International Association of Insurance Supervisors - ANNUAL REPORT 2013-2014
Download full publication here. The International Association of Insurance Supervisors (IAIS) is a voluntary membership organisation of insurance supervisors and regulators from more than 200 jurisdictions in nearly 140 countries. The mission of the IAIS is to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders, and to contribute to global financial stability.
Supported by the Global Index Insurance Facility (GIIF), the International Finance Corporation (IFC) is working with its partner, Green Delta Insurance Company (GDIC), to develop insurance products to address perils such as drought, excess rain, heat waves and cold spells in Bangladesh. This project has been providing technical support to Green Delta for weather data analytics, risk rating, pricing, and product design, and has been engaging with distribution channels in the country since 2015.
IFC, Green Delta Crop Insurance for Farmers in Bangladesh to help Minimize Weather-related Losses
In New Delhi: Minakshi Seth Phone: +91 11 4111 1000 E-mail: In Dhaka: Towheed Feroze Phone: +88 028833755 E-mail: Dhaka, Bangladesh, February 24, 2015 – IFC, a member of the World Bank Group, has signed an agreement with Bangladesh’s leading private insurer Green Delta Insurance to develop insurance products for individual farmers, agribusinesses, and financial institutions lending to farmers for protection from weather-related risks such as drought, excess rain, and cyclones. IFC will assist Green Delta, an IFC equity client, to develop insurance products that
Index Insurance Takes Root as Climate Change Stings Agriculture
Big players such as Swiss Re plan to offer farmers in Africa, Asia and other emerging markets insurance products linked to weather indexes. Wagering on the weather might become a global business. Just ask the Climate Corp., an underwriter of insurance plans for farmers. Full article here
Breaking the ICE: The Role of Insurance Associations in Insurance Consumer Education
In the last decade, some insurance associations (IAs) have expanded beyond their traditional core functions to develop insurance consumer education (ICE) programmes. Based on a review of the experiences of IAs in five countries, namely Brazil, Colombia, Kenya, Mexico and South Africa, Microinsurance Paper #31 discusses the steps that should be taken during the preparation of an ICE. These include assigning responsibility internally, defining funding mechanisms, setting clear goals, defining the programme target and identifying partnership opportunities. It goes on to summarize key lessons for
THE ROLE OF GOVERNMENT IN DEVELOPING AGRICULTURAL FINANCE: A look at the history of Germany, the US, and South Korea
Full Publication here The four stages of agricultural development are: The case studies of Germany, the US, and South Korea reveal four largely linear stages of agricultural finance development within each country. These stages are differentiated by sources of farm debt, government roles, and the nature of farm structure and productivity. This briefing classifies these stages of agricultural finance development as:1. The informally-served stage2. The government-entry stage3. The bank-based stage4. The market-based stage
Weather variability is a key limiting constraint to investments and the modernization of agriculture in Senegal. The drought-prone Sahel is characterized by irregular rainfall and relatively poor soils. Created in 2008 as a public-private partnership, the National Agricultural Insurance Company of Senegal (CNAAS) is in charge of underwriting crop and livestock insurance. At the request of the Minister of Finance of Senegal, a feasibility study was completed in 2009 by the World Bank to assess the potential of index insurance. This study recommended the development of weather-based index
World Bank Group, Private Sector Partners To Improve Food Security Through Index-Insurance Solutions
Despite significant efforts made towards greater food security in the last decade, there remain millions of poor people in developing nations who suffer from chronic hunger. Boosting agricultural output is critical to mitigating this enormous development challenge. In recent years index-insurance has emerged as a widely recognized and powerful innovative tool that can help farmers manage financial losses arising from climate change and natural disasters. The World Bank Group’s Global Index Insurance Facility (GIIF), a multi-donor trust fund established in 2009, supports the development and
Gender Impact of MicroInsurance
Gender equality is gaining increasing attention as illustrated by the third Millennium Development Goal (MDG number 3): “promote gender equality and empower women”.This goal was set after the realisation that women and men face the same obstacles but have unequal access to resources enabling them to overcome these obstacles: unequal access to resources,education, technology, labour, capital and credit.
Risk Transfer and Capital Adequacy – Manual 5
Agricultural production is inherently subject to a variety of risks because management decisions or states-of-nature often generate future outcomes (either favorable or unfavorable) that cannot be predicted with certainty. The variability of these outcomes represents risk. Some risks are managed through production and fi nancial decision-making, while others are simply accepted as business expenses. In addition, some risks can be managed through a variety of contractual and insurancerelatedproducts. On average, financial activities with low levels of risk are associated with lower potential