Key readings on weather-based Index Insurance Weather index insurance for agriculture World Bank_2011 The Potential for Scale and Sustainability of index-based insurance IFAD The effectiveness of index-based insurance 2012 Cole Report Challenges for Using Index Insurance in LIC Jerry Skees Key readings on Agriculture Insurance Government Support to Agricultural Insurance Mahul and Stutley 2010 Agricultural insurance in LAC 2010 WB Agricultural Insurance Primer Series 2009 World Bank Feasibility studies on Index insurance Senegal Nigeria Uruguay Dominican Republic Papua New Guinea Jamaica
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Sergio Pimenta, Vice President for Africa, IFC, attended the Africa Financial Industry Summit (AFIS) in Togo, where over 1000 stakeholders and financial policy experts gathered to discuss strengthening Africa's financial sector for social and economic development. Pimenta highlighted three key takeaways from the summit: Firstly, the importance of economic integration in Africa, particularly through the African Continental Free Trade Area, to enhance trade, efficiency, and reduce business costs. Secondly, the need to strengthen Africa's economic foundations by creating a transparent regulatory
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The government of Germany has announced an investment of 4 billion euros in green energy in Africa until 2030. This commitment was made during the Compact with Africa conference, which was attended by African leaders and representatives of international organizations. The initiative, launched by Germany in 2017, aims to improve conditions for private sector investment and sustainable infrastructure in Africa, with 13 African countries already participating. German Chancellor Olaf Scholz emphasized the importance of strengthening cooperation between Africa and Europe to achieve climate-friendly
By Fatou Assah, IFC Financial Institutions Group, Global Head As we embark on a new year, it's an opportune moment to reflect on GIIF journey through 2023, a year marked by significant achievements, innovative advancements, and a consistent commitment to enhancing climate resilience and financial inclusion for smallholder farmers, MSMEs, and cooperatives active in the agriculture sector through support of innovative solutions to the insurance industry. The year 2023 marked a significant milestone for GIIF, as we exceeded our initial targets and facilitated the issuance of over 14 million
Eight dynamic African young women-led enterprises have been awarded a total of $800,000 at COP28 for their innovative climate change adaptation solutions. The winners emerged from the 2023 YouthAdapt Challenge, jointly organized by the African Development Bank Group and the Global Center on Adaptation, with support from the Africa Climate Change Fund. Each winning business will receive grant funding of up to $100,000 along with comprehensive mentorship and coaching as part of a 12-month accelerator program. Among the distinguished winners is Deborah Nzarubara , the representative of GRECOM , a
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The PULA deal is crucial for IFC as it addresses the significant challenge of low agricultural insurance penetration across Africa, essential for food security. Limited field presence of insurers impede accurate risk assessment. PULA's operations and expansion plans offer a broad coverage, particularly benefiting small-holder farmers who are underserved by existing insurance arrangements. By training local agents and automating processes, PULA enhances operational scalability, vital for reaching more farmers effectively and building their trust. This aligns with the Finance Investement Group
5
Mar
The Agência Angolana de Regulação e Supervisão de Seguros (ARSEG) plays a critical role in developing the agricultural insurance market by providing an enabling environment for private-sector investment in Angola. IFC is supporting ARSEG in developing an enabling environment for agricultural insurance to promote the resilience of farmers in Angola against the impacts of climate change and increase their financial inclusion. ARSEG keen on a holistic regulatory framework conducive to index insurance innovation, consumer protection and allowing for more sustainable market growth. As first step in
30
Apr
On 16 April 2024, Senior Representatives of the V20 Finance Ministers from the Climate Vulnerable Forum (CVF), representing 68 climate-vulnerable developing countries, during the Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group. In their communique, titled " Unlocking Growth and Prosperity through Innovations in Climate Finance and Debt," called for major reforms of the international financial system to advance innovative financial strategies to drive growth and address the disproportionate impact of climate change on vulnerable developing countries. The group
31
Jan
In the field of climate risk insurance, gender integration plays a crucial role in addressing the unique challenges women face. According to IFC report estimates, women represent a significant market opportunity for insurance premiums, projected to be between US$1.45 and US$1.7 trillion by 2030. Since its inception, GIIF has facilitated the issuance of over 14 million agricultural insurance policies to date, reaching nearly 70 million beneficiaries globally. It is estimated that 30-35 million of these beneficiaries are women, given that the program focuses on serving subsistence farmers, the
24
Apr
This blog highlights IFC's critical role in supporting climate risk insurance products through collaborative efforts between its Advisory and Investment teams, other development partners and public-private stakeholders. It features a project example involving various levels of engagement within the WBG, which started from a pilot in 2010 and led to an investment in 2024. In 2010, the World Bank Group's Global Index Insurance Facility (GIIF) program started providing technical assistance and capacity building support to Kilimo Salama (KS), an index-based microinsurance product developed jointly