Index Insurance Forum

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(C) Katharina Nett / GIZ
22
Jun
From April 17 to 20, the Strategic Alliance on Climate Risk Transfer Solutions facilitated two high-level executive training on index-based livestock insurance in Mombasa, Kenya. The goal was to reflect on the Kenya Livestock Insurance Program (KLIP) – a flagship program in agricultural insurance – and define next steps for further improvement and implementation on national and county level. The World Bank and the International Livestock Research Institute (ILRI) are also involved in the Program and the gained knowledge is openly shared for other programs and countries to use. The...

Introduction to Index Insurance and GIIF

Index insurance is an innovative approach to insurance provision that pays out benefits based on a pre-determined index or loss of assets and investments resulting from weather and catastrophic events, without requiring the traditional services of insurance claims assessors. It also allows for the claims settlement process to be quicker and more objective.
< Click here for French> On January 19, 2018, the International Finance Corporation (IFC) and the World Bank organized a workshop in Abidjan to present the results of a feasibility study on index-based agricultural insurance conducted in Côte d’Ivoire between the months of May and September 2017 by the Global Index Insurance Facility (GIIF). As part of the World Bank Group’s Climate Finance and Risk Management unit, GIIF facilitates access to finance for smallholder farmers, micro-entrepreneurs, and microfinance institutions through the provisions of catastrophic risk transfer solutions...

GIIF Capacity Building in West Africa (French)

In December 2017, participants from various African Francophone nations attended a regional workshop held in Saly, Senegal, to learn about index insurance fundamentals and risk transfer process as well as to discuss and apply the use of agro-climactic data to the design of index insurance products. GIIF staff and participants discuss the importance of capacity training on index insurance in this video.
There has been an increase in projects in sub-Saharan Africa to develop index insurance that helps farmers build resilience against climate change, EURACTIV.fr reports . Currently, dozens of projects are led by the World Bank to develop this type of insurance. In West Africa, initiatives are coordinated by GIIF's partner, PlaNet guarantee, in Benin, Burkina Faso, Mali, and Senegal. Anne Durez, head of marketing at PlaNet guarantee, index insurance follows a double objective: “stabilizing farmers’ incomes and allowing them to finance their activities.”
A l’initiative du Global Index Insurance Facility (GIIF) du Groupe de la Banque mondiale a eu lieu le vendredi 19 janvier 2018 à Abidjan un Atelier de restitution des résultats de l’étude sur le Développement d’un marché de l’assurance agricole indicielle en Côte d’Ivoire, selon Abidjan.net . L’objectif général assigné à cette étude vise à Promouvoir le développement et la croissance d’un marché local viable et pérenne pour l’assurance agricole indicielle en Côte d’Ivoire, via une assistance technique et un accompagnement financier. «Avant le début de la période d'assurance, un indice...
Johannesburg, South Africa, 18 January 2018 – IFC, a member of the World Bank Group, today announced a grant extension to Mayfair Insurance Company Zambia Limited, to support Mayfair in scaling up its weather-based index insurance product line in Zambia. The additional performance-based grant, awarded through the Global Index Insurance Facility, is expected to help Mayfair reach an additional 300,000 farmers by December 2019. Smallholder farmers in Zambia are vulnerable to weather-related shocks such as drought, flooding, and irregular rainfall. Insurance can be a good risk management tool...
Washington, DC September 28, 2017 – The World Bank Group received EUR 10 million from Germany’s Federal Ministry for Economic Cooperation and Development (BMZ) to improve and scale up the use of extreme weather insurance instruments as risk management tools for the poor and the most vulnerable smallholder farmers particularly affected by climate change. The contribution will finance knowledge and technical assistance activities of the Global Index Insurance Facility (GIIF) to build capacity and expertise among practitioners in developing countries to devise effective index insurance products...
A newly designed Global Index Insurance Facility's Country Profile for Kenya is available for digital viewing. The document contains an overview of GIIF's project in Kenya with the partner, ACRE Africa.
In a Business Mirror (Philippines) Op-ed , Dennis B. Funa, the Philippines's insurance commissioner, wrote that the Binhi Micro-Crop Insurance Program of CARD Pioneer Microinsurance Inc. will benefit smallholder farmers face typhoon risks. When leading portfolios of micro-finance institutions are protected by insurance, farmers are also protected. The Binhi Micro-Crop Insurance is supported by the Global Index Insurance Facility and the Government of Canada.
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