Your search for “weather index microinsurance”

A consortium of leading insurance and reinsurance underwriting and broking firms have launched a micro insurance consortium and micro insurance venture incubator (MVI) at the World Economic Forum event in Davos, Switzerland today.

Reinsurance firm Swiss Re has assisted with the development and launch of the first weather derivative backed microinsurance scheme which aims to protect smallholder farmers in Nigeria from the risk of adverse weather patterns.

Insurers providing weather-index or parametric insurance policies in India are facing heavy losses due to the impact of cyclones on agricultural regions. Weather-index insurance firms may see loss ratios as high as 100% due to heavy crop losses, according to a report.

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is broadening its reach with its first venture into personal insurance products and is supporting trials of a parametric personal weather insurance product designed to pay out to Caribbean residents after a natural disaster strikes.

The global penetration of microinsurance cover is set to double from the 500m people currently covered to more than 1 billion by 2020, according to a statement from the Microinsurance Network. Governments, insurers and reinsurers are all expected to broaden he geographic scope and range of products as they seek to make insurance products available […]

The Microinsurance Catastrophe Risk Organisation (MiCRO), a specialty reinsurance organisation established to provide the backing for microinsurance products through microfinance institutions in Haiti, has received $1.96m in funding from the IFC (International Finance Corporation), a member of the World Bank Group. The award includes a $1.7 million performance-based grant and $260,000 in technical assistance from […]

Bermuda based insurance and reinsurance services firm Kalista Global which has a focus on the insurance-linked securities, catastrophe bond, parametric re/insurance and alternative reinsurance sectors, has launched a new product offering which it is calling ENSO-based Parametric Cover (EPC for short). The parametric product utilises sea surface temperature readings to create an index which is […]

Here’s another example of the successful application of parametric weather-index based insurance techniques in developing economies. Insurer Jubilee Insurance recently made payouts under their weather index insurance scheme to over 200 cotton farmers in Baringo County, Kenya for their losses suffered after crops failed due to a lack of measured rainfall.

The increasing adoption of weather index insurance or parametric insurance in the developing world continues as another pilot scheme gets approval in the Indian state of Maharashtra. Insurer HDFC ERGO General Insurance has received approval from the Maharashtra government to implement a pilot microinsurance project aimed at both farmers who have taken loans from a […]

We’ve written about the application of weather index insurance products, where payouts are based on parametric indices of actual climatic conditions such as temperature, moisture or rainfall, many times in our coverage of the growing microinsurance sector. Use of weather index insurance has enabled microinsurance to become more widespread as the policy terms and conditions […]