Microinsurance

The Asia-Pacific region is in need of greater access to disaster insurance and risk transfer instruments which can be responsive to actual catastrophe or weather conditions, ensuring a rapid payout can be made, helping to boost the regions resilience.

The government of Peru has established a catastrophe insurance facility for the countries farmers, buying a private risk transfer contract to cover around 550,000 hectares of crops, aiming to cover losses up to around $156m.

The Microinsurance Consortium and Venture Incubator (MVI) has announced the group will now operate under the name Blue Marble Microinsurance (Blue Marble), a venture launched earlier this year with a goal to increase access to insurance for the world’s most vulnerable people.

Swiss weather index insurance specialists CelsiusPro AG have partnered with the World Bank in a project implemented by the IFC to bring more affordable agriculture insurance to the Ukraine through index-insurance techniques.

Joan Lamm-Tennant, an experienced expert within the microinsurance, index-insurance and emerging market insurance growth field, is joining the Hamilton Insurance Group board of director’s.

The World Bank continues to aid in the fight against severe weather and climate change’s impact on developing regions of the globe, with the announcement of a new partnership with AXA Corporate Solutions on parametric weather insurance.

As Nigeria continues to grow its presence in the global agriculture market, officials from the country’s Government met in London recently to discuss a desire to increase the use of index-based insurance schemes for local smallholder farmers.

One of the world’s largest reinsurance firms, Swiss Re, recently announced that two million African smallholder farmers are now protected against drought, floods and other natural perils, thanks to the efforts of the World Bank and Swiss Re Corporate Solutions.

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.

Weather-index based microinsurance schemes are beginning to grow up, as the schemes which were often launched as pilot projects with backing from development banks or agencies start to target a sustainable future as viable social businesses.