are often bundled with loans or credit and distributed mostly through portfolio-level aggregators such as agribusinesses, banks and microfinance institutions, and cooperatives.

On the public sector side, the GIIF team works closely with governments at the regional and national level on policy issues to create an enabling legal and regulatory environment for index insurance. The GIIF team also carries out feasibility studies and index insurance pilots to test the feasibility of index insurance markets.

East Asia

Indonesia:  GIIF has been working with PT. Reasuransi Maipark, a special risk reinsurance company owned by all licensed general insurance companies in Indonesia, on the development of Earthquake Index Insurance.

Philippines:  GIIF has been working with the Center for Agriculture and Rural Development (CARD) Inc., (the largest MFI in the Philippines), and CARD Pioneer Microinsurance Inc. (a Joint Venture Microinsurance Company between CARD and Pioneer Insurance) on the development of Typhoon Index Insurance.

Pacific

On the public sector side, GIIF has started activities in the Pacific in 2012, with a feasibility study for Papua New Guinea.

• WB - Feasibility study for crop and livestock index-insurance – Papua New Guinea

GIIF works both with the private sector and public sector players in order to build index insurance markets.

On the private sector side, the GIIF team offers advisory services to local and regional insurance companies, and/or intermediary broker/agents in the development and retailing of index insurance products.  The index insurance products are often bundled with loans or credit and distributed mostly through portfolio-level aggregators such as agribusinesses, banks and microfinance institutions, and cooperatives.

On the public sector side, the GIIF team works closely with governments at the regional and national level on policy issues to create an enabling legal and regulatory environment for index insurance. The GIIF team also carries out feasibility studies and index insurance pilots to test the feasibility of index insurance markets.

South Asia

Sri Lanka: GIIF has been working with Sri Lanka's Agricultural & Agrarian Insurance Board to improve the effectiveness of the agri-insurance schemes available in Sri Lanka. Previously GIIF worked with  Sanasa Insurance Company Ltd. to develop two weather Index Insurance products to protect tea/paddy farmers against drought and/or excess rain.

Bangladesh: GIIF has been working with Green Delta Insurance Company Ltd. in developing weather Index Insurance products to protect tea/paddy farmers against drought and/or excess rain. 

GIIF is also operating in Pakistan as part of World Bank Group’s Strengthening Markets for Agriculture and Rural Transformation in Punjab (SMART Punjab) Program-for-Results that aims at increasing the productivity of crop and livestock farmers, improving their climate resilience and fostering agribusiness development in Punjab Province.