Index Insurance Forum

Sub-Saharan Africa

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Parametric insurance has the potential to serve a significant developmental role in Africa, as it pays out benefits based on a predetermined index for losses resulting from catastrophic events, Clyde & Co's Max Ebrahim and Wynne Lawrence wrote in Commercial Risk Online . In the article, GIIF's collaboration with ACRE Africa , which is serving the populations in Kenya, Rwanda, and Tanzania, is also cited.
At its Annual Meetings in Ahmedabad in May, t he African Development Bank (AfDB) identified political will as one of the key ingredients to the continent's agricultural agenda, AllAfrica reports . According to AfDB President, other key strategies the AfDB is proposing are the development of industrial agri-businesses to raise productivity in the sector and ultimately support economic growth. In addition, the region needs to support its young people who are providing weather index insurance and extension services.
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In May 2017, the International Livestock Research Institute (ILRI) was hailed as “Innovation of the Year” from the African Insurance Awards for its work on developing the index-based livestock insurance (IBLI) in the arid lands of Kenya and the Horn of Africa. Using Normalized Differenced Vegetation Index (NDVI) that monitors livestock stress and mortality based on grazing conditions, the innovation offers a more convenient, objective measure upon which insurance contracts can be written. Which such an index insurance, herders can recover losses more quickly during and after severe droughts...
Reinsurance and insurance stakeholders in Sub-Saharan Africa say momentum for index insurance solutions in the region continues to grow, Reinsurancenews reports . Speaking ahead of the 10th Consultative Forum on building disaster resilience amongst small-scale farmers through agricultural index insurance, FSB Chair of the IAIS Regional Committee for Sub-Saharan Africa, said: “agricultural index insurance in Sub-Saharan Africa is gaining momentum."
More than 50 participants from 13 African nations gathered in Accra, Ghana, from May 1-5, 2017 to attend a regional workshop focusing on the fundamentals of risk modeling for index insurance and to discuss a wide array of agricultural insurance topics. “ The Risk Modelling and Strategic Decision Making for Index Insurance” workshop was organized by the Global Index Insurance Facility (GIIF), in collaboration with African Reinsurance Corporation. Managed by the World Bank Group’s Finance & Markets Global Practice, GIIF provides smallholder farmers, pastoralists, microentrepreneurs, and...
Accra, Ghana, 27 April 2017 – IFC, a member of the World Bank Group, and Africa Reinsurance Corporation supported a two-day technical workshop on risk modeling and strategic decision-making for index insurance products. Most of the agricultural land in Sub-Saharan Africa is rain-fed, and many regions are vulnerable to climate shocks such as drought, flooding, and irregular rainfall. To limit their losses in any given year, smallholder farmers often invest very little into their land, which leads to reduced yields and contributes to food insecurity. Insurance can be a good risk management tool...
PowerPoint slides from a consumer exercise undertaken in Zambia in December last year are now available. The session, held jointly by GlIF, ILO's Impact Insurance Facility, Risk Shield Consultants, and fsdZambia focused on lead farmers and channel partners who enlist smallerholder farmers.
Index insurance, water harvesting, diverse cash crops, land management, new technologies, and community-based approaches are expected to enhance Ethiopia’s resilience to climate change, according to UN Development Programme. “The Government of Ethiopia has recognized its vulnerability and has been working hard to pursue climate resilient development growth,” said Ethiopia’s Deputy Prime Minister Demeke Mekonnen speaking at a high-level humanitarian meeting in early 2017. Read more here .
In a new GIIF Result Stories, Ms. Bintou Diakite, a founding president of ASEDEFE-YDADE (Association pour la Solidarité, l’Entraide, le Développement Economique de la Femme et de l’Enfant), recounts how index insurance has set female farmers free from the consequences of mishaps due to climate disaster. The Result Stories is part of a new bilingual series produced in 2017 to capture farmers' experiences with index insurance in Burkina Faso, Mali, and Senegal.
Karim Traore, President of Burkina Faso's National Union of Cotton Producers, speaks about the cotton farmer's experience with agricultural index-based insurance in a new GIIF Result Stories. “It would be difficult for me to provide exact data, however, I can tell you that index insurance strongly encourages farmers in their work, and we are finding that cotton production has increased in all of the areas where farmers have subscribed to it," says Mr. Traore. The Result Stories is part of a new bilingual series produced in 2017 to capture farmers' experiences with index insurance in Burkina...
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