Index Insurance presents opportunities for agricultural producers in Ukraine to protect against climate risks
On May 22-24, 2018, the IFC Eastern Europe and Central Asia Agri-Finance Project held a 3-day seminar titled “Basic principles of development of index insurance products" for the insurance market of Ukraine. The seminar was a continuation of work started in summer of 2017 that aimed at developing local skills for index insurance and, once again, was led by Shadreck Mapfumo, GIIF Senior Financial Sector Specialist. Mr. Mapfumo and the participants deep dived into the fundamentals of index product modeling based on real data and modern actuarial models. The event was organized with the support
Index Insurance in Ukraine: Opening Doors for Agribusiness
Agri-insurance is a financial product that protects farmers from potential losses resulting from weather events or disease. By enabling farmers to protect their businesses, agricultural insurance also reduces lending risks, which increases the amount of credit available in this vital sector. In Ukraine, IFC and Syngenta worked together to pilot-test index insurance — which bases claims on independently verifiable weather data — for wheat and corn. This SmartLesson explores the possibility of developing index insurance as a new and important financial instrument that helps farmers and
Strategic Decisions Metrics for Agriculture Index Insurance Workshop in Ukraine
In June 2017, IFC, a member of the World Bank Group, and two biggest insurance associations in Ukraine — League of Insurance Organizations of Ukraine and Ukrainian Federation on Insurance (UFU) — jointly organized an index insurance workshop entitled “Strategic Decisions Metrics for Agriculture Index Insurance” for all interested insurance companies and other market participants. Instructor Shadreck Mapfumo, GIIF Senior Financial Specialist, led the three-day workshop which introduced new approaches to the agri-insurance product development to the local participants. A total of 38