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Vulnerable Households Need Resilient Institutions in Disasters

Fri, 09/25/2015
Topics: 
Earthquake data
Product design
Country: 
Indonesia
In a CGAP blog, Thea Anderson and Muhammad Syahrin write that building disaster resilience in Indonesia is critical, as the country is battered by earthquakes, tsunamis, volcanoes, flooding, and droughts on a regular basis. To this effect, MFIs serve as a critical and immediate vehicle to financing after disasters. Recognizing this ongoing cycle, Mercy Corps pioneered the Indonesia Liquidity Facility After Disaster (ILFAD), which has partnered with global reinsurer Swiss Re and the World Bank’s Global Index Insurance Facility (GIIF) to design portfolio-level insurance products in partnership...
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Innovative Microinsurance Protects Poor Farmers Against Climate Change

Wed, 09/16/2015
Topics: 
Data
Satellite data
Product design
Weather index
Product distribution
Country: 
Kenya
Rwanda
Tanzania
For several years, insuring harvests against the climate hazards that regularly destroy farmers’ crops in developing countries has for several years been a major tool in the fight against poverty, mainly in Africa and Asia, where between 400 and 500 million farmers survive on very low incomes. At the Convergences World Forum in Paris on 9 September 2015, Syngenta Foundation for Sustainable Agriculture and GIIF speak about the innovations in index insurance and the success of the Kilimo Salama project in Kenya, Rwanda, Tanzania. Expanded in 2014, the program develops and offers insurance for...
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MicroEnsure – Providing Cover for the Under-insured Mass Markets in Africa

Thu, 07/30/2015
Topics: 
Product distribution
Peter Gross, Regional Director in Africa with MicroEnsure, talks to Bank Innovation online magazine about how MicroEnsure is providing micro-insurance to 15 million people in 17 countries in Africa and Asia. He explains that the reason for the poor uptake of insurance in these mass market economies can be boiled down to 4 factors: cost, trust (or lack of it), access (or lack of it), and understading (or lack of it). Click here to read the full interview.
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2 Million African Farmers Insured For Weather & Catastrophe Risks: Swiss Re

Wed, 03/04/2015
Topics: 
Weather index
Country: 
Kenya
Rwanda
One of the world’s largest reinsurance firms, Swiss Re, recently announced that two million African smallholder farmers are now protected against drought, floods and other natural perils, thanks to the efforts of the World Bank and Swiss Re Corporate Solutions. Back in 2012, Michel Lies, Swiss Re’s Chief Executive Officer (CEO) made a commitment that by 2017 it would protect 1.4 million African smallholder farmers from weather and catastrophe risks, through increased insurance protection. And now the Switzerland-based reinsurer has revealed that not only has the amount of farmers covered...
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IFC, Green Delta Crop Insurance for Farmers in Bangladesh to help Minimize Weather-related Losses

Tue, 02/24/2015
Topics: 
General
Weather index
Country: 
Bangladesh
In New Delhi: Minakshi Seth Phone: +91 11 4111 1000 E-mail: MSeth@ifc.org In Dhaka: Towheed Feroze Phone: +88 028833755 E-mail: TFeroze@ifc.org 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...
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Index Insurance Takes Root as Climate Change Stings Agriculture

Tue, 10/21/2014
Topics: 
General
Weather index
Country: 
Kenya
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
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IFC, Green Delta Stand by Farmers

Wed, 02/25/2015
Topics: 
Weather index
Micro-level
Country: 
Bangladesh
International Finance Corporation (IFC) and Green Delta Insurance Company Ltd yesterday entered into an agreement to develop insurance products for farmers to protect them from weather-related losses. Advisory support will be provided for distributing the products, increasing lending to farmers and improving their risk profile. Kyle F Kelhofer, country manager of IFC, and Farzana Chowdhury, managing director of Green Delta, signed the agreement on behalf of their respective organisations, according to a statement. “Crop insurance will protect rural economy. Weather-index insurance will help...
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World Bank Group, Private Sector Partners To Improve Food Security Through Index-Insurance Solutions

Thu, 02/12/2015
Topics: 
General
Weather index
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...
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Parametric Insurance: A hopeful vision coming to life

Wed, 01/14/2015
Topics: 
Product design
Weather index
Area yield
Product distribution
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...
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Climate Corporation Builds Massive Data Platform for Agriculture in the US

Wed, 01/14/2015
Topics: 
Product design
Weather index
Hybrid
Catastrophe weather derivative
Product distribution
According to The Climate Corporation – a tech company based in San Francisco -- data science has the potential to fundamentally improve the productivity and sustainability of global agriculture. Since 2007, the Climate Corporation has been hard at work building a technology platform that combines hyper-local weather monitoring, agronomic data modeling, and high-resolution weather simulations that are updated hourly. On the platform (see www.climate.com ), Climate has built products to protect farmers with index-based insurance and improve profits with software that help farmers make more...
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