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Sompo Japan Nipponkoa Insurance to Release Weather Index Insurance in Indonesia

Sompo Japan Nipponkoa Insurance to Release Weather Index Insurance in Indonesia

Published on:
Topics:
Weather index
Country:
Indonesia
Sompo Japan Nipponkoa Insurance will start selling insurance products that compensate farmers hit by drought in Indonesia as early as this fall, Asian Nikkei Review reports. With a premium of 50,000 rupiahs ($3.76), contract farmers will be entitled to be compensated 500,000 rupiahs if a drought occurs, the newspaper also details.
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IFC Partners With PT Reasuransi MAIPARK to Insure Farmers Against Climate Risks

IFC Partners With PT Reasuransi MAIPARK to Insure Farmers Against Climate Risks

Published on:
Topics:
Weather index
Other
Country:
Indonesia
IFC, a member of the World Bank Group, and PT Reasuransi MAIPARK have agreed to jointly develop index-based insurance products to hedge risks against adverse weather events for agribusinesses, bank agriculture-loan portfolios, and farmer groups. The impacts and effects of adverse weather events—such as droughts, floods, and hurricanes—were felt during the most recent El Niño, when some of the worst hit agribusinesses reported up to 30 percent drops in projected yields. IFC will support MAIPARK—a special-risk reinsurance company—to work with local insurance companies to develop, sell, and
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Result Stories: Mali

Result Stories: Mali

Content owner:
Global Index Insurance Facility
Author:
Pavis Devahasadin and Carole Sagbo
Topics:
General
Weather index
In a new GIIF Result Stories, Ms. Bintou Diakite, a founding president of ASEDEFE-YDADE (Association pour la Solidarité, l’Entraide, le Développement Economique de la Femme et de l’Enfant), recounts how index insurance has set female farmers free from the consequences of mishaps due to climate disaster. The Result Stories is part of a new bilingual series produced in 2017 to capture farmers' experiences with index insurance in Burkina Faso, Mali, and Senegal.
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Result Stories: Burkina Faso

Result Stories: Burkina Faso

Content owner:
Global Index Insurance Facility
Author:
Pavis Devahasadin and Carole Sagbo
Topics:
Weather index
Karim Traore, President of Burkina Faso's National Union of Cotton Producers, speaks about the cotton farmer's experience with agricultural index-based insurance in a new GIIF Result Stories. “It would be difficult for me to provide exact data, however, I can tell you that index insurance strongly encourages farmers in their work, and we are finding that cotton production has increased in all of the areas where farmers have subscribed to it," says Mr. Traore. The Result Stories is part of a new bilingual series produced in 2017 to capture farmers' experiences with index insurance in Burkina
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Jacinta at her maize farm / Cr: ACRE Africa
08
Mar

“The Insurance Works!” A story told by Jacinta Mutuse

ACRE Africa
General
Weather index
ACRE Africa, a GIIF partner in East Africa, is a microinsurance product designer that helps foster equity, fairness, and innovation in the agricultural sector. As farmers in the region experience changing weather conditions, with delayed rain and more frequent incidents of drought, ACRE Africa engages stakeholders along the agricultural value chain and advises insurers on the development and distribution of low-cost insurance to protect smallholders’ investments. The following story is told by one of the beneficiaries of ACRE Africa. Jacinta Mutuse is a 36-year old farmer and the mother of one
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Index-Based Climate Insurance Seen Feasible for Sri Lankan Farmers

Index-Based Climate Insurance Seen Feasible for Sri Lankan Farmers

Published on:
Topics:
Weather index
Country:
Sri Lanka
In a study, a research economist at the Institute of Policy Studies finds that index insurance could be a feasible option for Sri Lankan farmers if they had greater education and awareness that overcomes existing lack of trust, EconomyNext reports . It is not uncommon that fa rmers have become skeptical about insurance after they heard about other bad experiences other farmers had with indemnity insurance. The lack of trust, as the farmers are unsure whether they will get benefits when disaster strikes, hinders the development and wider implementation of index insurance.
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Botswana: Rains Drown Crops, Kill Livestock in Kgatleng

Botswana: Rains Drown Crops, Kill Livestock in Kgatleng

Published on:
Topics:
Weather index
Country:
Botswana
The recent downpours across Botswana have submerged crops and left livestock dead, Mmegi Online reports. Against this backdrop, agriculturers should be prepared for climate applications including climate-smart agricultural practices. " In this regard, dissemination of agro-weather advisories and other climate-smart agricultural practices will be enhanced through Public Private Partnerships," the report adds. Such agro-advisory services is estimated to facilitate greater investment from the private sector in priority areas including weather-based index insurance and associated infrastructure.
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In the Eye of a Cyclone

In the Eye of a Cyclone

Published on:
Topics:
Weather index
Hybrid
Livestock
Catastrophe weather derivative
Country:
India
In India's the Hindu, Sucharita Mukherjee, CEO of IFMR Holdings, wrote that risk management through a range of financial products can minimize losses to livelihood. "Catastrophes such as drought, floods and earthquakes not only impact the economy of a nation but also affect the very subsistence of poor and vulnerable communities," reads the Op-ed. The article also cites index insurance practices in Ghana and Mongolia, where, respectively, drought index insurance covers all the growing stages of maize and index-based livestock insurance protects livestock against particularly strong winters
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China’s Insurance Industry Must Respond to Climate Risks

China’s Insurance Industry Must Respond to Climate Risks

Published on:
Topics:
Weather index
Catastrophe weather derivative
Country:
China
On Chinadialogue.net, Zhang Chun, Senior Researcher at Chinadialogue, wrote that the Chinese government is pushing the insurance industry to offer climate risk policies, as climate changes increases the frequency and severity of typhoons. In the agricultural sector, the most relevant type of insurance policy related to climate change in China is called climate index insurance. Instead of determining pay-outs on the basis of damage and loss, policies are based on a weather index that sets compensation levels based on different weather conditions, such as rainfall," Zhang adds. Click here to
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Edward and Pauline Mkopi, Trans Nzoia Farmers

ACRE Africa Case Study: Through Rain or Drought, Crop Insurance Provides a Protective Umbrella for Us

Content owner:
ACRE Africa Case Study
Author:
ACRE Africa
Topics:
Weather index
Area yield
Hybrid
In a case study, GIIF's Partner ACRE Africa reports that the project has helped Edward and Pauline Mkopi in Kenya protect their crops with weather index, area yield, and hybrid insurance. After several seasons of drought and excess rainfall, the Mkopis say "they now confidently invest in their maize and sunflower farm because they know they are insured against all kinds of risk." They also feel confident in working with ACRE Africa because the product relies on accurate data to determine how to do payouts.
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