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Risk Modeling for Appraising Named Peril Index Insurance Products: A Guide for Practitioners

Content owner: 
Global Index Insurance Facility
Author: 
Shadreck Mapfumo, Huybert Groenendaal, and Chloe Djenne Dugger
Language: 
English
Topics: 
Product design
Index insurance is commonly perceived to be complicated and difficult to evaluate. This is one reason index insurance products have not yet achieved high penetration in developing countries, despite their clear potential to improve the risk management options for vulnerable populations. This guide attempts to close the knowledge gap to grow this important market and provide protection to more low-income customers. A central goal of this guide is to promote clear communication of the features of products developed to facilitate informed decision making by new and existing buyers of index-based...
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A New Risk Sharing Facility to Lower Premiums for Africa's Farmers

Tue, 02/14/2017
Topics: 
Other frameworks
Product design
WASHINGTON, February 14, 2017 - The World Bank Group’s Global Index Insurance Facility (GIIF) and African Reinsurance Corporation (Africa Re) have entered into an agreement to carry out a risk-sharing facility, in form of an experience account, to decrease premium levels for insured farmers and encourage local companies to create affordable insurance products. “Agriculture provides up to 60 percent of all jobs on the continent, but African farmers need greater access to insurance mechanisms to develop resilience to external shocks and protect their livelihoods,” said Makhtar Diop, World Bank...
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Farmers who Took Up Crop Insurance Say it Helped Them Sleep at Night

Mon, 02/13/2017
Topics: 
Product design
Australian farmers who took up multi-peril crop insurance claim it helped them sleep at night, not worrying about a third failed harvest, ABC News reports . The Australian Government is working to support the development of a more diverse and mature agricultural insurance market, including multi-peril crop insurance, the report also adds.
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Result Stories: Senegal

Content owner: 
Global Index Insurance Facility
Author: 
Pavis Devahasadin and Carole Sagbo
Language: 
English, French
Topics: 
Data
Product design
Mr. Ndianko Sakho, a Senegalese millet producer, speaks about his experience with agricultural index-based insurance in a new GIIF Result Stories. "In the past, farmers had no climate risk management tool. Today with the introduction of agricultural insurance, I can say that some of our concerns are taken into account. The real challenge right now is to set up a national network of coverage in order to allow all Senegalese farmers to have access to agricultural index micro insurance," says Mr. Sakho. The Result Stories is part of a new bilingual series produced in 2017 to capture farmers'...
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Designed in Davos, Tested in Zimbabwe: Insurers are Banding Together to Pioneer Crop Insurance in Africa

Fri, 01/13/2017
Topics: 
Product design
Bloomberg BusinessWeek wrote an article that discusses crop insurance in Africa, whose potential to benefit the region's farmers remains relatively unlocked. "Africa has struggled to marshal the necessary resources to unlock their agricultural potential. Gains in one area, such as better seed, are often stymied by deficits in others—not enough grain silos. Getting smaller farmers plugged into credit networks would help spur investment and bring new producers to markets," says Ulrich Hess, a senior adviser to Deutsche Gesellschaft für Internationale Zusammenarbeit. In Africa, index insurance...
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Agriculture Insurance Training in Johannesburg

Content owner: 
Global Index Insurance Facility
Author: 
Nene Souleymane Diouf and Pavis Devahasadin
Language: 
English
Topics: 
General
Product design
Product distribution
More than 30 participants from seven African nations gathered in Johannesburg for two weeks in October 2016 to focus on the fundamentals of index insurance, and to discuss a wide array of development-related topics ranging from product design to project management. The workshop, entitled “Agriculture Insurance Training,” was organized by the World Bank Group’s Global Index Insurance Facility (GIIF). Co-managed by the International Finance Corporation (IFC), GIIF provides smallholder farmers, rural residents, microentrepreneurs and microfinance institutions with access to finance through the...
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Swiss Re: Strategic Reinsurance and Insurance: the Increasing Trend of Customized Solutions

Content owner: 
Swiss Re
Author: 
Swiss Re
Language: 
English
Topics: 
General
Product design
Reinsurance and insurance markets are changing rapidly. Insurers around the world have become increasingly sophisticated in managing their capital and risks. Consolidation, evolving solvency regulation and the spread of enterprise risk management are driving a trend of centralized re/insurance buying by insurance companies and large corporations, tailored to enable growth and steer group-wide risk appetite across all types of risks. To read the publication, please click here .
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Kenya; World Bank Sees Good Yields in Crop Insurance

Tue, 03/15/2016
Topics: 
Data
Product design
Weather index
Area yield
Country: 
Kenya
The World Bank has welcomed the government's partnership with local insurance companies in crop and livestock cover policies, saying they will benefit smallholder farmers. Country director for Kenya, Ms Diarietou Gaye, said the programme has the potential to positively impact the country's economic development since it will help increase production as well as producer incomes. "The large majority of the poor in Kenya are farmers and it will enable them to adopt improved production processes to help break the poverty cycle of low investment and low returns," she said. The bank's Disaster Risk...
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Climate-linked Insurance a Boon for Poor Farmers

Wed, 10/07/2015
Topics: 
Data
Satellite data
Product design
Weather index
Poor farmers all over the world are increasingly falling prey to natural disasters, droughts and torrential rain largely due to climate change. But there is some good news as well. Thanks to new technologies, the widespread use of satellites, and more powerful computers, such events can largely be predicted in advance, thus making possible novel and more efficient insurance schemes for those at risk. In an interview with AFP, Gilles Galludec, Program Manager of the World Bank-run Global Index Insurance Facility discusses how index insurance schemes differ from traditional indemnity coverage...
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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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