Insurers and Reinsurers
Insurers
GIIF’s regional partners are working with 10 insurance companies in Sub-Saharan Africa, the Caribbean and South Asia and East Asia to develop index insurance products. All local insurance partners have received training from GIIF regional partners, and GIIF’s technical partner Swiss Re, on the design of index insurance products and policies and on managing claims processes.
In Sub-Saharan Africa and the Caribbean, insurance companies working with GIIF partners include:
Alternative Insurance Company (AIC)
In South and East Asia:
CARD Pioneer Microinsurance Inc.
Reinsurers
Due to the co-variant nature of catastrophic risks insured under the GIIF program, transferring most of the assumed risk to international markets is imperative. Besides underwriting the risk, reinsurers significantly contribute to knowledge transfer on product structuring, pricing and data analysis.
Reinsurance is an effective mechanism of ensuring that a country’s economic losses triggered by a disaster are shared with other insurance companies owned and domiciled outside the affected economy. The inflow of foreign currency at such a time is of paramount importance to a country’s recovery phase.
All GIIF projects are supported with reinsurance by key regional and international players including:
Swiss Reinsurance Company (GIIF’s technical partner)
Microinsurance Catastrophe Risk Organisation (MiCRO)