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2
Jun

World Bank Partner Wins Innovation of the Year at the African Insurance Awards 2017

by
Pavis Devahasadin
in
Satellite dataLivestock
In May 2017, the International Livestock Research Institute (ILRI) was hailed as “Innovation of the Year” from the African Insurance Awards for its work on developing the index-based livestock insurance (IBLI) in the arid lands of Kenya and the Horn of Africa. Using Normalized Differenced Vegetation Index (NDVI) that monitors livestock stress and mortality based on grazing conditions, the innovation offers a more convenient, objective measure upon which insurance contracts can be written. Which such an index insurance, herders can recover losses more quickly during and after severe droughts...
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Kenyan Experience with Parametric Insurance

Content owner: 
Kenya's Insurance Regulatory Authority
Author: 
Joseph A. Owuor
Language: 
English
Topics: 
Satellite data
Weather index
Livestock
Micro-level
On October 11, 2016, Joseph A. Owuor of The Insurance Regulatory Authority of Kenya presented a presentation entitled "Kenyan Experience with Parametric Insurance" at a workshop in Guatemala. Aimed at raising awareness on parametric insurance among supervisory authorities in Latin America and the Caribbean , t he First Regional Workshop on Parametric Insurance was put together by Microinsurance Catastrophe Risk Organisation (Micro) and participated by many stakeholders such as Access to Insurance Initiative, the International Research Institute for Climate and Society (Columbia University),...
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9
Aug

Innovative Index Insurance Solutions – Uruguay

by
Peter Wrede and Kaavya Krishna
in
Satellite dataPublic/Legal frameworksLivestockMacro-level
The risk of drought is one of the biggest threats to livestock production in Uruguay. This is particularly relevant in livestock breeding bases, as the quality of the available pasture directly affects the quality of the livestock, and livestock fertility takes years to recover from bad droughts. In 2011 The World Bank Group (WBG) launched a feasibility study on developing an Index Insurance pilot in Uruguay, funded by the Government of Japan through the Global Index Insurance Facility (GIIF). The study quantified the total number of reproductive livestock units as 3.8 million countrywide,...
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Innovative Index Insurance Solutions – Uruguay

Content owner: 
Innovative Index Insurance Solutions – Uruguay
Author: 
Peter Wrede and Kaavya Krishna
Language: 
English
Topics: 
Satellite data
Public/Legal frameworks
Livestock
Macro-level
In 2011 The World Bank Group launched a feasibility study on developing an Index Insurance pilot in Uruguay, funded by the Government of Japan through the Global Index Insurance Facility. The study quantified the total number of reproductive livestock units as 3.8 million countrywide, with 315 million USD total sum insured. The corresponding number of livestock producers was estimated at 38,000. The outputs of this technical and financial assistance has allowed the Government of Uruguay to start pilot testing an innovative Normalized Difference Vegetation Index (NDVI) index insurance to cover...
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Insurance for Small Farms' Crops Takes Root

Fri, 10/30/2015
Topics: 
Data
Satellite data
Weather index
Country: 
Kenya
Rwanda
Tanzania
In a VOA article, the Kilimo Salama projected, funded by the Global Index Insurance Facility and the Syngenta Foundation, is cited for having provided insurance to about 200,000 farmers in east Africa, mainly in Kenya, Rwanda and Tanzania. Because it is so expensive to verify losses on large numbers of small landholdings, the traditional type of individual loss-based insurance is not always viable. That has led to index-based insurance for smallholder farmers for weather-related risks. In the long run in the developing world, specialists say, what is needed most is investment in science and...
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Climate-linked Insurance a Boon for Poor Farmers

Wed, 10/07/2015
Topics: 
Data
Satellite data
Product design
Weather index
Poor farmers all over the world are increasingly falling prey to natural disasters, droughts and torrential rain largely due to climate change. But there is some good news as well. Thanks to new technologies, the widespread use of satellites, and more powerful computers, such events can largely be predicted in advance, thus making possible novel and more efficient insurance schemes for those at risk. In an interview with AFP, Gilles Galludec, Program Manager of the World Bank-run Global Index Insurance Facility discusses how index insurance schemes differ from traditional indemnity coverage...
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Assessing Value from Index Insurance Products

Thu, 10/01/2015
Topics: 
Satellite data
Country: 
Burkina Faso
The Joint GIIF-GAN Knowledge Sharing Forum “Assessing value from index insurance products” was organized by the Global Index Insurance Facility of the World Bank Group, USAID and Impact Insurance Facility of ILO in the morning of 16 September in Pacifica Headquarters in Paris. The client value of the cotton insurance project in Burkina Faso, implemented by PlaNet Guarantee, was assessed using 2 methodologies based on a double trigger approach. The scheme works on the average yield approach of the Group of Cotton Producers (GCP) and the yield of the neighbouring GCP in order to avoid all...
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Innovative Microinsurance Protects Poor Farmers Against Climate Change

Wed, 09/16/2015
Topics: 
Data
Satellite data
Product design
Weather index
Product distribution
Country: 
Kenya
Rwanda
Tanzania
For several years, insuring harvests against the climate hazards that regularly destroy farmers’ crops in developing countries has for several years been a major tool in the fight against poverty, mainly in Africa and Asia, where between 400 and 500 million farmers survive on very low incomes. At the Convergences World Forum in Paris on 9 September 2015, Syngenta Foundation for Sustainable Agriculture and GIIF speak about the innovations in index insurance and the success of the Kilimo Salama project in Kenya, Rwanda, Tanzania. Expanded in 2014, the program develops and offers insurance for...
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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, EU and Syngenta Foundation to Expand Weather Insurance to One Million East African Farmers

Tue, 01/13/2015
Topics: 
General
Data
Satellite data
Product design
Weather index
Area yield
Hybrid
Catastrophe weather derivative
Product distribution
Micro-level
Meso-level
Country: 
Kenya
Rwanda
Tanzania
GIIF, a member of the World Bank Group, signed two grant agreements, with a combined value of $3.9 million, with the Syngenta Foundation for Sustainable Agriculture to expand index-based insurance to small-scale farmers in Kenya, Rwanda and Tanzania. Index-based weather insurance can protect against the adverse effects of climate change and help to strengthen food security in rural communities.
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