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Despite representing only a small portion of the total Property & Casualty market, parametric insurance has evolved rapidly in the last decade. This relatively new approach to insurance is index-based. At AXA, we believe that parametric insurance will continue to flourish in the future. Despite representing only a small portion of the total Property & Casualty market, parametric insurance has evolved rapidly in the last decade. This relatively new approach to insurance is index-based. For instance, in some geographies, claims could be paid out based on actual meteorological conditions...
GIIF, a member of the World Bank Group, signed two grant agreements, with a combined value of $3.9 million, with the Syngenta Foundation for Sustainable Agriculture to expand index-based insurance to small-scale farmers in Kenya, Rwanda and Tanzania. Index-based weather insurance can protect against the adverse effects of climate change and help to strengthen food security in rural communities.
The World Bank Group signed an agreement marking the $25 million contribution by the Dutch Ministry of Foreign Affairs in support of scaling up insurance markets in developing countries over the next five years, thus helping to ensure that agricultural insurance becomes a sustainable business model for smallholder farmers.

ITV Sophia

Sophia Belay, Manager – R4 Rural Resilience Initiative, talks about increasing awareness of index insurance among farmers

ITV Richard

Richard Choularton, Chief - Climate Resiliance for Food Security at UN WFP, talks about using index insurance solutions to manage climate risk issues

ITV Paula

Paula Pagniez, Senior Microinsurance Specialist at Swiss Re, talks about growing private sector participation in index insurance

ITV Dan

Dan Osgood, Lead Scientist – IRI, talks about using index insurance solutions to manage climate risk issues

ITV Alex

Alex Scherer, CEO of AXA Corporate Solutions – Americas, talks about the growing role of Index Insurance in managing climate risks
The soil that Abdoulaye Ndiaye holds in his hand is dry and dusty. A little further away in the Kaolack region the groundnut plants are already beginning to spring up in the fields, but in Paskoto village Abdoulaye and his fellow farmers have not seen a drop so far this season. "The most important challenge for us is the weather. It is God who decides. We have no choice, but are just left looking for ways to handle the situation," Abdoulaye says, now using his hand to shield his eyes against the stark sunlight.
For Jeremiah Kithaka, farming maize on his three acre farmland is the primary source of livelihood enabling him to provide for his family of four. However, with changing rainfall patterns, delayed starts to the rainy seasons and longer and more frequent dry periods, Jeremiah has seen vast volatility in his income levels over the past few years.
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