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...

The World Bank has stated that the Kenya Livestock Insurance Program (KLIP), an index insurance that insures vulnerable pastoralists in the northern counties, has so far paid out about 5.3 million U.S dollars to over 20,000 pastoralists, according to a Xinhua report .

According to AllAfrica , Nigeria and Morocco have set up a steering committee, comprising representatives of the Nigerian Agricultural Insurance Corporation (NAIC), Bank of Agriculture, the Moroccan Agricultural Insurance Company (MAMDA), and MAMDA RE, to develop a sustainable crop insurance scheme for the countries.

Asia needs to explore index Insurance and parametric solutions in its efforts to close the region's protection gap, according to the Monetary Authority of Singapore (MAS), Reinsurance News reports . “We must put in place mechanisms for the effective assessment, management, and transfer of disaster risks. Advances in technology, innovation, research, and market integration put us in a strong position to address these challenges,” Ravi Menon, MAS Managing Director, was quoted as saying.