Product Detail Brochure for Earthquake Index Insurance (EQII)
A newly designed product detail brochure for Earthquake Index Insurance (EQII) is available for digital viewing. Since 2014, PT Reasuransi MAIPARK and GIIF have been developing EQII, a new insurance product that triggers an automatic payout based on pre-determined earthquake parameters. EQII is designed to protect the lending portfolios of banks and microfinance institutions (MFIs) from liquidity crises in the aftermath of an earthquake. The intended insured party of this product is a bank/MFI. Also available in Bahasa Indonesia.
The Asosiasi Asuransi Umum Indonesia, the General Insurance Association of Indonesia, brought together regulators, practitioners, local and international (re)insurance companies at the 26 th Indonesia Rendezvous conference held in Indonesia between 12-15 October. The theme of this year's gathering ‘Toward Sustainable Future and Inclusive Growth’ is in line with the main theme of G20 Presidency of Indonesia ‘Recover Together, Recover Stronger.’ The G20 Presidency theme is a reflection of the pressure the world has been under due to the COVID-19 pandemic, and it emphasizes the importance of
Launch of Soil Moisture Index Insurance Product in Indonesia
Financial Inclusion and Sustainability in Indonesia through introducing Cocoa Soil Moisture Index (SMI) Insurance product Following receipt of OJK’s approval of the listing of the Cocoa Soil Moisture Index insurance product, a first of its kind flagship product of IFC’s Indo Agri Insurance project, FIG AS Indonesia team was invited to attend the Cocoa Sustainability Partnership (‘CSP’) General Assembly meeting to observe a soft launch of the SMI. The SMI will contribute to increased investments in agriculture and rural communities by introducing insurance solutions to reduce the risks faced by
Despite the importance of the agricultural activities to the Indonesian economy ([13%] of GDP), livelihoods ([34%] of labor force), food security, and poverty reduction, the multiple risks associated with agricultural production – coupled with the general lack of knowledge and outreach to farmers/agriculture sector by financial institutions – have limited the needed levels of investment flows into the sector. Agri-lending in Indonesia accounts for a small portion of total lending, at [5.8%]. The risks aversion towards lending to farmers are well documented, including price fluctuations and
RIICE – Remote sensing-based Information and Insurance for Crops in Emerging economies
The core objective is to provide better information on rice crop growth for food security policy and to reduce the vulnerability of smallholders in rice production caused by natural catastrophes.
Press Release: IFC and MAIPARK Support Rural Indonesian Banks in Earthquake-Prone Areas
Yogyakarta, Indonesia, October 29, 2018 — IFC, a member of the World Bank Group, and PT. Reasuransi MAIPARK Indonesia, a special-risk reinsurance company, today hosted an event to present Earthquake Index Insurance (EQII) policies to three rural banks in Yogyakarta. The aim is to protect banks providing loans to individuals and micro, small, and medium enterprises from losses following earthquakes. More than 12 million Indonesians live and work in earthquake-prone zones, with economic exposure reaching an estimated $80 billion. These risks are especially high in Java, Sumatra, and Sulawesi
Illustrated Comic Book for Earthquake Index Insurance
A 24-page illustrated comic book on Earthquake Index Insurance in Bahasa Indonesia.
"Fundamentals of Named Peril Index Insurance Risk Transfer Process" Workshop in Asia
More than 30 participants across Asia gathered in May 2017 in Jakarta to attend a regional workshop focusing on index insurance fundamentals and to discuss best practices in the development of the innovative financial product. The week-long 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 aimed at the development and enhancement of index insurance products in developing countries. Managed by the World Bank Group’s Finance & Markets Global Practice, GIIF
Sompo Japan Nipponkoa Insurance to Release Weather Index Insurance in Indonesia
Sompo Japan Nipponkoa Insurance will start selling insurance products that compensate farmers hit by drought in Indonesia as early as this fall, Asian Nikkei Review reports. With a premium of 50,000 rupiahs ($3.76), contract farmers will be entitled to be compensated 500,000 rupiahs if a drought occurs, the newspaper also details.
IFC, MAIPARK to Develop Index-Based Insurance Schemes to Mitigate Weather Risks for Local Farmers
The International Finance Corporation (IFC) and specialist reinsurance company Reasuransi MAIPARK Indonesia have agreed to develop insurance products to help local farmers mitigate weather-related risks, Jakarta Globe reports. The agreement will establish insurance schemes that pay out benefits to farmers if a weather event exceeds levels in a predetermined index — which will measure rainfall levels, temperatures, wind speeds and crop yields, expected to provide cheaper and less complicated insurance benefits to farmers in the event of a natural disaster. "The region's changing climate has