Index Insurance Forum

  • In the fight against climate change, there's a growing visibility for insurers

    Through the partnership with AXA Corporate Solutions on parametric weather insurance, the World bank helps in fight against severe weather and climate change’s impact on developing regions, writes the BorneoPost in Malaysia. AXA works with the World Bank Group’s GIIF to provide innovative and affordable parametric and weather-index linked insurance protection for the world’s most vulnerable, developing regions. Read more

  • Dominican Republic loses an average of US$450 million per year due to natural disasters.

    Panos Varangis, the World Bank Group's Global Lead for agricultural finance and agricultural insurance in the Finance and Markets Global Practice, was speaking at a World Bank event on index insurance in Santo Domingo. Mr. Varangis was presenting index insurance as an alternative financial instrument that can protect agricultural producers in the country -- an ACP member -- from hurricanes, tropical storms, and floods. Read more

  • World Bank Sees Good Yields in Crop Insurance

    Speaking in an interview, the World Bank's Country director for Kenya, Ms Diarietou Gaye, welcomed the government's partnership with local insurance companies in crop and livestock cover policies, which are believed to benefit smallholder farmers. The development is expected to positively impact the country's economic development. Read more

  • Index insurance: What you need to know

    In an article entitled “Index insurance: What you need to know”, Devex interviews Gloria Grandolini, the WBG’s Senior Director, and Gilles Galludec, GIIF Program Manager, on the Global Index Insurance Facility and how index insurance works. Read more

  • How to accelerate Financial Inclusion of Individuals Engaged in Agriculture?

    Key findings from the Global expert workshop co-hosted by the Ministry of Foreign Affairs, Netherlands and the Rabobank Group and organized by the World Bank’s FISF initiative. Read more

Past Events

About Us

Created in 2009, the Global Index Insurance Facility (GIIF) works to support the development and growth of local markets for indexed/catastrophic insurance in developing countries, primarily in sub-Saharan Africa, Latin America and the Caribbean, and Asia Pacific. GIIF’s objective is to expand the use of index insurance as a risk management tool in agriculture production, food security, and disaster risk reduction, because it helps farmers and households reduce their risks and protect their assets and livelihoods.

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Grants Committed: $35 million (2009-15)
 
Countries with GIIF projects including policy/regulatory work: 31 in total (Sub Saharan Africa, Latin America and the Caribbean, and Asia Pacific)
 
Clients: 1.3 million farmers, pastoralists and microentrepreneurs (cumulative)
 
Total Insurance Portfolio$148 million (cumulative)
 
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For archived copies of the Global Index Insurance bi-monthly newsletter, please click here.

Index insurance is a relatively new but innovative approach to insurance provision that pays out benefits on the basis of a predetermined index (e.g. rainfall level) for loss of assets and investments, primarily working capital, resulting from weather and catastrophic events, without requiring the traditional services of insurance claims assessors. Before the start of the insurance period a statistical index is developed which measures deviations from normal for parameters such as:
  • Rainfall
  • Temperature
  • Earthquake magnitude
  • Wind speed
  • Crop yield livestock mortality rates
 
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GIIF is funded by the European Union, Japan, and the Netherlands.

 

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GIIF collaborates with the ILO’s Impact Insurance Facility to strengthen its knowledge and dissemination related activities. The collaboration aims at improving the delivery of index insurance to farmers and their families as well as businesses, through the extraction, dissemination and promotion of lessons mainly from GIIF implementing partners and to strengthen microinsurance markets in countries that have a strong index insurance potential. 

 

Image result for ILO Impact Insurance Facility

 

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Weathering the Risks: Scalable Weather Index Insurance in East Africa

 

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