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The World Bank Group signed an agreement marking the $25 million contribution by the Dutch Ministry of Foreign Affairs in support of scaling up insurance markets in developing countries over the next five years, thus helping to ensure that agricultural insurance becomes a sustainable business model for smallholder farmers.
Satellite Technology and its continued advancement is critical to the relevance and accuracy of index insurance products as a counter against weather-related risks. The World Bank Group’s Global Index Insurance Facility (GIIF) in partnership with its regional partners has been working with researchers and scientists to refine satellite technology for index insurance product design.
The Syngenta Foundation’s Kilimo Salama weather index insurance program has taken off in Kenya and has recently expanded to Rwanda and Tanzania. Beginning in 2009 with a pilot project offering index insurance to 200 farmers, at last count 51,000 farmers in Kenya and 14,000 farmers in Rwanda have the insurance. In 2011, Kilimo Salama’s partner UAP Insurance collected KSh 19 million in premium payments, and premium revenue has nearly doubled to KSh 33 million in just the first six months of 2012. These premium volumes are approaching levels than can make index insurance economically sustainable...
This interim summary report has been produced by Aon Limited and ESYS plc under contract ESRIN/Contract No. 17814/03/I-LG: Earth Observation Responses to Geo-information Market Drivers – Insurance Segment. It summarises three deliverables on the use of geo-information in the insurance industry.
PG activities started in 2012 with weather station-based index insurance (maize, groundnut). Nevertheless the first year the price of the product was really high and few farmers bought the product. The product was reviewed, together with the farmers’ organizations, and CIRAD in 2013.
Index-based livestock insurance is designed to cater for pastoral communities in the arid and semi-arid lands (ASALs) of Northern Kenya. Currently the project is being implemented in Marsabit Northern Kenya. The target clients are individual pastoralists; both large and small scale. Since the pastoral livestock depend on the pastures as the only source of food, an index -based livestock insurance that monitors the forage availability through satellites and relates this to livestock deaths was picked as the best option. Livestock insurance is critical in drought-prone countries like Kenya. In 2011, Kenya suffered one of the worst droughts in its history which killed up to 30% of the country's livestock in some of the divisions in Northern Kenya. The Government of Kenya (2000) indicates that 60% of Kenya’s livestock are found in the pastoralist land, valued at approximately $6 billion, with an annual milk value of between $67 - $107 million.
Cattle production is a key economic activity in Uruguay, contributing nearly 50% of the value of exports. However beef cattle production is heavily exposed to the effects of weather events. On several occasions, droughts have resulted in livestock loss and reduction in productivity and fertility of surviving cows.
Benin is a small country with a population estimated at just under 10 million in 2011, and the national economy relies on the agriculture sector, in particular on cotton. Indeed, the agriculture sector accounts for about 32% of GDP and is the source of livelihood for nearly 70% of the country’s workforce. As part of its Growth and Poverty Reduction Strategy (2011-2015), Benin has identified agricultural diversification and improved agricultural productivity as two key priorities.