Sub-Saharan Africa

The Role of Insurance in Advancing Financial Solutions for Sustainable Agriculture and Food Security in Africa

Author:

Sharon Onyango, James Smouse, Sandra Carrollo

Date: October 14, 2024 Time: 1:00 – 3:00 PM Location: Cairo, Egypt The session titled “The Role of Insurance in Advancing Financial Solutions for Sustainable Agriculture and Food Security in Africa” took place in Cairo on October 14, 2024. This significant event brought together industry leaders to explore innovative solutions to the challenges facing Africa's agricultural sector. The panel included distinguished speakers: Florence Boupda, Global Banking and Insurance Manager at IFC; Dr. Islam Azzam, Vice Chairman of the Financial Regulatory Authority of Egypt; Dr. Corneille Karekezi, CEO of

Oct

In Zimbabwe, Goromonzi Farmers Receive Cash Payout For Drought

On October 14, 2024, nearly 1,800 smallholder farmers in Goromonzi, Zimbabwe, celebrated a significant milestone as they received their first insurance payout under the Agricultural Index Insurance Pilot Project. This payout came in response to the severe El Niño-induced drought that impacted the 2023/2024 farming season, leading to dramatically reduced crop yields across the region. Each farmer, received a payout of US$65 under the Farmer’s Basket Insurance Product, specifically designed to mitigate financial risks stemming from climate-related disasters. The success of this initiative was

Agriculture & Climate Insurance Workshop

Jul

Author:

Sharon Adhiambo Onyango

The 3-day event convened over 70 stakeholders from Nigeria, Ghana, and other regional markets such as Kenya, Tanzania, Egypt, and South Africa. This included representatives of various (re)insurance companies, insurance intermediaries, agribusiness and farmer representatives, banks, development partners, and governments. Opening remarks were provided by the Insurance Commissioner of Ghana, Kofi Ando and the Africa Re’s Deputy Manager Director, Ken Aghoghovbia. The event included presentations by various experts as well as expert panels covering topics such as expanding agricultural insurance

Sharon Onyango, Project Lead (IFC) during her presentation about Climate Insurance and the IFC - IPEC collaboration in Zimbabwe

Enhancing Zimbabwe's Climate Resilience Through Insurance

Apr

Zimbabwe’s agriculture sector faces numerous climate-related challenges that significantly impact productivity, including droughts, floods, and pest infestations. With 70% of the population relying on agriculture for employment, this sector is crucial to the nation’s economic stability. Addressing these climate challenges is essential for safeguarding livelihoods and boosting agricultural resilience. One promising solution is agricultural insurance. IFC's Initiative on Agricultural Insurance The International Finance Corporation (IFC), in collaboration with Zimbabwe's Insurance & Pensions

Coping with Rising Natural Catastrophes Across Africa

Jun

The 50th AIO Conference and Annual General Assembly will be held from June 1-5, 2024, in Windhoek, Namibia. This milestone event will bring together a distinguished group of internationally renowned experts to discuss the latest trends, technologies, and best practices in the insurance industry. The conference theme, "Coping with Rising Natural Catastrophes Across Africa" will address the pressing challenges posed by climate change and aims to explore innovative solutions for the continent's insurance sector. Participants will have numerous opportunities to network and exchange ideas with

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

Climate Risk Insurance Training in Luanda, Angola

Mar

The Agência Angolana de Regulação e Supervisão de Seguros (ARSEG) plays a critical role in developing the agricultural insurance market by providing an enabling environment for private-sector investment in Angola. IFC is supporting ARSEG in developing an enabling environment for agricultural insurance to promote the resilience of farmers in Angola against the impacts of climate change and increase their financial inclusion. ARSEG keen on a holistic regulatory framework conducive to index insurance innovation, consumer protection and allowing for more sustainable market growth. As first step in

Apr

IFC Climate Insurance AgTech in Africa

Selin Konrat, Sandra Carrollo

This blog highlights IFC's critical role in supporting climate risk insurance products through collaborative efforts between its Advisory and Investment teams, other development partners and public-private stakeholders. It features a project example involving various levels of engagement within the WBG, which started from a pilot in 2010 and led to an investment in 2024. In 2010, the World Bank Group's Global Index Insurance Facility (GIIF) program started providing technical assistance and capacity building support to Kilimo Salama (KS), an index-based microinsurance product developed jointly

Financing Climate Resilience for Malawi’s Smallholder Farmers

Published on:

Sunday, January 14, 2024

Country:

Malawi

In the wake of Cyclone Freddy's devastating impact on Malawi's smallholder farmers, the story of Jeya Nsinda stands as a testament to resilience and hope. Cyclone Freddy swept away not just crops but also the livelihoods of countless farmers, leaving them grappling with food shortages and financial struggles. Amidst this adversity, One Acre Fund, in collaboration with IFC, is making a significant difference by providing climate insurance to smallholder farmers in sub-Saharan Africa, offering a lifeline to those who depend on the land for their income. This partnership is not just about

[Interview] IFC Climate Insurance AgTech in Africa with Florence Boupda

Get ready for an insightful discussion with Florence Boupda , the Global Sector Manager for Banking Insurance at the IFC’s Financial Institutions Group (FIG) . In this exclusive interview, we delve into recent deals shaping the insurance sector and how they align with FIG's vision for expansion. Florence highlights the strategic advantages of these deals in line with IFC's sustainability agenda, offering valuable insights into leveraging collaboration between Advisory and Investment Services to pursue further opportunities. Join us as we uncover the strategic roadmap for advancing sustainable

Index Insurance Forum