Prix des Assurances en Afrique 2017

The World Bank Group’s Global Index Insurance Facility (GIIF) was established in 2009 to provide comprehensive insurance-based programs and support the development of local markets for index and catastrophic insurance in developing countries including Sub-Saharan Africa. For more than 6 years, GIIF has been working with project implementation partners, (re) insurance companies, microfinance institutions (MFIs), banks, cooperatives, and all relevant stakeholders in the value chain to implement projects and make real impact on the ground. Implemented projects have facilitated more than 1.5 million contracts, covering over 6 million individuals.

As GIIF continues to strengthen and build the development of index insurance through capacity building and technical assistance related activities, the program has also focused on funding innovation that leverages climate-smart technologies and their applications on index-insurance, while enabling stakeholders to improve the quality of their insurance products.

This submission is to highlight GIIF’s collaboration with another successful implementing partner ACRE Africa. ACRE Africa, a business company evolved from the Kilimo Salama project in Kenya, is a service provider working with local insurers and other stakeholders in the agricultural insurance value chain operating mainly in Kenya, Rwanda and Tanzania. The Kilimo Salama project was referenced by Her Majesty Queen Máxima of the Netherlands as an example for microinsurance programs at a plenary of Adaption Futures 2016.

ACRE Africa actively engages with the region’s agriculture finance sector and currently works with ten financial institutions, including Savings and Credit Cooperative Organizations (SACCOs), banks, and MFIs to facilitate access to microinsurance products. Moreover, as of end 2016, over 1,000,000 farmers in Kenya, Tanzania, and Rwanda have been covered with insurance products, with insured sum of over $US 56 million against a variety of weather risks.