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Feasibility study for index-insurance and awareness raising - Nigeria

Content owner: 
World Bank Group
Topics: 
Data
Weather index
Area yield
Catastrophe weather derivative
Agricultural insurance was introduced in Nigeria in 1987 through the creation of the Nigerian Agricultural Insurance Scheme (NAIS). In 1993, the private company in charge of underwriting and implementing the NAIS was dissolved and replaced by a public-sector corporation, the Nigerian Agricultural Insurance Corporation, NAIC. Currently, NAIC oversees a portfolio of crop, forestry, livestock, poultry and aqua-culture insurance and also non-life commercial insurance lines. NAIC has received government support both in the form of the initial capitalization of the company and 50 percent premium...
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Pranav Prashad interview

Pranav Prashad of ILO's Impact Insurance Facility on demand for index insurance.

Topics: 
Weather index
Product distribution
Pranav Prashad, Technical Officer at International Labour Organization's Impact Insurance Facility talks about demand for index insurance. This video was shot at the Agriculture Insurance Conference in Berlin 2014.
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Jean Luc interview

Jean-Luc Perron of Grameen Crédit Agricole at AIC 2014

Topics: 
Weather index
Product distribution
Jean-Luc Perron, Managing Director of Grameen Credit Agricole Microfinance talks about defining and growing the market for index insurance.
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Parametric Insurance: A hopeful vision coming to life

Wed, 01/14/2015
Topics: 
Product design
Weather index
Area yield
Product distribution
Despite representing only a small portion of the total Property & Casualty market, parametric insurance has evolved rapidly in the last decade. This relatively new approach to insurance is index-based. At AXA, we believe that parametric insurance will continue to flourish in the future. Despite representing only a small portion of the total Property & Casualty market, parametric insurance has evolved rapidly in the last decade. This relatively new approach to insurance is index-based. For instance, in some geographies, claims could be paid out based on actual meteorological conditions...
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Climate Corporation Builds Massive Data Platform for Agriculture in the US

Wed, 01/14/2015
Topics: 
Product design
Weather index
Hybrid
Catastrophe weather derivative
Product distribution
According to The Climate Corporation – a tech company based in San Francisco -- data science has the potential to fundamentally improve the productivity and sustainability of global agriculture. Since 2007, the Climate Corporation has been hard at work building a technology platform that combines hyper-local weather monitoring, agronomic data modeling, and high-resolution weather simulations that are updated hourly. On the platform (see www.climate.com ), Climate has built products to protect farmers with index-based insurance and improve profits with software that help farmers make more...
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Can Weather Index Insurance Increase Finance for Smallholder Farmers?

Wed, 01/14/2015
Topics: 
Product design
Weather index
Product distribution
Micro-level
Meso-level
Smallholder farmers need finance. According to a recent report of 1,800 banks conducted by the Initiative for Smallholder Finance – “ Local Bank Financing for Smallholder Farmers: A $9 Billion Drop in the Ocean ” - local banks in developing countries are currently lending approximately $9 billion to smallholder farmers compared to a total estimated demand of $300 billion globally for smallholder finance ($450 billion if China is included) . Although smallholder farmer financing also occurs through MFIs and non- financial intermediaries like supply chain participants, cooperatives and...
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IFC Agri-Insurance Expert Gary Reusche on Public Private Partnerships and Portfolio Approach

Wed, 01/14/2015
Topics: 
Public/Legal frameworks
Legal/Regulatory frameworks
Product design
Weather index
Product distribution
Farmers know that there will be years when the crop yields are reduced, or prices will be low. Perhaps they will diversify their crops, depend on livestock, or purchase a system to irrigate their crops. All these are ways to mitigate and reduce their risks. When there is no insurance culture or trust in insurance companies -and insurance companies themselves may not have extensive experience selling agricultural insurance - there is understandably little interest to purchase crop insurance. In such cases, it is the government who is the de facto insurer because crop losses of more than 50...
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World Bank Group-Led Community of Index-Insurance Practitioners to Enhance Exchange of Knowledge, Expertise

Wed, 01/14/2015
Topics: 
General
Weather index
Product distribution
BERLIN, November 27, 2014 —The Global Index Insurance Facility (GIIF), an innovative program managed by the World Bank Group, launched today the Index Insurance Forum at the Agricultural Insurance Conference in Berlin. The Index Insurance Forum will serve as a unique forum for knowledge sharing and exchange of best practices among index-insurance practitioners and industry representatives.
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ILO and World Bank Group to Enhance Access to Index Insurance in Rural Areas in Africa and Asia

Wed, 01/14/2015
Topics: 
General
Data
Data providers
Legal/Regulatory frameworks
Product design
Weather index
Geneva, Switzerland July 24, 2014 – The International Labour Office (ILO) and the World Bank Group (WBG) have signed a memorandum of understanding that aims to provide access to improved insurance products to hundreds of thousands of smallholder farmers, small businesses and individuals in Asia and Africa. The three year partnership is the first-of-its-kind within the rapidly evolving index insurance industry. The Facility and GIIF combine their strengths to improve the delivery of index insurance to farmers and their families as well as businesses, through extraction, dissemination and...
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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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