Zambia

06
Mar
Gender gaps in financial inclusion remain a challenge in Zambia, with disparities in both access to financial services including insurance products, and limited leadership opportunities for women in the financial sector. Currently, only 39.1% of women have used insurance services compared to 60.9% of men , highlighting a gap in access to and use of affordable financial products and services. This disparity prevents women from protecting their businesses, families, and livelihoods from financial shocks. Addressing this gap is key to building a more resilient insurance sector and achieving
Zambia Gender Mainstreaming Stakeholders’ Workshop
The three-day workshop brought together key stakeholders in Zambia’s insurance industry to advance gender-inclusive insurance solutions. The first day featured a morning session for CEOs of insurance companies, while the next two days engaged technical staff in a deeper discussion. As part of the Zambia Inclusive Insurance Program, IFC is supporting the Pensions and Insurance Authority (PIA) in developing a gender mainstreaming strategy and action plan to make insurance products more accessible and relevant, particularly for women. The workshop aimed to gather feedback on the strategy while
22
Jul
In August 2020, the GIIF team commissioned a study by the Wageningen University and Research (WuR) to generate lessons learned in perception, adoption, and understanding of agriculture index insurance by firms and smallholders in Kenya, Senegal, and Zambia. The study was recently concluded. A review of the portfolios and experiences among three companies – ACRE Africa (Kenya), Compagnie Nationale d’Assurance Agricole du Sénégal ( CNAAS), and Mayfair Zambia – reveals successes, opportunities and challenges yet to be overcome in mainstream agriculture index insurance (AII) among farmers across
Lessons learned and Guidance Notes on Zambia - the Adoption, Perception, and Understanding of Agricultural Index Insurance
IFC’s Global Index Insurance Facility (GIIF) and the Wageningen University & Research (WuR) will brief participants on a recently completed review of GIIF’s engagement in Zambia, to understand farmers’ knowledge, perception, and utilization of insurance as well as satisfaction of GIIF’s supported activities in the country. The goal is to review the lessons learned and to receive guidance towards the implementation of GIIF’s future activities in the country, as well as to have an overall understanding of ways to better develop and improve products and services as part of the Facility’s pipeline
Sifting grain
Mayfair Central Testimonial Weather Index Insurance is a microinsurance product, launched by Mayfair insurance in Zambia in 2014, and that has been helping small-holder farmers mitigate risks posed by climate change. Derick Chanda (Chairperson – Kangomba Camp) expressed that most of the farmers in the district did not have insurance to rely on, and that whenever they faced problems or challenges with their crops, they were not sure about where to go and who to ask for help. Now that insurance companies like Mayfair have presence in their lands, they have been able to discuss the technicalities
Mayfair Insurance, a GIIF Partner, has produced a video for awareness raising on index insurance during last season (2018).
R4 – Rural Resilience Initiative
The core objective of the project is to build the resilience of food-insecure smallholders through an integrated risk management approach which includes weather index insurance, assets creation, credit and savings interventions, and climate services.
17
Jul
Smallholder farmers in Sub-Saharan Africa are some of the most vulnerable to the effects of climate change and adverse weather events. Weather-based index insurance can help farmers become more resilient by giving them a tool to manage their risk, protect their investment, and maintain their livelihood. But the insurance industry in the region has been slow to develop these products, mostly because they lack the necessary technical skills and capacity; high-level training helps develop these skills to create new and innovative index-based insurance products in the regional market, which in
World Bank Group Approves Additional Funds for Zambia to Strengthen Climate Resilience
The World Bank Group has approved additional $14.6m IDA (loan and grant) financing for the Strengthening Climate Resilience (PPCR Phase II) Project that will help strengthen Zambia’s institutional framework for climate resilience and improve the adaptive capacity of vulnerable communities in the Barotse sub-basin of the Zambezi. The project is also expected to help integrate financial and technical services such as savings, micro-credit, and index insurance into the existing approaches to sustainable agriculture and climate resilience.
After Low Rainfall, African Smallholder Farmers Get Payouts of US$1.5 Milllion
Poor rainfall in parts of Africa has triggered the largest insurance payout to date for smallholder farmers under the R4 Rural Resilience Initiative (R4), a program launched by the World Food Programme (WFP) and Oxfam America in 2011. African farmers will receive insurance payments totaling US$1.5 million to compensate for weather-related crop losses in Ethiopia, Kenya, Malawi, Senegal, and Zambia, Reliefweb reports, according to a WFP press release.