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Fiji Signs MOU with IFC for Cyclone Insurance to Cover Most Vulnerable Citizens

Thu, 10/17/2019
Fiji, October 17, 2019 – IFC and the Fijian Government have signed an agreement that paves the way to help the country’s disadvantaged families and farmers gain access to an insurance payout in the event of a severe cyclone. The Memorandum of Understanding (MoU) was signed at a meeting on the sidelines of the Annual Meetings in Washington DC, by Fiji’s Minister of Economy, Aiyaz Sayed-Khaiyum(link is external) and IFC’s Vice President for Asia and the Pacific, Nena Stoiljkovic(link is external) . This IFC initiative is undertaken as part of the Fiji Partnership, supported by Australia and in...
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InsuResilience Global Partnership Announced Vision 2025 at UN Climate Action Summit

Mon, 09/23/2019
On Sept 23, 2019, the InsuResilience Global Partnership (IGP) announced its Vision 2025 and work plan at the UN Climate Action Summit in New York. In the communiqué, IGP committed to enhancing climate and disaster risk finance and insurance (CDFRI) as a solution to close the protection gap and emphasize the urgency of scaling up and accelerating risk financing in 2019 and beyond. In its Vision 2025 and Workplan, IGP dedicated to achieving ten goals, including: 500 million poor and vulnerable people covered against disaster and climate shocks by pre-arranged risk finance and insurance...
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GIIF Launched Index Agricultural Insurance Project in Cameroon

Fri, 08/09/2019
GIIF signed grant agreements with two Cameroonian insurance companies, ACTIVA Assurance and AXA Cameroon, to help tens of thousands of Cameroonian farmers and pastoralists, especially in the cotton, maize, sorghum and livestock sectors, acquire affordable insurance coverage. Both IFC partner insurance companies have already established strong relationships with cotton industry players - SODECOTON and the National Confederation of Cameroon Cotton Producers (CNPCC) - and have provided index insurance to nearly 8,000 cotton growers in the Northern region of the country for the 2019 campaign. To...
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United Nations, IFC, African Risk Capacity, and AAISA Work Towards Creating Disaster Risk Insurance Markets in Africa

Mon, 06/24/2019
Dakar, Senegal, June 24, 2019— IFC, a member of the World Bank Group, together with the African Union’s African Risk Capacity agency and the United Nations Economic Commission for Africa today opened a two-week training event on index and disaster risk insurance. The training will help African governments, the private sector, and the international community carry out financial planning to protect vulnerable populations against climate shocks, disasters, and other crises. Index and disaster risk insurance products help protect agribusinesses, farmers, and other low-income populations against...
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Launch of AACI’s Index Insurance Product for Cotton Farmers

Wed, 05/15/2019
Country: 
Côte d'Ivoire
<<Version française>> On April 25, 2019, GIIF partner Atlantique Assurances Cote d’Ivoire (AACI) organized the official launch ceremony of its index insurance product – Atlantique Assur’ Coton – designed to provide insurance coverage for cotton farmers in Cote d’Ivoire. The ceremony was marked by the presence of several Government officials, including the Minister of Solidarity and Social Cohesion, Ms. Mariatou Kone (also Mayor of the town of Boundiali), the Prefect of the Bagoué Region, and the Regional Director of Agriculture. Hundreds of participants attended the event,...
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(C) World Bank Group

First Steering Committee Meeting of the Agriculture Index Insurance held in Cote d’Ivoire

Tue, 05/14/2019
Country: 
Côte d'Ivoire
<<Version française>> On April 30, 2019, the first Steering Committee meeting for the GIIF project in Cote d’Ivoire took place at Hotel Ibis Plateau, Abidjan. The meeting gathered 15 participants from the Government, insurance sector players and producer associations, to discuss about the setup of the Steering Committee as an enabling tool and guidance framework for achieving the project’s desired targets and outcomes. The meeting was chaired by Mr. Karim Diarassouba, the Insurance Commissioner, who also gave the opening speech. He emphasized the importance of agriculture and...
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GIIF, Africa RE to Develop New Insurance Market for Nigeria’s Farmers

Thu, 03/28/2019
Country: 
Nigeria
LAGOS, Nigeria, 26 March 2019 -- IFC, a member of the World Bank Group, today announced that it has signed an agreement with Africa RE, a pan-African reinsurance company headquartered in Nigeria, to help thousands of smallholder Nigerian farmers more easily access insurance to protect their crops and livelihoods. Under the agreement, Africa RE and IFC's Global Index Insurance Facility will help Nigerian insurance companies licensed by Nigeria's insurance regulator, NAICOM, develop agricultural insurance products, and deepen their index insurance business lines. These index insurance products...
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Agriculture Insuretech Innovation Challenge and Forum

Mon, 03/25/2019
Topics: 
General
Product design
Other
The potential of agriculture and insurance is greatly restricted by many challenges faced throughout the product lifecycle - from product design to client delivery to claim processing. Insuretech, at the intersection of insurance and technology, holds the potential to overcome those challenges and transform the insurance landscape. Integrating Insuretech innovations with agriculture insurance promises to enhance product design, improve sales and distribution, facilitate premium collection, and optimize servicing and claims processing. To leverage innovative solutions, the Global Index...
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(C) World Bank Group

NIRSAL Comprehensive Index Insurance (NCII) Launched in Nigeria

Thu, 01/24/2019
Topics: 
General
Weather index
Country: 
Nigeria
The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) has developed a new insurance product called NIRSAL Comprehensive Index Insurance (NCII) to mitigate the impact and losses of agricultural yields and market price risks for smallholder farmers, PM News Nigeria reports . "NIRSAL’s goal is to expand insurance products and coverage on agricultural lending across the entire value chain by growing coverage from about 0.5 million to 3.8 million primary producers,’’ said Aliyu Abdulhameed, Managing Director of NIRSAL. NCII was developed by the Corporation in...
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Syngenta Foundation International Conference 2018

Thu, 01/17/2019
GIIF Program Manager Fatou Assah (far left) moderated a session at the Syngenta Foundation for Sustainable Agriculture International Conference on September 18, 2018, in Basel. The panel session "The Provider Perspective," discussants, including ACRE Africa's Rahab Kariuki, dove into detail on how many parts need to be moving in sync to deliver integrated solutions. | Key takeaways from the conference.
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