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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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Index Insurance Training for South African Regulators

Tue, 12/04/2018
Country: 
South Africa
On November 16, 2018, more than 50 participants from the Financial Sector Conduct and Prudential Authority of South Africa attended a training session on the fundamentals of index insurance. The training was the first step in providing the regulators with the needed information and skills for the upcoming index insurance pilot in the country, which aims to protect smallholder farmers from weather-related risks. The workshop was delivered by the Global Index Insurance Facility (GIIF) at the request of the South African Insurance Association (SAIA), the representative body of the short-term...
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PPPs in the Distribution of Agricultural Insurance Discussed at 14th International Microinsurance Conference

Tue, 11/27/2018
World Bank Group's Financial Sector Specialist Sharon Onyango (far left) moderated a session at the 14th International Microinsurance Conference on November 7 in Lusaka. The panel session “ PPPs in the distribution of agricultural insurance ” included discussants from both the public and private sectors, and dove into lessons learned from various PPPs from around the world and high-level considerations for setting up successful partnerships. The panelists were: Hailemelekot Teklegiorgis, Manager-in-charge - Financial Services, Ethiopian Agriculture Transformation Agency Humphrey Mulele,...
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Press Release: IFC and MAIPARK Support Rural Indonesian Banks in Earthquake-Prone Areas

Mon, 02/12/2018
Topics: 
Earthquake data
Country: 
Indonesia
Yogyakarta, Indonesia, October 29, 2018 — IFC, a member of the World Bank Group, and PT. Reasuransi MAIPARK Indonesia, a special-risk reinsurance company, today hosted an event to present Earthquake Index Insurance (EQII) policies to three rural banks in Yogyakarta. The aim is to protect banks providing loans to individuals and micro, small, and medium enterprises from losses following earthquakes. More than 12 million Indonesians live and work in earthquake-prone zones, with economic exposure reaching an estimated $80 billion. These risks are especially high in Java, Sumatra, and Sulawesi,...
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