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IFC and ARC Ltd. Sign Agreement Thumbnail
04
Mar

IFC and ARC Ltd. Sign Agreement to Expand Climate Risk Insurance in Africa

GIIF
Johannesburg, South Africa – February 27, 2025 The International Finance Corporation (IFC) and African Risk Capacity Limited (ARC Ltd.) have signed a landmark agreement to enhance climate risk insurance solutions for smallholder farmers and agricultural value chains across Africa. This partnership aims to scale up agricultural insurance as a critical tool for de-risking investments and increasing resilience to climate change impacts. The signing ceremony took place in Johannesburg, South Africa, and was formalized by Sergio Pimenta , Regional Vice President for Africa at IFC, and Lesley Ndlovu
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Zambia Gender Mainstreaming Stakeholders’ Workshop

Zambia Gender Mainstreaming Stakeholders’ Workshop

25
Feb
Author:
Sameera Ahmad Aideed Hassan
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
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Building Resilience: How IFC, PIA, Mayfair Insurance & ZEP-RE Are Expanding Climate Insurance in Zambia

Droughts, floods, and extreme temperatures are putting smallholder farmers in Zambia at risk, causing crop losses, income instability, and food insecurity. To address this, IFC – International Finance Corporation and its partners are working to provide climate insurance to over 1.5 million farmers, helping them recover faster from climate shocks. Through the Zambia Inclusive Climate Insurance Project, this funding is offering critical support amid Southern Africa’s worst El Niño-driven dry spell in over a century. In this video, farmers Ednah and Chrispine share their firsthand experiences
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Ms. Hope Murera, MD and CEO of ZEP-RE, and Sergio Pimenta, Vice President at IFC, signing a partnership agreement with pan-African reinsurer ZEP-RE during the Africa Financial Summit (AFIS) in Morocco

IFC and ZEP-RE Join Forces to Expand Digitally-Driven Insurance Access for Farmers

Published on:
Country:
Morocco
At the Africa Financial Summit 2024 in Casablanca, IFC and pan-African reinsurer ZEP-RE (PTA Reinsurance Company) signed a partnership agreement to launch digital insurance solutions for smallholder farmers and agri-SMEs. Sergio Pimenta, IFC Vice President for Africa, signed the agreement on behalf of IFC, reinforcing the commitment to financial inclusion and climate resilience across the continent. IFC thanked Ms. Hope Murera, ZEP-RE MD & CEO, and the entire ZEP-RE team for their unwavering support in advancing financial protection for Africa’s farmers and agri-sector businesses. Read the
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The Role of Insurance in Advancing Financial Solutions for Sustainable Agriculture and Food Security in 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
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Payout ceremony
23
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
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Agriculture & Climate Insurance Workshop

Agriculture & Climate Insurance Workshop

10
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
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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

8
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
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Coping with Rising Natural Catastrophes Across Africa

Coping with Rising Natural Catastrophes Across Africa

1
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
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IFC Climate Insurance AgTech in Africa: How Advisory and Investment Services are Building the Sector

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
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