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Global Index Insurance Facility Newsletter
June 2016
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      Photo: Kaavya Krishna / GIIF


Spotlight : Kenya

 

Kenya's Innovative Insurance Program

 

On March 12, 2016, the Government of Kenya launched its National Agricultural Insurance Program, which is designed to address the challenges that agricultural producers face when there are large production shocks, such as droughts and floods. Designed as a partnership between the government and the private sector, and developed with assistance from the World Bank Group, the program  builds on the experience of similar programs in Mexico, India, and China. One program line will focus on livestock insurance, while another will focus on maize and wheat insurance.

"The large majority of the poor in Kenya are farmers, so this program has the potential to have a significant impact on Kenya’s economic development. This program aims at improving farmers’ financial resilience to these shocks and will enable them to adopt improved production processes to help break the poverty cycle of low investment and low returns," said Diarietou Gaye, World Bank Country Director for Kenya.  "This partnership between government and the private sector for the benefit of vulnerable farmers builds on international good practice and is innovative," added Olivier Mahul, Program Manager of the Disaster Risk Financing and Insurance Program at the World Bank.

Read the full press release here.

Also in the News:
World Bank Sees Good Yields in Crop Insurance

In an interview with AllAfrica's James Kariuki, World Bank officials said the organization has welcomed the government's partnership with local insurance companies in crop and livestock cover policies because they will benefit smallholder farmers . Read full story here

Learn more about the Global Index Insurance Facility's (GIIF) work in Kenya
Learn more  about the Kilimo Salama (Safe Farming) Weather Index Insurance

In Focus: WEF Africa 2016


Photo: Simone D. McCourtie / World Bank


Swiss Re: How reinsurance supports shared prosperity across the continent

Earlier last month, world leaders gathered in Kigali, Rwanda to attend the World Economic Forum (WEF) Africa 2016, "Connecting Africa’s Resources through Digital Transformation", where they discussed necessary components for the African continent to move towards structural transformation of the economy, strong public-private partnerships, strategic actions that can deliver shared prosperity.  

Swiss Re, as a provider of innovative risk resilience solutions ranging from the Africa Risk Capacity (ARC) government drought-risk pool to recently launched Pandemic Emergency Facility (PEF) facilitated by the World Bank, shared with the forum its expertise and experiences on how reinsurance can support Africa. Swiss Re is one of GIIF's technical partners that develop index-based insurance products which benefit smallholder farmers.

 
Read More

Publication Highlights

Advancing Financial Inclusion Through Access to Insurance: the Role of Postal Networks

 
In a new study, the International Labour Organization (ILO), GIIF's knowledge partner, and the Universal Postal Union (UPU) delve into the transformative potential of postal networks into well-suited providers of insurance. Postal networks are powerful tools to advance financial inclusion as 1.5 billion people worldwide get access to financial services through a post office.

To read the study, click here.
 

The World Bank Group and Foundation: Stories of Partnership  2016

 
The World Bank Group’s strategy emphasizes that building effective and strategic partnerships is critical for advancing the institution’s dual goals of ending extreme poverty and boosting shared prosperity. In this publication, readers are taken through a snapshot of innovative partnerships between the World Bank Group and foundations, including one between GIIF and the Syngenta Foundation for Sustainable Agriculture.

To read the document, click here.
 

Featured: Financial Sector and Climate Change

Man walking through a flooded rice field. Photo: Nonie Reyes / World Bank

 

"Climate Change: it's No Longer About Whether, it's About When"

In an article, Henri de Castries, Chairman & CEO of AXA, wrote that there has been a clear change in governments' perception of the role financial actors could play vis-à-vis climate change. 

"Finance is no longer seen as an 'enemy' of sustainable development, but rather as a key driver of the shift towards a low carbon economy. Finance is part of the solution. And I am not talking here only about public finance institutions - which have long been involved in the climate space - but about the commercial banks, asset owners and insurers gathered here today. The debate is no longer about whether, it's about when," he said. 

Developing countries are most adversely affected by the consequences of climate change while at the same time being the least insured. To continue reading the article, please click
here.

Upcoming Events

 
  • Technical Assistance: Operationalizing Index Insurance in Kenya
    Date: 8-10 June 2016

    Location:  Nairobi, Kenya 
    Description: A World Bank mission will deliver a training event entitled "Operationalizing Index Insurance in Kenya" on crop and livestock insurance to participants at the College of Insurance in Nairobi. The training workshop, co-hosted by the World Bank, Association  of Kenyan Insurers, and Africa Insurance Organization will bring together the Kenyan government, the private sector, and members of the East African Insurance Market to discuss issues on products, innovations, and outreach strategies in the field of index insurance. 
 
  • Global Index Insurance Forum 2016
    Date: 12-16 September 2016

    Location:  Dakar, Senegal 
    Description: The week-long Index insurance boot camp will take participants through a range of technical courses to actively promote the exchange and dissemination of knowledge. The boot camp will be designed to help improve access to information with the objective of catalyzing a movement of consensus among stakeholders on good practices and performance standards which ultimately benefit the advance of the index based insurance industry. This is a regional initiative on the lines of the inaugural Global Index Insurance Conference in Paris in September last year.




Spotlight: GIIF's LinkedIn Group  

Managed by GIIF, Global Index Insurance Forum LinkedIn group is a social media platform designed to facilitate conversations around index insurance and related products in agricultural finance. It promotes the dissemination of good practice guidance to private and public sector entities, donors, and regional networks to improve the effectiveness of the industry and to promote innovation and the scaling-up of successful index insurance markets.

Click on the icon above and be  part of the community.
GIIF Announcement

GIIF has welcomed the newest member, Pavis Devahasadin. As a knowledge management and communications specialist, Pavis brings his expertise in communications and marketing in development and finance  with a personal goal of promoting access to finance to achieve a more prominent role in enhancing people's livelihoods. At GIFF, Pavis oversees GIIF's external relations platforms, including the LinkedIn Group as well as the production of this newsletter. A Thai national, Pavis holds an MA in International Relations and Economics from SAIS Johns Hopkins University and an MBA from INSEAD. For queries or comments, please write him at pdevahasadin@worldbank.org.

Our Donors



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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