Impact/Field stories

IFC Climate Insurance AgTech in Africa: How Advisory and Investment Services are Building the Sector
The document provides an extensive overview of the collaborative efforts between the Advisory and Investment teams at IFC, emphasizing their support for innovative agricultural insurance initiatives in developing countries. It delves into the transformative impact of these initiatives, beginning with the initial backing of Kilimo Salama in Kenya, followed by the scaling-up phase and IFC's 2024 investment in Pula. Through interviews with key figures like Florence P. Boupda, Fatou Assah, and Zeeshan Vazeer, the document highlights the strategic role of advisory services in identifying clients
Study visit on risk management and agricultural insurance in Spain
A delegation from the Philippine Government visited Madrid, Spain to learn about private-public partnerships in agricultural insurance. The visit aimed to support ongoing reforms in the Philippines and explore the role of the private sector in agricultural insurance. Currently, agricultural insurance in the Philippines is implemented by the public-sector insurer, but only one third of farmers and fisherfolk are insured. The government plans to make major reforms to increase cost-efficiency and value for farmers. The Spanish agricultural insurance scheme, managed by AGROSEGURO, is considered a
Senegal: Symposium on Index Insurance and Disaster Risk Financing for French-Speaking Countries
We invite you to delve into the insightful symposium on index insurance and disaster risk financing for French-speaking countries, which took place in Dakar, Senegal. This event brought together over 120 participants from 15+ African nations, including experts, representatives, and stakeholders, to discuss innovative financial solutions for enhancing farmers' resilience to climate-related risks. The symposium emphasized the development of accurate index designs, the importance of partnerships between governments and the private sector, and the role of financial institutions in distributing
DRC: Creating crop insurance market and protecting smallholders’ farmers
Located in the heart of Africa, with a land surface area of 2.3 million km2, the Democratic Republic of Congo (DRC) is the largest country in Sub-Saharan Africa (SSA) with rich soil and subsoil; over 80 million ha of fertile and arable land and 52 percent of all freshwater resources in SSA. Agriculture accounts for about 20 percent of GDP and employs some 70-75 percent of the economically active population[1]. DRC could potentially feed the entire African continent, yet it is currently unable to adequately feed its own population. The immense potential of the agricultural sector as a vehicle
ASSOCIATION OF KENYA INSURERS AND ASSOCIATION OF KENYA REINSURERS ORGANIZE THE KENYA AGRICULTURE INSURANCE TRAINING SESSIONS From May 10 th to July 29 th, 2021, the Association of Kenya Insurers (AKI) and the Association of Kenyan Reinsurers organized the ‘Kenya Agriculture Insurance Training’: a series of virtual training sessions focused on developing the agriculture underwriting skills of insurers, brokers, claims- and business development staff, analysts, actuaries, and students in agriculture and insurance. Webinars like this are aligned with the main sponsor (AKI)’s mission which seeks
Compensation Ceremony for Cotton Farmers under GIIF Agriculture Insurance Project
On February 4, 2020, GIIF clients AXA Cameroun and ACTIVA Assurances held the first compensation ceremony for insured cotton farmers who experienced production losses during the 2019 cropping season. The event was organized together with the umbrella association of Cameroonian cotton farmers (CNPCC) and SODECOTON, the main cotton company of Cameroon. The event was sponsored by IFC, through the Global Index Insurance Facility (GIIF). The ceremony was chaired by the Governor of the Northern Region and was marked by an impressive turnout of close to a hundred participants, including staff from
Asia Regional Index Insurance Training in Colombo
With each passing year, the risks of unabated climate change are mounting. Climate change will not only make it more difficult to feed the projected 10 billion people by 2050, but its impact is already being felt in the form of reduced yields and more frequent extreme weather events that affect crops and livestock. Providing risk mitigation solutions such as agriculture insurance for the farming community to be able to face the impacts of natural disasters is, therefore, significant. More than 30 participants from eleven countries from across Africa, Asia and Europe gathered in Colombo, Sri
Feasibility Study on Index Insurance in Côte d’Ivoire
On January 19, 2018, the International Finance Corporation (IFC) and the World Bank organized a workshop in Abidjan to present the results of a feasibility study on index-based agricultural insurance conducted in Côte d’Ivoire between the months of May and September 2017 by the Global Index Insurance Facility (GIIF). As part of the World Bank Group’s Climate Finance and Risk Management unit, GIIF facilitates access to finance for smallholder farmers, micro-entrepreneurs, and microfinance institutions through the provisions of catastrophic risk transfer solutions and index-based insurance in
French-speaking Workshop on Index Insurance in Senegal
In December 2017, 27 participants from various African Francophone nations attended a regional workshop held in Saly, Senegal, to learn about index insurance fundamentals and risk transfer process as well as to discuss and apply the use of agro-climactic data to the design of index insurance products. The five-day workshop entitled, “Fundamentals of Named Peril Index Insurance Risk Transfer Process,” was sponsored by the Global Index Insurance Facility (GIIF), as part of its capacity-building activities intended to stimulate the development and enhancement of index insurance products in
Strategic Decisions Metrics for Agriculture Index Insurance Workshop in Ukraine
In June 2017, IFC, a member of the World Bank Group, and two biggest insurance associations in Ukraine — League of Insurance Organizations of Ukraine and Ukrainian Federation on Insurance (UFU) — jointly organized an index insurance workshop entitled “Strategic Decisions Metrics for Agriculture Index Insurance” for all interested insurance companies and other market participants. Instructor Shadreck Mapfumo, GIIF Senior Financial Specialist, led the three-day workshop which introduced new approaches to the agri-insurance product development to the local participants. A total of 38