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Press Release: IFC and MAIPARK Support Rural Indonesian Banks in Earthquake-Prone Areas

Mon, 02/12/2018
Topics: 
Earthquake data
Country: 
Indonesia
Yogyakarta, Indonesia, October 29, 2018 — IFC, a member of the World Bank Group, and PT. Reasuransi MAIPARK Indonesia, a special-risk reinsurance company, today hosted an event to present Earthquake Index Insurance (EQII) policies to three rural banks in Yogyakarta. The aim is to protect banks providing loans to individuals and micro, small, and medium enterprises from losses following earthquakes. More than 12 million Indonesians live and work in earthquake-prone zones, with economic exposure reaching an estimated $80 billion. These risks are especially high in Java, Sumatra, and Sulawesi,...
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Illustrated Comic Book for Earthquake Index Insurance

Content owner: 
Global Index Insurance Facility
Author: 
Asosiasi Asuransi Umum Indonesia, PT Reasuransi MAIPARK, dan Global Index Insurance Facility
Language: 
Bahasa Indonesia
Topics: 
Earthquake data
Other
A 24-page illustrated comic book on Earthquake Index Insurance in Bahasa Indonesia.
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Product Detail Brochure for Earthquake Index Insurance (EQII)

Content owner: 
Global Index Insurance Facility
Language: 
English, Bahasa Indonesia
Topics: 
Earthquake data
A newly designed product detail brochure for Earthquake Index Insurance (EQII) is available for digital viewing. Since 2014, PT Reasuransi MAIPARK and GIIF have been developing EQII, a new insurance product that triggers an automatic payout based on pre-determined earthquake parameters. EQII is designed to protect the lending portfolios of banks and microfinance institutions (MFIs) from liquidity crises in the aftermath of an earthquake. The intended insured party of this product is a bank/MFI. Also available in Bahasa Indonesia .
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Earthquake Index Insurance (EQII) -- English Version

Video: Earthquake Index Insurance (EQII)

Content owner: 
Global Index Insurance Facility
Topics: 
Earthquake data
Supported by the Global Index Insurance Facility (GIIF), the International Finance Corporation (IFC) has been working with PT Reasuransi MAIPARK (national reinsurer of all special risks) to design and retail an index insurance product that protects the lending portfolios of banks from liquidity crises in the aftermath of an earthquake. This is relevant particularly for microfinance institutions (MFIs) and rural banks to be able to continue lending to communities when funds are most needed. Bahasa Indonesia version is also available here . Klik di sini untuk v ersi Bahasa Indonesia.
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GIIF Country Profile: Indonesia

Author: 
Pavis Devasadin
Language: 
English
Topics: 
Earthquake data
A newly designed Global Index Insurance Facility's Country Profile for Indonesia is available for digital viewing . The document contains an overview of GIIF's project in Indonesia and partner, PT Reasuransi MAIPARK.
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Vulnerable Households Need Resilient Institutions in Disasters

Fri, 09/25/2015
Topics: 
Earthquake data
Product design
Country: 
Indonesia
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...
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Interview with Benjamin Collier, Research Fellow at the Wharton Risk Management and Decision Processes Center

Wed, 01/14/2015
Topics: 
Data management
Earthquake data
Satellite data
Product design
Product distribution
Collier argues that index insurance is best suited to cover disasters which occur every 20 years or greater because severe risks lower premium costs. Below are excerpts form the interview. Q: You have done substantial research, notably with Jerry Skees on index insurance. Why do you think that index insurance needs to be designed as “disaster insurance” rather than “crop insurance”? A: We need a new frame of reference for household markets. Up to now, the consensus focus has been crop yields. Yet the effects of bad weather on household well-being are often multifaceted and poorly captured by...
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IFC and Partners to Launch Typhoon Insurance for Filipino Farmers

Wed, 01/14/2015
Topics: 
Data management
Earthquake data
Legal/Regulatory frameworks
Product design
Catastrophe weather derivative
Country: 
Philippines
IFC will work with the Center for Agriculture and Rural Development Insurance Agency and the Pioneer Insurance and Surety Corporation to design new insurance products that aim to protect Filipino farmers against typhoon-related losses, which are estimated to have exceeded $2.5 billion since 2009. According to the 2012 World Disaster Report, the Philippines ranks as the third most disaster-prone country in the world, with an average of 20 typhoons per year. The project will enable CARD Insurance and Pioneer Insurance to offer indemnity insurance to thousands of farmers and rural entrepreneurs...
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Pre-Feasibility: Earthquake Risk and Index Based Insurance for Indonesia

Content owner: 
Ford Foundation
Topics: 
General
Data
Earthquake data
Product design
Full Publication This pre-feasibility report was prepared for the Ford Foundation by Jason Hartell of GlobalAgRisk, Inc., Ntongi McFadyen of the Livelihoods Department of Save the Children, USA, and Jerry Skees of GlobalAgRisk, Inc., under Ford Grant No. 1100-0121 and IIEF Program No. FF-5H016. GlobalAgRisk is a policy-oriented firm with close ties to the University of Kentucky. Our work is supported by international donors who recognize the importance of markets in transferring natural disaster risk as a means for developing and enhancing access to financial service by the productive poor...
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World Bank Group Convenes Developing Countries Seeking Improved Agribusiness Trade

Topics: 
Data management
Earthquake data
Public/Legal frameworks
Weather index
Area yield
Country: 
Philippines
MANILA, Philippines, October 23, 2014— The World Bank group this week brought together trade and agriculture officials from Africa, Asia, and Latin America with experts and private sector representatives for an international dialogue on how to overcome key trade barriers along agribusiness supply chains. The peer-to-peer learning event, titled “Leveraging Opportunities for Agri-Food Agencies in the Post Bali Era” and held in Manila October 22 and 23, aimed to help developing countries build efficient trade logistics systems and services that facilitate agribusiness trade while ensuring food...
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