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In the Fight Against Climate Change, Index Insurance Takes Flight in West Africa

Wed, 02/28/2018
Topics: 
General
There has been an increase in projects in sub-Saharan Africa to develop index insurance that helps farmers build resilience against climate change, EURACTIV.fr reports . Currently, dozens of projects are led by the World Bank to develop this type of insurance. In West Africa, initiatives are coordinated by GIIF's partner, PlaNet guarantee, in Benin, Burkina Faso, Mali, and Senegal. Anne Durez, head of marketing at PlaNet guarantee, index insurance follows a double objective: “stabilizing farmers’ incomes and allowing them to finance their activities.”
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Développement d’un marché de l’assurance agricole indicielle en Côte d’Ivoire: Le modèle d’affaires du GIIF du Groupe de la Banque Mondiale présenté à Abidjan

Fri, 02/09/2018
Topics: 
General
Country: 
Côte d'Ivoire
A l’initiative du Global Index Insurance Facility (GIIF) du Groupe de la Banque mondiale a eu lieu le vendredi 19 janvier 2018 à Abidjan un Atelier de restitution des résultats de l’étude sur le Développement d’un marché de l’assurance agricole indicielle en Côte d’Ivoire, selon Abidjan.net . L’objectif général assigné à cette étude vise à Promouvoir le développement et la croissance d’un marché local viable et pérenne pour l’assurance agricole indicielle en Côte d’Ivoire, via une assistance technique et un accompagnement financier. «Avant le début de la période d'assurance, un indice...
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Nigeria to Provide Insurance Coverage for 3.8m Farmers

Tue, 02/06/2018
Country: 
Nigeria
The Government of Nigeria is working to increase insurance coverage for Nigerian agricultural primary producers from 500,000 to 3.8 million through the recently introduced index-based agricultural insurance, New Stage reports . The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) is collaborating with the Royal Exchange Assurance, the Nigerian Meteorological Agency (NIMET), and Cellulant to develop of a technology-driven hybrid index insurance product that will include the area yield index, weather index, and price index insurance.
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IFC Increases Reach of Index Insurance for Small Holder Farmers in Zambia

Tue, 02/06/2018
Topics: 
General
Country: 
Zambia
Johannesburg, South Africa, 18 January 2018 – IFC, a member of the World Bank Group, today announced a grant extension to Mayfair Insurance Company Zambia Limited, to support Mayfair in scaling up its weather-based index insurance product line in Zambia. The additional performance-based grant, awarded through the Global Index Insurance Facility, is expected to help Mayfair reach an additional 300,000 farmers by December 2019. Smallholder farmers in Zambia are vulnerable to weather-related shocks such as drought, flooding, and irregular rainfall. Insurance can be a good risk management tool...
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Women Farmers in Africa, Asia to Benefit from Climate Insurance

Wed, 01/24/2018
According to a Thomson Reuters Foundation report , The African and Asian Resilience in Disaster Insurance Scheme (ARDIS), led by VisionFund International, the microfinance arm of World Vision, and Global Parametrics, a new venture backed by the British and German governments, is setting up to help up to 4 million poor people in Africa and Asia rebuild their lives after climate disasters. The insurance program will support mostly women farmers and their families, affected by droughts in Kenya, Malawi, Mali, Zambia and Cambodia, and by tropical cyclones in Myanmar.
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Green Delta Settles Claims of 1,000 Farmers in Bangladesh

Thu, 12/21/2017
Country: 
Bangladesh
Green Delta Insurance, a GIIF's partner, recently settled a claim of 1,000 farmers in Chitalmari, Begarhaat, Bangladesh. The 1,000 tomato farmers were insured by Green Delta's Weather Index-based Agri Insurance, the first of its kinds in the country. Bangladesh's State Minister for Finance, Chairman of Insurance Development and Regulatory Authority Bangladesh, and CEO of Green Delta Insurance Company, Farzana Chowdhury, attended the event.
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Draft Issues Paper on Index-based Insurances Consultation 01 December 2017

Thu, 12/07/2017
The International Association of Insurance Supervisors (IAIS) has released the draft Issues Paper on Index-based Insurances for a public consultation. Index-based insurance is increasingly looked at as a means to manage weather and catastrophic events, support food security and enhance access to insurance. The proposed Issues Paper provides background on this product, describes practices and actual examples and identifies related regulatory and supervisory issues and challenges. The draft paper and consultation tool are at this link . The consultation will end on 29 January 2018.
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Throwing the dice on climate risk insurance

Fri, 11/17/2017
On the sidelines of the U.N. climate talks in Bonn this week, officials experimented with a game aimed at giving them a real-life flavor of the pressures to find the right response to worsening climate-related disasters, Thomson Reuters Foundation News reports . The game was invented by Pablo Suarez, a World Bank consultant in the Disaster Risk Financing & Insurance Program. Global Index Insurance Facility's Manager Fatou Assah was at the event. " The game 'gives you a sense of what’s at stake'," Ms. Assah said. “You can lose it all. If you’re the minister of finance you realize the money...
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Press Release: New online resource provides comprehensive information on climate risk insurance

Fri, 10/13/2017
Geneva/Bonn, 13 October 2017: On the International Day for Disaster Risk Reduction , the first-ever online database on climate risk insurance is being launched by the Global Index Insurance Facility (GIIF), the Munich Climate Insurance Initiative (MCII), and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, commissioned by the German Government. The Climate Insurance database shares the experiences of numerous international organizations in the field of risk transfer and insurance solutions in the context of climate risk management and disseminates information on good...
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World Bank Group’s Global Index Insurance Facility Receives EUR 10 Million from Germany to Stimulate Risk Insurance Markets

Fri, 09/29/2017
Topics: 
General
Washington, DC September 28, 2017 – The World Bank Group received EUR 10 million from Germany’s Federal Ministry for Economic Cooperation and Development (BMZ) to improve and scale up the use of extreme weather insurance instruments as risk management tools for the poor and the most vulnerable smallholder farmers particularly affected by climate change. The contribution will finance knowledge and technical assistance activities of the Global Index Insurance Facility (GIIF) to build capacity and expertise among practitioners in developing countries to devise effective index insurance products...
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