Despite the effects of COVID-19, the Program successfully delivered significant results and it continues building a robust pipeline to strengthen this business line to further develop the markets. Since the launch of GIIF, more than 10.5 million agriculture insurance policies have been issued, with an estimated outreach of 53 million beneficiaries globally. We recognize and appreciate all the hard work that our clients do, and we are grateful for the continuous support of our Donors. 

Please see below summary highlights under each category.

Program launch: The establishment of a new Program “Africa Inclusive Climate Risk Insurance Program”, expanding the current scope of GIIF and seeking to enhance the penetration of inclusive climate risk insurance products in the Africa region. 

Feasibility Studies:

- A feasibility study on agriculture index insurance in Lesotho to lead to a roadmap to advance policy solutions for crowding in the private sector in the agribusiness industry.

- The launch of an agricultural insurance diagnostic in Madagascar to identify priority crops and distribution partners, as well as constraints that need to be addressed to increase interest in index insurance provision in the country.

- Support to the insurance regulator in Zimbabwe in conducting an agricultural insurance market assessment and developing a regulatory framework that will create an enabling environment for the expansion of inclusive insurance products.

Technical Assistance and Capacity Building Work:

- Ongoing technical assistance to a non-profit corporation in Kenya that offers agricultural insurance smallholder farmers, to establish a regional insurance vehicle for smallholder farmers receiving credit from the organization.

- The start of activities linked to an agtech project in India, a natural continuation of the “Agriculture InsurTech Innovation Challenge” in 2019 which provided the opportunity to identify several innovative ideas and solutions developed by agtech startups to address challenges around agri insurance.

- Support for a follow-up agriculture insurance project Indonesia on a cocoa product, following the completion of the initial project on earthquake index insurance product.

- The completion of a portfolio overview of recently concluded Africa projects, mainly in Zambia, Nigeria, Cameroon, Cote d’Ivoire, Mozambique, and Senegal, to gain insights on the Program’s interventions in these countries and identify changes and investment opportunities implemented by stakeholders involved at all levels, mainly in areas of competitiveness, resilience, inclusiveness and ultimately the sustainability of this product line.

Research Studies:

- A study to investigate farmers understanding and utilization of agriculture insurance products and evaluate existing coverage gaps within the industry in Kenya, Senegal and Zambia. 

- Collaboration with the IFC Women’s Insurance Program to conduct research that will improve understanding of the risk management needs of women farmers in Nigeria, Zambia and Sri Lanka.

- An insurtech mapping exercise in Africa in collaboration with the IFC’s Fintech/Insuretech group, to do a market diagnostic and mapping exercise to support strategic business development in insurtech to identify emerging players and different business models in select fintech hubs in the continent. This exercise will be replicated in Asia in the 2nd phase.

Other collaboration efforts with WBG programs:  The Sahel Index based livestock insurance feasibility study with the DRFIP team & the Malawi Agriculture insurance appraisal, part of the overall Malawi financial inclusion and entrepreneurship scaling project, that aims at increasing access to financial services, promoting entrepreneurship and capabilities of MSMEs in Malawi & the Senegal Scaling Agriculture Insurance, with GRiF as well as the WB Agriculture Global Practice, to conduct a review on the current subsidy scheme to understand its strengths and limitations in the country.

- Training: The participation in training sessions organized by the Association of Kenya Insurers (AKI) and the Association of Kenyan Reinsurers, ‘Kenya Agriculture Insurance Training’: training sessions focused on developing agriculture underwriting technical skills among insurers, brokers and claims and business development staff.

- Knowledge Exchange: A knowledge exchange session co-organized with the insurance regulator in Zambia (the Pensions and Insurance Authority), targeting Zambian insurers who are currently exploring the expansion of this product line in Zambia for the benefit of smallholder farmers.