Sri Lanka

Lending Stability to the Farming Structure in Sri Lanka
For eight years, Chandrasiri Vanasunder, a small holderfamerin the Ratnapura district of Sri Lanka, bore the lossescaused by drought and excess-rainfall on his 2-acre teaestate. But all that begun tochange in 2012, when a salesrepresentative from Sanasa told him about ‘index-basedinsurance’ for tea plants. “As soon as I heard about theproduct, I knew that this was a good product. I have sufferedsevere losses in the past, and this seemed like a smart ideato help me prepare for future uncertainty.” Vanasunder’sjudgment proved right, as approximately half -way throughthe last season, he received
IFC, SANASA Insurance Contribute to Food Security in Sri Lanka through Weather Insurance
IFC, a member of the World Bank Group through its Global Index Insurance Facility (GIIF), has entered into a project agreement with SANASA Insurance Company Ltd, to support the development and use of flexible and affordable weather index insurance products to help minimize the impact of crop losses due to floods or droughts on farmer livelihoods. The project objective is to expand access to insurance for food crops such as rice and in turn offer protection for up to 15,000 small-scale farmers against weather-related risks and natural disasters. The project will also raise awareness amongst 50
In 2011, the World Bank Group and Partner Sanasa Insurance Company Ltd. (SICL) , supported by the Global Index Insurance Facility (GIIF), started working on stimulating the weather-related index insurance market in Sri Lanka through a combination of capacity building and awareness raising activities at both the institutional and the smallholder farmer levels.