farmer using a computer to access or purchase agricultural insurance, emphasizing the role of technology in making insurance more accessible.
The article recently published by the Africa Reinsurance Corporation in their latest magazine edition underscores the pivotal role of the public sector in fostering the development and expansion of agricultural insurance, particularly in developing countries. It highlights the challenges faced by the agricultural sector, such as pest infestations, adverse weather conditions, and climate disasters, and how these risks threaten the sustainable development of agriculture. Despite the growth of agricultural insurance, particularly index-based policies, coverage remains limited and heavily skewed
GIIF Newsletter - April 2024
GIIF April Newsletter 2024 features team news, events, blogs, highlights, and interviews.
On 16 April 2024, Senior Representatives of the V20 Finance Ministers from the Climate Vulnerable Forum (CVF), representing 68 climate-vulnerable developing countries, during the Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group. In their communique, titled " Unlocking Growth and Prosperity through Innovations in Climate Finance and Debt," called for major reforms of the international financial system to advance innovative financial strategies to drive growth and address the disproportionate impact of climate change on vulnerable developing countries. The group
Towards a global resilient recovery: Reflections on 2022
In 2022, despite the ongoing struggles of the COVID-19 pandemic, the GIIF Program successfully delivered significant results and continued building a strong pipeline to strengthen its ties with clients, other WBG projects and the donor community. All activities, projects, events, trainings, studies focus on further developing the markets. Since the launch of GIIF, more than 13 million agriculture insurance policies have been issued cumulatively, with an estimated outreach of 65 million beneficiaries globally. In these difficult conditions, as the GIIF team we would like to emphasize that we
AON(1) estimates that economic losses from global natural disasters in 2022 reached $ 313 billion. Of these, insurers covered $132 billion: ranking 2022 as the fifth costliest year for insurers on record. The range of extreme weather events included floods, droughts, earthquakes, typhoons and heatwaves. Floods were the deadliest and accounted for 88.4 per cent of total deaths globally(2). As a snapshot: in Pakistan floods affected 33 million people and caused 1,739 deaths while in Bangladesh and India floods affected 7.2 million and 1.3 million people, respectively. Though on a smaller scale
GIIF Newsletter - July 2022
GIIF July Newsletter in 2022 features team news, events, blogs, highlights, and interviews.
The first part of the webinar session was a launch of the joint Geneva Association and Insurance Development Forum (iDF) paper titled " Insurance development in Emerging Markets: The role of public policy and regulation" introduced by Dennis Noordhoek (Director of Public Policy & Regulation at the Geneva Association). On the objectives of the paper Mr. Dennis Noordhoek began by noting that over the past ten years, the economies of many emerging markets have grown significantly, and during those periods insurance market in these countries has also experienced growth. Despite this growth
GIIF Newsletter - April 2022
GIIF April Newsletter in 2022 features team news, events, blogs, highlights, and interviews.
Developing Risk Management Approaches for Climate Risk
Loss and damage from natural disasters have increased substantially over the last couple of decades. In 2020, for example, 980 natural disasters struck the world, causing significant economic loss, destroying major infrastructure, and claiming human lives.1 A single natural disaster can have enormous financial impacts. Some of these damages and losses can be reduced and transferred if appropriate policies and actions are applied. For this reason, Climate and Disaster Risk Management (DRM) has gained importance on international agendas and in many organisations. The main idea behind DRM is to
GIIF Newsletter: COP26 Special Edition
A COP26 Special Edition GIIF Newsletter released in December of 2021 featuring team highlights, events, blogs, interviews, and new annoucements.