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Mayfair Central Testimonial Weather Index Insurance is a microinsurance product, launched by Mayfair insurance in Zambia in 2014, and that has been helping small-holder farmers mitigate risks posed by climate change. Derick Chanda (Chairperson – Kangomba Camp) expressed that most of the farmers in the district did not have insurance to rely on, and that whenever they faced problems or challenges with their crops, they were not sure about where to go and who to ask for help. Now that insurance companies like Mayfair have presence in their lands, they have been able to discuss the...
China Weather Index Insurance Project The China Weather Index Insurance Project (China WII) , supported by the British Embassy Beijing, aims to create markets of digital insurance in rural areas by engaging public-private stakeholders. The project partners with policymakers, insurance companies, financial institutions, and insurance-tech players to introduce digital technology-empowered insurances, such as Weather Index Insurance (WII) across the country over the next three years. Despite the COVID disruption, efforts are being made in market landscape studies and insurance product...
George Kuria, CEO of ACRE Africa – GIIF’s long-standing partner in East Africa, attended the FarmKenya Connect live on KTN News and KT Farmers TV along with Mary Njeri Thiong'o (FAO Kenya), Samwel Ogola (Warehouse Receipt System Council) and Harry Kimutai (Ministry of Agriculture). The panel discussed various issues related to finance in agriculture sector in Kenya – challenges and solutions – with a special focus on youth. Mr. Kuria provided insight on the benefits of agriculture insurance in accessing credit and improving livelihoods of farmers, ACRE Africa’s efforts to make insurance...
On Dec 9, 2020, the World Bank Group announced an ambitious target for 35% of its financing to have climate co-benefits, on average, over the next five years. It replaces an earlier target of reaching 28% by 2020, which was in place over the last 5 years. The World Bank – IBRD and IDA – will also seek to ensure that 50% of this financing supports adaptation and resilience. These are two of several announcements about the Bank Group’s commitment to helping developing countries address climate change and adapt to its mounting impacts. Read more. World Bank Group President David Malpass will...
Agriculture is a source of employment for nearly 50% of adult population in Bangladesh contributing to 13% of GDP in 2019. The country is highly exposed to climate change risks: cyclones, floods, droughts and saltwater inundation due to tidal surges. Notably, the 2007 Cyclone Sidr caused $18 million loss in livestock and over $415 million in crop production . Farmers in Tangail suffered millions of losses from Gopalganj flood this year. According to a WBG study , high water stress due to rising temperatures will affect the yield of Aman and Boro rice, the country’s two major staple crops,...
Mozambique is primarily an agricultural economy with more than 75% of the population engaged in rainfall-dependent farming, the majority of whom are smallholder farmers ( USAID, 2018 ). While agriculture contributes to 25% of the country’s GDP, due to Mozambique’s unique location and geography, it is subject to various climate risks such as drought in the southern part of the country, cyclones in the coastal areas and flooding during the rainy reason ( IGC, 2019 ). Most of the smallholder producers have been perilously unprotected against climate change-induced crop failures. GIIF’s...
July 9, 2019; Mumbai (INDIA): The Global Index Insurance Facility (GIIF) and Sankalp Forum by Intellecap, announced the winners of Agriculture Insuretech Innovation Challenge at the Agri Insuretech Forum that took place at the Taj Mahal Hotel in Mumbai today. Of the world’s 500 million smallholder farmers, around 400 million are in Asia. The region is home to some of the world’s most climate-exposed territories and has been disproportionately hit by the effects of climate change, and farmers are suffering from crop failures that can threaten their economic livelihood. The Global Index...
Pakistan is one of key countries in GIIF’s portfolio with big scale-up potential due to sizable farmer population. Agriculture sector contributes to 19% of GDP in Pakistan, employing 42% of labor force. Punjab is Pakistan’s most important agricultural province with 5.2 million mainly smallholder farmers, but the sector growth has been lagging for most part of the past three decades. As part of “Strengthening Markets for Agriculture and Rural Transformation in Punjab” (SMART Punjab) project, GIIF has been providing insurance solutions to improve farmers’ resilience to climate change and...
Since its inception in 2009, ACRE Africa - the Agriculture and Climate Risk Enterprise , which evolved from the Kilimo Salama project, has benefited extensively from GIIF’s financial, technical and operational assistance, continuously enhancing its institutional capacity to underwrite agriculture insurance for smallholder farmers. GIIF’s intervention ranges from providing core insurance trainings and upskilling, which are the backbone of innovative solutions to close the protection gap, to funding relevant WB-led activities including fostering a successful public-private partnership for Kenya...
Senegal is a strong example of continuous improvement in agriculture insurance sector from GIIF’s long-term financial, operational and technical support. At present, in addition to targeted technical trainings, GIIF’s focus is to scale up product offerings of the country’s national agriculture insurance company Compagnie Nationale d’Assurance Agricole du Sénégal (CNAAS) and modernize its technological infrastructure. While agriculture in Senegal contributes to 35% of annual GDP, the systems are largely rain-fed and underdeveloped. The country is vulnerable to several climate-related risks...
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