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Designed in Davos, Tested in Zimbabwe: Insurers are Banding Together to Pioneer Crop Insurance in Africa

Designed in Davos, Tested in Zimbabwe: Insurers are Banding Together to Pioneer Crop Insurance in Africa

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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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Botswana: Rains Drown Crops, Kill Livestock in Kgatleng

Botswana: Rains Drown Crops, Kill Livestock in Kgatleng

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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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Australia: Risk of a Destroyed Crops Should be Spread Says Agribusiness Consultant

Australia: Risk of a Destroyed Crops Should be Spread Says Agribusiness Consultant

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In an interview with ABC News Australia, Jay Horton, an agribusiness consultant with Strategis Partners says only few Australian farmers subscribe to insurance despite the huge risk of growing a crop each year. Mr. Norton also notes that that while some companies in Australia offer multi-peril crop insurance (MPCI), even fewer offer index insurance. This situation contrasts the fact that "insurance reduces the likelihood that the company will have to raise costly external capital at the wrong time." Mr. Horton also urges better forms of risk management in the agricultural sector in Australia
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Promoting Innovation in Agricultural Insurance in South Asia

Promoting Innovation in Agricultural Insurance in South Asia

Content owner:
Global Index Insurance Facility
Author:
Kaavya Krishna and Pavis Devahasadin
Topics:
General
In November 2016, the World Bank Group’s Global Index Insurance Facility (GIIF), in collaboration with the International Labor Organization and Munich Re Foundation, organized a conference workshop entitled “Building Sustainable Agriculture Programs” in Colombo, Sri Lanka. Delivered as part of the 12th Annual Micro Insurance Conference, the daylong technical workshop brought together more than 50 participants from the public and private sector, donors, and development partners. Amena Arif, IFC country manager for Sri Lanka and the Maldives, and Rolande Simone Pryce, advisor from the World Bank
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GIIF Country Profile: Senegal

GIIF Country Profile: Senegal

Content owner:
Global Index Insurance Facility
Author:
Pavis Devahasadin and Carole Sagbo
A newly designed Global Index Insurance Facility's Country Profile for Senegal is available for digital viewing . The document contains an overview of GIIF's project in Senegal and partner, PlaNet Guarantee. Also available in French. Read more about this program.
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Index Insurance Feasibility Study Workshop in Cameroon

Index Insurance Feasibility Study Workshop in Cameroon

Content owner:
The World Bank Group
Author:
Pavis Devahasadin and Carole Sagbo
At the request of the Government of Cameroon, the World Bank and the IFC have conducted a feasibility study that seeks to improve the knowledge and understanding of the market opportunity for index insurance. The findings were unveiled in Douala on December 15, 2016, at a workshop jointly organized by the World Bank Group and the Association of Insurance Companies of Cameroon (ASAC). The event was another milestone for Cameroon’s agricultural sector, which is increasingly experiencing shocks due to climate change. In 2015, this sector accounted for 20% of the country’s GDP, approximately US$6
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In Kenya, Climate change Hits Home as Rivers and Taps Dry Up

In Kenya, Climate change Hits Home as Rivers and Taps Dry Up

Published on:
Topics:
General
Country:
Kenya
As the 2016 short rains came late, Kenya's Meteorological Department had to warn that the shortfall might affect crop production and livestock farming, Kenya's Daily Nation reported. The country and other Southern African nations are currently witnessing two kinds of drought — hydrological and agricultural — both of which are causing disaster as water and food have become scarce, the report added. “We are at the point where people need to adapt. There is need for diversification and shift in the kind of crops to plant, and buying of crop index insurance,” says Department of Meteorology's
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After a Poor Harvest in Senegal, farmers Find Creative Ways to Carry On

After a Poor Harvest in Senegal, farmers Find Creative Ways to Carry On

Published on:
Country:
Senegal
In an article entitled "After a Poor Harvest in Senegal, farmers Find Creative Ways to Carry On", Oxfam wrote that Senegalese farmers use index insurance to protect their livelihoods from a bad harverst due to poor rainfall. " Farmers can pay the premium with cash, or through a work-for-insurance program designed to help build community infrastructure like rock walls in areas prone to flooding and severe erosion, or small dikes to store water for more gradual use," reads the article. In Senegal, index insurance is provided through the Oxfam and the World Food Programme’s R4 initiative. Click
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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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Agricultural Investment Funds for Development: comparative analysis and lessons-learned

Agricultural Investment Funds for Development: comparative analysis and lessons-learned

Topics:
Other frameworks
On Wednesday, December 14th 2016, The World Bank and FAO hosted a webinar entitled Agricultural Investment Funds for Development: comparative analysis and lessons-learned. Calvin Miller, Agricultural and rural finance expert and former team leader of the Agribusiness and Finance Group at FAO, and Toshiaki Ono, Financial Sector Specialist, WBG's Finance & Markets discussed the unique features of these agricultural investment funds and how they yield positive financial return as well as development impact. Their study will be published by FAO next year. Key lessons-learned from the study and
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