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Mr. Tanguy Touffut of AXA Corporate Solutions discusses the benefits of parametric insurance, which he sees as a promising solution for farmers and other weather-sensitive industries against climate-change effects. It is nothing new: climate change, a phenomenon in full effect, has many drastic consequences of all types for people, companies, and entire economies alike. It has been observed that weather extremes are increasing as a consequence of climate change. In January 2015, AXA Corporate Solutions entered into a partnership with the World Bank’s Global Index Insurance Facility (GIIF)...
In an article entitled “Index insurance: What you need to know”, Devex interviews Gloria Grandolini, the WBG’s Senior Director, and Gilles Galludec, GIIF Program Manager, on the Global Index Insurance Facility and how index insurance works. To help encourage the spread of index insurance as a risk management tool, GIIF is working with regional partners in developing countries, primarily sub-Saharan Africa, Latin America and the Caribbean, and Asia-Pacific. Over 1 million small farmers, pastoralists and small businesses have signed on — with over $130 million in sums insured. Click here to...
The International Labour Organisation (ILO)'s Impact Insurance Facility together with the Centre for Insurance and Financial Management Studies in Nigeria will be organising a training course for insurance practitioners from October 21 to 23, 2015 in Lagos. It is also being organised with the support of the Global Index Insurance Facility and in partnership with the GIZ of Germany. The training Unlock the demand for your products: How to deliver what your clients see as value” builds on a variety of resources that the ILO has produced during its six years of supporting innovation and research...
In a VOA article, the Kilimo Salama projected, funded by the Global Index Insurance Facility and the Syngenta Foundation, is cited for having provided insurance to about 200,000 farmers in east Africa, mainly in Kenya, Rwanda and Tanzania. Because it is so expensive to verify losses on large numbers of small landholdings, the traditional type of individual loss-based insurance is not always viable. That has led to index-based insurance for smallholder farmers for weather-related risks. In the long run in the developing world, specialists say, what is needed most is investment in science and...
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...
The Joint GIIF-GAN Knowledge Sharing Forum “Assessing value from index insurance products” was organized by the Global Index Insurance Facility of the World Bank Group, USAID and Impact Insurance Facility of ILO in the morning of 16 September in Pacifica Headquarters in Paris. The client value of the cotton insurance project in Burkina Faso, implemented by PlaNet Guarantee, was assessed using 2 methodologies based on a double trigger approach. The scheme works on the average yield approach of the Group of Cotton Producers (GCP) and the yield of the neighbouring GCP in order to avoid all...
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...
For several years, insuring harvests against the climate hazards that regularly destroy farmers’ crops in developing countries has for several years been a major tool in the fight against poverty, mainly in Africa and Asia, where between 400 and 500 million farmers survive on very low incomes. At the Convergences World Forum in Paris on 9 September 2015, Syngenta Foundation for Sustainable Agriculture and GIIF speak about the innovations in index insurance and the success of the Kilimo Salama project in Kenya, Rwanda, Tanzania. Expanded in 2014, the program develops and offers insurance for...
Peter Gross, Regional Director in Africa with MicroEnsure, talks to Bank Innovation online magazine about how MicroEnsure is providing micro-insurance to 15 million people in 17 countries in Africa and Asia. He explains that the reason for the poor uptake of insurance in these mass market economies can be boiled down to 4 factors: cost, trust (or lack of it), access (or lack of it), and understading (or lack of it). Click here to read the full interview.
One of the world’s largest reinsurance firms, Swiss Re, recently announced that two million African smallholder farmers are now protected against drought, floods and other natural perils, thanks to the efforts of the World Bank and Swiss Re Corporate Solutions. Back in 2012, Michel Lies, Swiss Re’s Chief Executive Officer (CEO) made a commitment that by 2017 it would protect 1.4 million African smallholder farmers from weather and catastrophe risks, through increased insurance protection. And now the Switzerland-based reinsurer has revealed that not only has the amount of farmers covered...
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