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Global Index Insurance Facility Newsletter
March 2015
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GIIF launches online knowledge platform for index-insurance practitioners 

The Global Index Insurance Facility (GIIF), a program managed by the World Bank Group, launched an online knowledge platform for index-insurance practitioners globally in January. The platform, www.indexinsuranceforum.org, features knowledge products, research and discussions on key issues related to the development of innovative insurance solutions.
 

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What's New

GIIF partners with private sector champions to improve index-insurance solutions


GIIF recognizes the critical importance of public-private partnerships in scaling up index-insurance solutions in emerging markets to mitigate the challenge of food security. The facility has recently forged new partnerships with leading private sector insurance and microfinance institutions globally, namely AXA Corporate Solutions, Grameen Crédit Agricole, and Swiss Re Corporate Solutions.


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In Focus: Senegal

Protecting Senegal's farmers against drought and crop failure

 
The soil that Abdoulaye Ndiaye holds in his hand is dry and dusty. A little further away in the Kaolack region the groundnut plants are already beginning to spring up in the fields, but in Paskoto village Abdoulaye and his fellow farmers have not seen a drop so far this season.

"The most important challenge for us is the weather. It is God who decides. We have no choice, but are just left looking for ways to handle the situation," Abdoulaye says, now using his hand to shield his eyes against the stark sunlight.  


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Emerging Insights

Pooling resources to deliver agricultural insurance in Senegal

 
Weather index insurance for agriculture has been growing steadily in Senegal thanks to the efforts of National Agricultural Insurance Company of Senegal (CNAAS) and development institutions, including GIIF and International Labour Organization (ILO). In 2011, 65 farmers and 70 hectares were covered under index insurance programs, increasing to 2,000 farmers and 2,700 acres in 2012, 7,000 farmers and 8,200 hectares in 2013, and 8,500 farmers and 9,500 hectares in 2014.

CNAAS has improved index insurance products over the past three years to better suit the needs of the market, using information from stakeholders and feedback from farmers. It has revised the payout trigger, varied the days of coverage, and conducted awareness campaigns. CNAAS hopes that these improvements will help extend coverage to 20,000 farmers in 2015.

GIIF and ILO's Emerging Insight Report throws light on the Senegal case.


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Announcements

  • Following the launch of its Index Insurance Forum in November 2014, GIIF organized its first webinar for members of the forum. Topics covered in the webinar included priorities and discussions on activities for 2015 and themes for the upcoming GIIF-sponsored Global Index-Insurance Conference in September. The webinar was jointly organized by GIIF and ILO.
  • The IFC and Green Delta Insurance Company Ltd has entered into an agreement to develop insurance products for farmers in Bangladesh to protect them from weather-related losses. Advisory support will be provided for distributing the products, increasing lending to farmers and improving their risk profile.

Video Exclusive


Jean-Luc Perron, Managing Director of Grameen Crédit Agricole Microfinance talks to the GIIF team about defining and growing the market for index insurance.

Perron believes it is important to develop consensus among financial intermediaries, regulators and insurers on key issues for continued growth of the sector.

Recent Events

  • Agricultural Insurance Conference: How can insurance contribute to food security?
    Date:
    Nov 26-28, 2014
    Location: Berlin, Germany
    Description: The Conference, hosted by BMZ and co-sponsored by GIIF, focused on how agricultural insurance and food security are linked and how this link is relevant for future development efforts. Archived footage from the event can be viewed at www.agricultural-insurance-conference.de.

Upcoming Events

  • Global Index Insurance Forum 2015
    Date:
    Sept 14-15, 2015
    Location: Paris, France
    Description: GIIF's commitment to enable mainstream product lines using index-based insurance frameworks is being taken forward through a marquee event that will bring together top global practitioners from the field of insurance, including private insurers, government and development institutions.
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  • Third UN World Conference on Disaster Risk Reduction
    Date:
    Mar 14-18, 2015
    Location: Sendai, Japan
    Description: The Third UN World Conference on Disaster Risk Reduction will be held from 14 to 18 March 2015 in Sendai City, Miyagi Prefecture, Japan. Several thousand participants are expected, including at related events linked to the World Conference under the umbrella of building the resilience of nations and communities to disasters.
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  • 6th Annual Latin American Microinsurance Summit 2015
    Date: Mar 23-26, 2015
    Location: Miami, Florida
    Description: Latin America´s Annual Microinsurance Summit 2015 tackles what is needed to create win-win distribution channel, develop new products for the segment in a more creative way, and radically change the way the market is reached through a powerful mobile strategy.
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  • FinAgri Forum 2015
    Date: May 11-15, 2015
    Location: Istanbul, Turkey
    Description: The FinAgri Forum 2015: Lending to Agricultural Value Chains, will examine the opportunities for banks to use agricultural value chains to facilitate and expand lending to agriculture in a profitable and secure manner. Leading banks from across the world are expected to share their expertise, know-how, processes and tools through a series of in-depth presentations, panels and discussions.
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  • 6th Annual Africa Insurance and Reinsurance Conference
    Date: Jun 23-24, 2015
    Location: Miami, Nairobi, Kenya
    Description: The 2015 Africa Insurance & Reinsurance Conference will keep you up-to-date with the latest industry developments, marketing strategies and product innovations relevant for the African market. New technologies, development of new client segments and the overall economic growth in the continent is not only forcing regional insurers to rethink the way they conduct business but also forcing the global players to look at Africa as a strategic market for growth.
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Our Donors


EU flagJapan flagNetherlands flag

GIIF is funded by the European Union, Japan and the Netherlands.

The EU is the primary donor partner to the GIIF Trust Fund with a focus on the African, Caribbean and Pacific Group of States (ACP). The governments of Japan and the Netherlands are providing additional support to different regions/countries where World Bank Group operates.
The Global Index Insurance Facility (GIIF) is a multi-donor trust fund supporting the development and growth of local markets for weather and disaster index-based insurance in developing countries, primarily Sub-Saharan Africa, Latin America and the Caribbean and Asia Pacific.
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