{"text_format":"1","workbook":"xlsx","n_sheets":3,"sheets":["Main Page","Compendium_Filtered","Compendium_All"],"not_rendered":{"charts":0,"images":0,"macros":1,"external_links":0,"defined_names":5,"comments":1,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Main Page","index":0,"n_rows":45,"n_cols":15,"rows_kept":45,"cut":false,"hidden":false,"merged":[[15,1,15,11],[27,3,27,10],[11,2,11,8],[14,2,14,8],[12,2,12,10],[13,2,13,11],[17,14,17,17],[18,14,18,17],[19,14,19,17],[20,14,20,17],[21,14,21,17]]}
[]
[null,"Introduction"]
[]
[null,"The worksheet \"Compendium All\" shows the entire compendium of more than 100 risk transfer initiatives"]
[]
[null,"The spreadsheet will also allow you to view specific types of initiatives. To do this use the buttons below."]
[]
[]
[null,"Filtering the spreadsheet"]
[null,"Instructions"]
[null,"The spreadsheet can be filtered by the following criteria:"]
[null,1,"Type of scheme: Agricultural Insurance, Sovereign Disaster Risk Transfer, Property Catastrophe Risk Insurance, Disaster Microinsurance"]
[null,2,"Insured peril: Tropical Cyclone (including Hurricane/Typhoon); Drought, Rainfall (excess or deficit) & Temperature (low/high); Flood; All Weather (including other non-weather); Weather Only; Non-Weather Only."]
[null,3,"Involvement of public and private sector financing (including provision of risk transfer, subsidies, funding of technical assistance, start-up capital, etc): all private, all public or public & private"]
[null,4,"Scheme that considers risk reduction or adaptation to climate change"]
[null,"Select the search criteria by clicking the buttons below. Click only one button from each group of criteria. You can click one criterion from each group - this will work like an 'AND' search option."]
[null,"If you do not select a criterion for any group, then all entries will be displayed for that group. "]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null," 123 Records Found"]
[null,"The filtered entries are displayed in the \"Compendium Filtered\" worksheet. Click the tab or here to view sheet:"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"No filter applied."]
[null,"If you would like to clear the criteria selected, press the following button:"]
[]
[]
[null,"Search criteria"]
[]
[null,1,"Type of insurance"]
[]
[null,null,null,"You have the option to select the following (or do not select for all types of insurance): "]
[]
[]
[]
[null,2,"Insured peril"]
[]
[null,null,null,"You have the option to select one of the following: "]
[]
[]
[]
[null,3,"Involvement of public and private sector in financing"]
[]
[null,null,null,"You have the option to select one of the following:"]
[]
[]
[]
[]
[null,4,"Risk reduction/ adaptation considered:"]

{"sheet":"Compendium_Filtered","index":1,"n_rows":141,"n_cols":34,"rows_kept":141,"cut":false,"hidden":false,"merged":[[3,25,3,29],[3,31,3,33],[3,18,3,20],[3,1,3,2],[3,3,3,12],[3,13,3,15],[3,16,3,17],[3,21,3,24]]}
[]
[null,"FILTERED COMPENDIUM: No filter applied."]
[]
["Index","SCHEME",null,"KEY WORDS",null,null,null,null,null,null,null,null,null,"GEOPOLITICAL CONTEXT",null,null,"STATUS",null,"SCALE OF THE SCHEME",null,null,"SCHEME COVERAGE",null,null,null,"OPERATIONAL DETAILS",null,null,null,null,"RISK REDUCTION AND ADAPTATION","INFORMATION SOURCES"]
[null,"Name of scheme","Type of scheme","weather/ other","perils","agricultural/ non-agricultural","who is insured (individual/ sovereign/ meso (community, etc))","single or multi-hazard","Development classification","who insures (private/ public/ public-private)","another role for public?","adaptation and risk reduction (formal)","status (proposed, operational, pilot project etc)","World region ","Country","Development classification","Current status (e.g. in preparation, pilot stage, operational; ended in 2008 due to falling demand etc)","Start-date / End-date","Geographical reach (e.g. regional, national, local etc)","Prior market status (state of insurance in country prior to the initiative, e.g. was the initiative to create a new market (e.g. new insured or new peril) or to expand an existing market)","Volume of insurance (i.e. total number of insureds, total premium volume, total insured value etc)","Extent of risk covered (e.g. cat risk/more frequent events; deductible applied?)","Type of insurance (e.g. peril/sector/insurance provided) and extent of coverage (e.g. private property, public infrastructure, crops, loan default)","Who is insured? (e.g. high-income property owners, poor farmers, government, business, co-operatives)","Type of trigger? (e.g. parametric trigger vs. loss occurrance, local weather station vs. satellite data)","Non-local public sector involvement - who and how? (e.g. World Bank, ADB - involvement in subsidising premiums, start-up funds, technical assistance?)","Local public sector involvement - who and how? (involvement of local government and public bodies; e.g. initially requested assistance and provides backing; setting up regulatory structures, establishing distribution networks, liaison, public information)","Non-local private sector involvement - who and how? (e.g. involvement of global (re)insurance industry; providing cover, underwriting, providing reinsurance, technical assistance, providing funding)","Local private sector involvement - who and how? (e.g. use of local distribution channels, links with local micro-finance initiatives, local actors and insurers such as MicroEnsure)","Involvement of other bodies - who and how? (e.g. NGOs, universities, funding organisations, charities, community groups)","Stages of risk management involved in initiative (e.g. risk assessment activities, risk management capacity building, physical risk reduction or incentives, long-term adaptation including climate change adaptation,etc.)","Information sources (articles, reports, etc)","Web pages/ web documents","Web sites and contacts for further information"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Name of scheme","Type of scheme","weather/ other","perils","agricultural/ non-agricultural","who is insured (individual/ sovereign/ meso (community, etc))","single or multi-hazard","Development classification","who insures (private/ public/ public-private)","another role for public?","adaptation and risk reduction (formal)","status (proposed, operational, pilot project etc)","World region ","Country","Development classification","Current status                                                                   (e.g. in preparation, pilot stage, operational; ended in 2008 due to falling demand etc)","Start-date / End-date","Geographical scale                               (e.g. regional, national, local etc)","Prior market status                                                      (state of insurance in country prior to the initiative, e.g. was the initiative to create a new market (e.g. new insured or new peril) or to expand an existing market)","Volume of insurance                                                                               (i.e. total number of insureds, total premium volume, total insured value etc)","Extent of risk covered (e.g. cat risk/more frequent events; deductible applied?)","Type of insurance                                                (e.g. peril/sector/insurance provided) and extent of coverage (e.g. private property, public infrastructure, crops, loan default)","Who is insured?                                (e.g. high-income property owners, poor farmers, government, business, co-operatives)","Type of trigger?                                                                  (e.g. parametric trigger vs. loss occurrance, local weather station vs. satellite data)","Non-local public sector involvement - who and how?                                                                                  (e.g. World Bank, ADB - involvement in subsidising premiums, start-up funds, technical assistance?)","Local public sector involvement - who and how?                               (involvement of local government and public bodies; e.g. initially requested assistance and provides backing; setting up regulatory structures, establishing distribution networks, liaison, public information)","Non-local private sector involvement - who and how?                                                                                                            (e.g. involvement of global (re)insurance industry; providing cover, underwriting, providing reinsurance, technical assistance, providing funding)","Local private sector involvement - who and how? (e.g. use of local distribution channels, links with local micro-finance initiatives, local actors and insurers such as MicroEnsure)","Involvement of other bodies - who and how? (e.g. NGOs, universities, funding organisations, charities, community groups)","Stages of risk management involved in initiative (e.g. risk assessment activities, risk management capacity building, physical risk reduction or incentives, long-term adaptation including climate change adaptation,etc.)","Information sources (articles, reports, etc)","Web pages/ web documents","Web sites and contacts for further information"]
[1,"Agricultural insurance in South Africa","Agricultural insurance (indemnity-based)","weather & other","hail, frost, other","agricultural","individuals","multi-hazard","Upper middle income","private","no","no","operational","Sub-Saharan Africa","South Africa","Upper middle income","Operational","Implemented in early 1900s","National",null,"Number insured: 18,000 crop insurance policies were issued in year 2007.                                                                                           \nPenetration: 25% of farmers and 25% of the national crop area (1.3 million ha) were insured in year 2007.                                                                                           ","More frequent risk","Agricultural insurance: crops (cereals, maize, tobacco, table grapes, pipfruits, and citrus fruits), livestock (racehorses, wildlife in parks), forestry.                                                                Insurance products:                                        Crops: multi-peril crop insurance (MPCI) and hail/frost insurance.                                                                                                      ","Farmers (commercial)","Indemnity-based",null,null,"Insurance: Lloyd’s is licensed to write direct insurance in South Africa (forestry and crops)                                                                                         Reinsurance:  insurers in South Africa take up quota-share and stop-loss reinsurance.                                                                                                                 ","Insurance: one private sector insurer underwrites crop and livestock business; four offer crop insurance only, and two offer livestock only.                                                                             Sold/marketed:  insurance brokers, insurers’ own agents, banks, and producer associations and cooperatives.                                                                                                 ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[{"$f":"A19+1","v":2},"Index-Based Livestock Insurance Project  (IBLIP) in Mongolia","Agricultural insurance (index-based)","weather","extreme weather conditions","agricultural","individuals","multi-hazard","Lower middle income","public & private","yes","no","operational","East Asia & Pacific"," Mongolia  ","Lower middle income","Operational                                                                                      Identified challenges:                                                                     - Among the most significant challenges\nfor IBLI is to make it a sustainable program with a system for data collection and analysis, product delivery and contract administration that can be paid from herder premiums.                                              - Delivering insurance products to herders in the vast expanses of rural Mongolia is proving to be costly. Linking the products to herder loans will be an important next step, reducing delivery cost.","In 2005, the Government of Mongolia entered into a credit agreement with the World Bank to begin a pilot program on Index-Based Livestock Insurance. The first sales season was in 2006.","Multi-regional                                      As of 2009, the IBLI program was being piloted in four provinces: Bayankhongor, Khentii, Uvs and Sukhbaatar.  For the 2010-2011 season, coverage has been extended to nine provinces. By 2012, it is expected that the insurance will be available in all 21 provinces.","Expansion of an existing market.                                                   Weak insurance companies used to default on payments to herders during the winters of 2000, 2001 and 2002. As a consequence, a national debate was initiated regarding the introduction of mandatory livestock insurance.","Value of insurance premia: 110,000 USD (year 2007).\nNumber insured:  7,000 policies sold for the 2010-2011 season; up from 2400 policies sold in year 2006.                                                                                            Penetration: 14% of herders in the pilot provinces were covered in year 2008 (corresponding to 4100 policies).                                                                                                                                                                                          ","Cat risk                                                       Deductible: herders bear the cost of small losses (less than 6% livestock mortality rate) that do not affect the viability of their business. the rational is that smaller, individual livestock mortality risks are deemed to be better addressed through appropriate household-level risk management strategies.","Agricultural insurance: livestock (cattle, camels, horses, sheep, and goats).                                              Insurance products:                                             Two voluntary commercial insurance products: the Base Insurance Product (BIP), designed to cover the commercial exposure (layer between 6% and 30% mortality), and the Disaster Response Product (DRP), designed to compensate herders when major livestock losses occur, over 30% (social component).  Herders can obtain the DRP product for a small fee, whether or not they purchase the BIP policy.     \nThe insurance covers catastrophic livestock mortality events within a region, due to extreme weather conditions (e.g. Dzud; sudden-onset winter storms that can create ice that prevents livestock from foraging).                                                                     ","Herders (Mongolian nomadic herders)                                                    Participation is voluntary.","Parametric. Based on an area livestock mortality rate index (mortality by species and county), compiled and maintained by the Mongolian National Statistics Office. Mongolia had been conducting a census of animals every December since the early 1920s, which provided estimates of mortality rates of animals by species and by  county. ","Financial assistance: the technical assistance financed by WB, Japanese grant (PHRD) and the Trust Fund First Initiatives                                                                        Information/ technical assistance provider: technical assistance provided by the WB.                                                                                 Other: the WB has provided a contingent credit line (5 million USD) that the Government can call upon if  the LIIP (Livestock Insurance Indemnity Pool) is exhausted in a disaster year. ","Initiator: Government of Mongolia (GoM) approached the World Bank and donors for assistance in developing an improved risk management framework, including livestock insurance.                                                                                                                                                                                                                                                                      Insurance: losses between 6-30% are covered through a reserve fund, the Livestock Insurance Indemnity Pool (LIIP), established under the Ministry of Finance to  to pool losses and pays claims, thereby guaranteing indemnity payments. The LIIP account is owned by the government, to ensure that herders will be paid even if an insurance company goes bankrupt.                                                                                                                  Reinsurance: GoM acts as reinsurer for the LIIP.  The most extreme events (above 30% mortality), which are costly to insure against,  are completely financed by GoM.                                                                                                                                                                                                                                                                         Information/ technical assistance provider: the Mongolian National Statistic Office, a public entity, performs the annual livestock census, which is used for the calculation of the livestock mortality index.                                                                ","Reinsurance: a reinsurance treaty between participating insurance companies and French reinsurer SCOR is in place (year 2011).","Insurance: domestic insurance companies. Insurance companies pay reinsurance premiums to the government.                                                                                                                                                                                                                                                                                                                                                                   Sold/ marketed:  livestock insurance policies are delivered through companies’ own insurance agent networks. Banks and MFIs are the other insurance delivery channels.                                                                                                      ",null,"Disaster risk reduction legislation/ frameworks/ projects: the World Bank is actively involved in Mongolia developing a Sustainable Livelihoods Program that emphasizes pastoral risk management, including improved early warning systems and risk preparedness actions, access to supplementary feed and grazing reserves, coordination of pasture-land use, and conflict management. Investments in basic infrastructure, identified as priorities by communities, are also encouraged. Taken together, these complementary interventions strengthen the wider risk management framework, thereby reducing herders’ vulnerability to climate and non-climate hazards.                                                                                                                      Other linked disaster risk financing intiatives:  the above measures were combined with efforts to extend the outreach of microfinance services to herders. The GoM also has access to a contingent credit line from the World Bank, which it can call upon if the LIIP (Livestock Insurance Indemnity Pool) is exhausted.  It is a $5 million contingent facility (IDA credit) to be triggered if the LIIP reserves are insufficient to pay all claims in a disaster year.                                      ","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C.  Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.",null,"IBLIP: http://www.iblip.mn"]
[{"$f":"A20+1","v":3},"Index weather crop insurance  in Thailand","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Lower middle income","private","yes","no","operational","East Asia & Pacific","Thailand","Lower middle income","Operational                                                                                     Identified challenges:                                                             - The primary constraint to expansion is the lack of local capacity to design index insurance contracts (current lack of a local agro-meteorological team to work with the insurance team).                                                                                           - Continued investment in weather stations, and ongoing cooperation between the insurance sector, BAAC (Bank for Agriculture and Agricultural Cooperatives) and the government are also important for expansion.                                      - The program overheads are not yet economically sustainable from the premium generated.","Pilot mplemented in 2007 ","Multi-regional                                                    The pilot project was implemented in the Pak Chong district of Nakorn Ratchasrima province; in 2008 it has been adapted and expanded into five provinces.","Creation of a new market.                                                      Despite earlier efforts by the government to introduce it, agricultural insurance had\nfailed to find a market in Thailand. Thailand has a relatively developed, commercially oriented agricultural sector and a strong agricultural bank with extensive outreach activities, which facilitated project development and implementation. Market, especially for flood risk, is expected to grow rapidly due to large BAAC client outreach and stakeholder interest.","Value of insurance premia: 3,000 USD (year 2007).\nNumber insured: 388 farmers insured in year 2008                                                                                           Sum insured: 300,000 USD in year 2008; up from 42,000 USD in year 2007. \n","More frequent risk","Agricultural insurance: crops (maize for the pilot project).                            Insurance product: covers drought.","Farmers (smallholder\nmaize farmers who are borrowers of the Bank for Agriculture and Agricultural Cooperatives (BAAC)).                                   Insurance has not been made a pre-condition for access to loans by BAAC (it was introduced as a voluntary unsubsidized product, not bundled with credit). ","Parametric. Rainfall index.","Financial assistance: the WB funded and provided guidance for designing the index for the prototype insurance contract for Pak Chong.                                                                       Information/ technical assistance provider: the WB provided non-lending technical assistance to General Insurance Association, Thai Re and BAAC (Bank for Agriculture and Agricultural Cooperatives). The WB is also carrying out product development research for flood index insurance for rice.","Regulator: the Department of Insurance is involved as regulator.","Reinsurance: this program is too small at present to need a specific reinsurance program.","Insurance: nine national insurance companies and the Thai reinsurance company formed a coinsurance pool to jointly underwrite and price the contracts, under the coordination of the country’s General Insurance Association.                                                                                                                                                                                                                 Management: BAAC                                                                                                                                                                                                                                                       Sold/ marketed: BAAC was the operational partner in the pilot, and it  carried out marketing and sales of insurance contracts, collected and transferred premiums to insurers, distributed insurance certificates, and created databases of participating farmers. It also acted as agent/intermediary for the insurance companies.                                                                                                      Information/ technical assistance provider: BAAC led fieldwork and data collection, conducted farmer education sessions (jointly with the companies), and distributed daily rainfall information to insured farmers during the period of insurance coverage. ",null,"Risk assessment activities: in order to expand the geographical coverage within the Pak Chong district, the insurers funded the installation of a new automatic weather station. The project has developed a product that reflects feedback from clients and continues to be adjusted to  suit local risk characteristics in new areas as the pilot expands. \nAwareness raising /capacity building: the project has also laid  the foundations for further market expansion by building capacity, raising awareness at  different levels, and engaging the government in dialogue over policy needs. BAAC has been involved in many extension activities to educate and enroll farmers on the weather index program.                                                                                                                          Disaster risk reduction legislation/ frameworks/ projects:  farmers stated motivations for purchasing insurance included risk management, experimentation and word-of-mouth from peers, and trust in BAAC.       \n","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.                                     Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Bank for Agriculture and Agricultural Cooperatives: http://www.baac.or.th/baac_en/"]
[4,"Index weather crop insurance in Bangladesh","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Low income",null,null,null,"proposed","East Asia & Pacific","Bangladesh","Low income","Proposed/ under preparation","Pilot planned for 2008 (as of year 2007) ",null,null,null,"More frequent risk","Agriculture insurance: crops                      Insurance product: covers drought, and is linked to lending.","Farmers (rice smallholders)","Parametric. Rainfall index.",null,null,null,null,null,null,"Skees, J.R., B.J. Barnett, and B. Collier. April 2008. Agricultural Insurance: Background and Context for Climate Adaptation Discussions. (OECD) Expert Workshop on Economic Aspects of Adaptation, Paris, France. "]
[5,"Index weather crop insurance in China (Shanghai)","Agricultural insurance (index-based)","weather","deficit rainfall","agricultural","individuals","single-hazard","Lower middle income",null,"yes",null,"pilot","East Asia & Pacific","China ","Lower middle income","Pilot                                                                                                    Identified challenges:                                                                  - The program aims to gradually extend to more open field vegetables.","Pilot to be implemented in June 2007 (as of year 2007)","Local (Shanghai only)",null,null,"More frequent risk","Agriculture insurance: crops                      Insurance product: covers weather risk (low, intermitent rainfall).","Farmers","Parametric. Index based on rainfall and storm day count.",null,"Financial subsidy: a 40% premium subsidy is provided by the government.                                                                                                                                                                                                                                         Information/technical assistance provider: the programme intends to strengthen cooperation with the Meteorological Department.                                                                     ",null,null,null,null,"Skees, J.R., B.J. Barnett, and B. Collier. April 2008. Agricultural Insurance: Background and Context for Climate Adaptation Discussions. (OECD) Expert Workshop on Economic Aspects of Adaptation, Paris, France. "]
[6,"Typhoon index crop insurance in Philippines","Agricultural insurance (index-based)","weather","typhoon","agricultural","individuals","single-hazard","Lower middle income","private","no","no","pilot","East Asia & Pacific","Philippines","Lower middle income","Pilot","Pilot launched in spring 2009","Local ",null,"Number insured: 1000 farmers in year 2009 (pilot year). Estimations by MicroEnsure are in the range of up to 3.5 million joining over the next three years.                                                                                            ","Cat risk  ","Agriculture insurance: crops (rice)                                                                     Insurance product: covers typhoon.","Farmers (rice farmers)","Parametric. Payment is triggered if their farm lies within the path of the typhoon. The sum paid out depends upon three factors: coverage, distance from the typhoon path and wind speed.","Information/ technical assistance provider:  the Japan Meteorological Agency  provides data for the index.",null,"Reinsurance: Paris Re","Insurance:Malayan Insurance Co.  acts as underwriter.                                                                                                                                                                                                                                            Development: MicroEnsure, a microinsurance agent, has led the development of the product.                                                                                                                                                                                                                                                                                                                                                               Sold/ marketed: the product is marketed by MicroEnsure. Banks, MFIs, Cooperatives and farm suppliers sell the policies.                                                           ",null,null,"Lloyd’s 360 Risk Insight report: “Insurance in Developing Countries: Exploring Opportunities in Microinsurance” 2009, Lloyd’s & MicroInsurance Centre",null,"MicroEnsure: \nwww.microensure.com/"]
[7,"Yield index crop insurance in Philippines","Agricultural insurance (index-based)","weather & other","weather events, other","agricultural","individuals","multi-hazard","Lower middle income","public","yes",null,"pilot","East Asia & Pacific","Philippines","Lower middle income","Pilot                                                                                                       Identified challenges:                                                                   - If successful, the scheme will be expanded to more areas in an attempt to increase the amount of farmers with insurance.","Implemented in January 2010","Regional (pilot encompassing 17 municipalities of Leyte and Southern Leyte regions)",null,"Number insured: 5,000 farmers                                                              Penetration: 2% of total rice farmers                                                                                           ","More frequent risk","Agriculture insurance: crops (rice)                                                                     Insurance product: covers weather events, other","Farmers (low-income rice farmers)","Parametric. Area Based Yield Index Insurance (ARBY), which compares the current rice yield of an entire irrigation system with the average yield of the last 15 years. Farmers will receive payouts once the yield falls below the 15 year average.","Initiator: German Agency for Technical Cooperation (GTZ) , which is introducing the insurance product through its Enhancement of Food Security in the Visayas (EFOS) project.                                                                                 ","Insurance: the Philippine Crop Insurance Corporation (PCIC) provides insurance.                                                                                                                                    Management: Irrigators Associations in Leyte and Southern Leyte undertake enrolment of farmers and collection and facilitation of insurance payments when yields are below average.                                                                                                                                                                                                                                                   Information/ technical assistance provider: government agencies like the Department of Agriculture will provide farmers with advanced technologies on rice farming, while the National Irrigation Administration will relay all irrigation-related information.  Irrigators Associations also undertake ARBY advocacy.                                                                      ",null,null,null,"Awareness raising /capacity building: government agencies like the Department of Agriculture (DA) will provide farmers with advanced technologies on rice farming, while the National Irrigation Administration (NIA) will relay all irrigation-related information.                                                                                                                         Disaster risk reduction legislation/ frameworks/ projects: the scheme forms part of the Enhancement of Food Security in the Visayas (EFOS) project by GTZ.                                                                                                                     ",null,"http://www.artemis.bm/blog/2010/11/09/parametric-rice-yield-index-crop-insurance-in-the-philippines/","GTZ: http://www.giz.de/                 The Philippine Crop Insurance Corporation (PCIC): http://pcic.gov.ph/"]
[8,"Flood index crop insurance in Vietnam","Agricultural insurance (index-based)","weather","flood","agricultural","meso","single-hazard","Lower middle income","private","yes","no","operational","East Asia & Pacific","Vietnam","Lower middle income","Operational                                                                                                              Identified challenges:                                                     - A next step in the regulatory process is to investigate whether these forms of index insurance product can serve as a type of credit warranty that reduces the level of required reserves for VBARD (Vietnam Bank of Agricultural and Rural Development).                                                                                     - This is considered to be a first step toward finding workable solutions at the micro-level, since even if the bank is protected, careful thinking is still needed on how to deal with bad debt (rescheduled debt does little to help financially stressed producers – the primary target market of VBARD – recover from a natural disaster).","As of year 2009, a further contract was under consideration by the relevant parties in Vietnam; and VBARD was assessing the option to purchase. ","Local                                                                             Feasibility and product design investigations focused on Dong Thap province of the Mekong Delta.",null,"Sum insured: a contract for a sum insured of 1 million USD was first offered to VBARD in 2008. This represents an insurable loss that is approximately 14% of the maximum possible loss.\n","More frequent risk                         Deductible: a water level of 2.8 meters is the lower thershold for indemnity payments. It is empirically estimated to occur approximately 1 in 7 years.","Agriculture insurance: crops (rice).                                                                     Insurance product: covers loan default (it is designed to hedge the crop loan portfolio of the agricultural bank VBARD against early flood-induced business interruption losses, when flooding creates problems for farmers in repaying loans).","Vietnam Bank of Agricultural and Rural Development (VBARD). Beneficiaries: smallholder rice farmers.","Parametric. Flood index.                                                              The prototype index insurance contract is underwritten against recorded water levels (it uses river gauge data as a proxy for flood damage). Indemnities are paid for each centimeter of water once the river level index reaches the 2.8 meter threshold, with maximum payout occurring when the index reaches 3.5 meters.","Financial assistance: the investigation project on index-based solutions to agricultural risks received financial support from the Asian Development Bank,  the World Bank and the Ford Foundation.                                                                       ","Provision of capital: VBARD (the insured party) is still partially publicly supported and can be recapitalized by the government in case of portfolio and business interruption losses.                                                                                                                                                                                                                                               Financial subsidy: no subsidies were involved in the price for underwriting.                                                                                                                       Regulator: the contract  has been approved by the Vietnam regulatory authority.                                                                                                                                  ","Reinsurance: Bao Minh Insurance Corporation reinsures with Paris Re.                                                                                        Development: index insurance market development in Vietnam is led by GlobalAgRisk, Inc.                                                                                       Information/ technical assistance provider: Government of Vietnam requested GlobalAgRisk, Inc. investigation of index-based solutions to agricultural risks. ","Insurance: the product was fully priced and loaded by a Vietnamese insurance company, Bao Minh Insurance Corporation ",null,"Risk assessment activities: risk assessment by GlobalAgRisk and local stakeholders (flood risk modeling and mapping).\n","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. ","http://www.microfinanceopportunities.org/docs/Vietnam_Agricultural_Insurance_Study_2008.pdfhttp://www.globalagrisk.com/Pubs/2009_GlobalAgRisk_Market_Development_Model_Handbook.pdf","Vietnam Bank of Agricultural and Rural Development: http://www.vbard.com/english.aspx"]
[9,"Yield index crop insurance in Vietnam","Agricultural insurance (index-based)","weather & other","drought, flood, typhoon, pest, crop disease","agricultural","meso ","multi-hazard","Lower middle income","private","no","no","operational","East Asia & Pacific","Vietnam","Lower middle income","Operational","Implemented in 2010","Multi-regional (up to ten provinces of Vietnam in 2011, with the potential to extend the scheme to the entire country)",null,"Number insured: some 500,000 rice farming households.","Cat risk and more frequent risk","Agricultural (re)insurance: crops (rice).                                          Insurance product: covers loan default loan default (bank insured against inability of its rice-farming clients to make loan repayments due to low crop yields) . Covered perils: drought, flood, typhoon, pest and disease. ","Agribank (a leading, stateowned provider of agriculture loans). Beneficiaries: rice farmers  who take up loans from the bank.","Parametric. Area-yield index, which triggers if the rice yields drop below the historical average due to a natural peril, pest or disease.  The index draws on data from Vietnam’s Bureau of Statistics. ",null,"Information/ technical assistance provider: Vietnam’s Bureau of Statistics provides data for the area yield index. ","Reinsurance: Swiss Re is one of the reinsurers that ABIC uses.","Insurance: Agribank Insurance Joint Stock Company (ABIC)                                                                                                            Reinsurance: Vina Re (Vietnam National Reinsurance Corporation; Vietnam’s national reinsurer) also reinsures the program. ",null,null,"Closing the financial gap.  New partnerships between the public and private sectors to finance disaster risks. Swiss Re 2011","http://www.smu.edu.sg/news_room/smu_in_the_news/2011/sources/EIU_20110726_1.pdf","Agriculture Bank Insurance Joint Stock Corporation (ABIC)\nwww.agribank.com.vn"]
[10,"Index weather crop insurance in Indonesia","Agricultural insurance (index-based)","weather","weather events","agricultural",null,null,"Lower middle income",null,"yes",null,"proposed","East Asia & Pacific","Indonesia","Lower middle income","Proposed/ under preparation",null,null,null,null,"More frequent risk","Agriculture insurance: crops (rice).                                                                     Insurance product: covers weather events.",null,"Parametric. Weather-based index.","Financial assistance: technical assistance financed by GFDRR.                                                                       Information/ technical assistance provider: technical assistance provided by the WB","Initiator: Government of Indonesia, who requested technical assistance\n",null,null,null,null,"Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. ",null,"Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/                                      "]
[11,"Index weather crop insurance in Ukraine","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Lower middle income","private","no","no","discontinued","Europe & Central Asia","Ukraine","Lower middle income","Discontinued due to low uptake                                           Identified challenges:                                                                   - Local insurance sector not sufficiently engaged. - Insurance companies cited lack of funds for the development of new products, and a desire to focus on the government’s subsidized crop insurance program.                                                                  - Regulations in Ukraine mean that only primary producers of agricultural commodities can purchase index insurance; the product could not, therefore, be marketed to input suppliers, processors or loan providers to insure their agricultural portfolio. There may, however, be a role for index insurance in the future in Ukraine, particularly as farmers move towards growing more high-value crops.","2005/2006 (pilot project)","Local  (pilot site was chosen around two weather stations, at Kherson and Behtery)","Expansion of an existing market.                                            The index product was competing with a subsidized multi-peril crop insurance\nprogram, led by  the government.","Number insured: 2 contracts in year 2005","More frequent risk","Agriculture insurance: grain crop production.                                                             Insurance product: covers drought.","Farmers (grain crops smallholder).","Parametric. Rainfall index.                                                            Weather data were provided by the Ukrainian Hydrometeorological Center (UHC), which maintains 187 weather stations across Ukraine. Historical weather data were available for the past 30 years. UHC also provided a vegetation and risk-sensitivity report for grain crops (wheat, rye and barley). ","Initiator/ technical assistance provider: World Bank’s CRMG and IFC (International Finance Corporation)","Information/ technical assistance provider: weather data were provided by the Ukrainian Hydrometeorological Center (UHC).",null,"Insurance: the pilot project team consulted six insurance companies, but only one (Credo-Classic) agreed to join the project, and registered the product. ",null,"Awareness raising /capacity building: the pilot project included consultations with farmers, local officials and scientists.","Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.",null,"World Bank Group\nwww.worldbank.org/"]
[12,"Index weather crop insurancet in Kazakhstan; linked to MPCI program ","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Upper middle income",null,"no",null,"proposed","Europe & Central Asia","Kazakhstan","Upper middle income","Proposed/ under preparation  (as of 2007)",null,null,null,null,"More frequent risk","Agriculture insurance: crops                                           Insurance product: it covers drought, and complements the MPCI (multi peril crop insurance) program.","Farmers (medium and large)","Parametric. Rainfall index.","Initiator: World Bank",null,null,null,null,null,"Christopher B. Barrett, Barry J. Barnett, Michael R. Carter, Sommarat Chantarat, James W. Hansen, Andrew G. Mude, Daniel E. Osgood, Jerry R. Skees, Calum G. Turvey and M. Neil Ward. “Poverty Traps and Climate Risk: Limitations and Opportunities of Index-Based Risk Financing.” IRI Technical Report 07-03, The International Research Institute for Climate and Society, Columbia University, September 2007",null,"World Bank Group\nwww.worldbank.org/"]
[13,"Index weather crop insurancet in Romania","Agricultural insurance (index-based)","weather","weather events","agricultural","individuals","multi-hazard","Upper middle income","private","no","no","operational","Europe & Central Asia","Romania","Upper middle income","Operational",null,null,null,null,"More frequent risk","Agriculture insurance: crops                                                Insurance product: it covers weather events.  The insurance coverage is equal to the cost of production of agricultural commodities per area unit (ha), and compensates a fixed amount. Fixed amount of sum insured per ha is 180 USD.  ","Farmers (smallholders; i.e. 1 to 5 ha)","Parametric. Weather-based index.",null,null,null,"Insurance: AGRAS is insurance company that introduced the product.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[14,"Index weather crop insurance  in Central America","Agricultural insurance (index-based)","weather","drought, excess rainfall","agricultural","individuals","multi-hazard","Lower middle income","public & private","yes","no","pilot","Latin America & Caribbean","Guatemala, Honduras, Nicaragua","Lower middle income","Pilot                                                                                                                 Identified challenges:                                                             - According to INISER’s opinion, the main constraint they face is that they cannot find enough international reinsurers interested in supporting weather index products.","First implemented in 2007.                                        Pilot index insurance projects have been launched in Nicaragua and Honduras. In Nicaragua, the project team worked from 2005 to 2007, laying the foundations for the pilots. The Nicaraguan pilot began selling contracts in 2007, while the Honduras pilot is still at the development stage.","Local; across several countries (it involves cooperation among several central-american countries)",null,"Number insured: INISER (Instituto Nicaraguense de Seguros y Reaseguros) sold 12 contracts for groundnuts and four contracts for rainfed rice in year 2008. Expectations for year 2009 were around 400 policies.                                                                                            Sum insured: 1.7 million USD in year 2008. Expectations for year 2009 were around 10 million USD.        \nPenetration: total insured area of 1,774 hectares (1% of total national cropped area) in year 2008. Expectations for year 2009 were around 16,000 hectares.                                                                                             ","More frequent risk                                 ","Agriculture insurance: crops (peanuts, rice, soy, sorghum, maize).            Insurance product:  it covers drought, excess  of rainfall.","Farmers (initially targeted at medium and large-scale farmers to quickly build a commercial product that can later be extended to a wider clientele, including small-scale farmers).                                                         ","Parametric. Rainfall index.","Financial assistance:  non-lending technical assistance was cofinanced by Inter- American Development Bank (IADB), Central American Bank for Economic Integration (CABEI), and the World Bank (CRMG).                                                                      ","Insurance/ sold/ marketed: the public insurer Instituto Nicaraguense de Seguros y Reaseguros (INISER) agreed to be the implementing partner (markerting and underwriting) and begun selling contracts under the program in 2007.                                                                                                                                                                                                                                                                                                  Development:  in Nicaragua, the project has attracted interest from the Ministry of Agriculture and the Fondo de Credito Rural (FCR).  FCR plans to work with INSER to bring index insurance to some of its small-scale farmer clients.                                                                                                                                                                                                                                     Financial assistance: the Nicaraguan government  financed R&D and start-up costs of pilot programs to develop a weather index insurance scheme for corn, rice, and beans targeted to small farmers.                                                                                                              Regulator: the Nicaraguan government had an active participation in the formulation of the agricultural insurance regulatory framework.                                                                                                                                  Information/ technical assistance provider: the National Weather Service in Nicaragua provided data for the indices and invested in improving the national weather station network.                                                                      ","Reinsurance: in Nicaragua the program has support from international reinsurers on a quota-share basis. ","Initiator/ management: the project is led by the Latin American Federation of Insurance Companies (FIDES), with the participation of insurers associations in each country.                                                                                                                   Insurance: local insurance companies involved are Seguros LAFISE in Nicaragua and Seguros Atlantida and Seguros Equidad in Honduras.                                                                                                           Sold/ marketed:  the most important delivery channel in Nicaragua is the insurance company’s own agent network.                                                                                                   Information/ technical assistance provider","Information/ technical assistance provider: International Research Institute for Climate and Society (IRI), Columbia University worked on technical aspects of the contracts.","Awareness raising /capacity building: activities included training, work on regulatory issues, efforts to improve access to reliable weather data.","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C.  Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.                                        Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Instituto Nicaragüense de Seguros y Reaseguros\nwww.iniser.com.ni             FIDES (Latin American Federation of Insurance Companies)\nwww.fideseguros.com"]
[15,"Fondo de Mitigacion del Riesgo Agrario (FMRA) in Bolivia","Agricultural insurance (index-based)","weather","drought, excess rainfall, hail, frost","agricultural","individuals","multi-hazard","Lower middle income","third sector","no","yes","pilot","Latin America & Caribbean","Bolivia","Lower middle income","Pilot","Pliot implemented in 2006-2007","Multi-regional                                  (it is being piloted in four provinces in the North and Central Altiplano regions of Bolivia)",null,"Number insured: 143 policies","More frequent risk","Agriculture insurance: crops (peanuts, rice, soy, sorghum, maize).            Insurance product:  it covers drought, excess rainfall, hailstorms, frost.","Farmers","Parametric. Index based on the “production levels of reference plots of farmland in areas that are geographically similar in terms of temperature, precipitation, humidity and soil type\". The reference farmer´s land becomes the reference plot, the yields from which serve as an indicator of whether production levels have been adversely affected by environmental factors (triggering an insurance payout), or by other factors within the farmer’s control.",null,null,null,null,"Initiator: Fundación PROFIN has developed the FMRA.                                                             Provision of capital:  Fundación PROFIN  has provided funds and financial technical assistance. Programa de Suka Kollus (PROSUKO) and Unión de Asociaciones Productivas del Altiplano (UNAPA) also form part of the partnership, and provided start-up funds.                                                                                               Management/ Information- technical assistance provider: Programa de Suka Kollus (PROSUKO) provided technical and administrative assistance. It also administers the fund.","Physical risk reduction or incentives: the scheme combines incentives for proactive risk reduction and a flexible, people-centered index mechanism.                                                                  Awareness raising /capacity: the reference farmers also serve as technical assistance agents to promote ideas for increasing yields and reducing disaster risks and impacts.                                 Adaptation: the system encourages other farmers to match the reference farmers in implementing mitigation efforts to reduce the effects of drought, excess rainfall, hailstorms and frost because those farmers run the risk that their own plots will be significantly affected while the reference farmers’ plots will be less affected.","Global assessment report on disaster risk reduction. United Nations International Strategy for Disaster Reduction Secretariat , 2009;                                                 Adaptation to climate change: linking disaster risk reduction and insurance.  Munich Climate Insurance Initiative (MCII); United Nations International Strategy for Disaster Reduction Secretariat (UNISDR), 2009","http://www.fundacion-profin.org/pdf/seguro-agricola.pdf","Fundacion Profin: http://www.fundacion-profin.org/Profin/index.html"]
[16,"Yield index insurance for disaster relief in Brazil ","Agricultural insurance (index-based)","weather & other","weather events, other","agricultural","individuals","multi-hazard","Upper middle income","private","yes","no","discontinued ","Latin America & Caribbean","Brazil","Upper middle income","Discontinued (was not renewed in 2008/09)                                                                  Identified challenges:                                                                 - There are barriers that need to be addressed if the scheme is to be scaled up and to prove sustainable in the longer term. The main one is that the scheme currently uses the seed program as its only delivery channel; this means it is dependent on the seed program and the government’s support.                                                      - When the harvest fails the government loses money; therefore repeated failure might render the program no longer viable.","2001 - 2008","Regional                                             (Rio Grande do Sul region; one of Brazil’s biggest producers and exporters of grains)",null,"Number insured: between 15,000 and 46,000 households took out the insurance each season for years 2001-2008.            Penetration: about 170,000 low-income farmers are eligible for the insurance (those that belong to the government's seed program). ","Cat risk and more frequent risk","Agriculture insurance: crops (hybrid maize seed).                                                                    Insurance product: it covers any risk that decreases the average yield for a defined area; mainly weather risks related to the El Niño phenomenon and its sister effect, La Niña.                         ","Farmers (all those who are eligible for the government's seed program). Its adoption is voluntary. ","Parametric. Area-yield index. Triggers were originallt set at 10% deviation from average regional yield for the first year of operation, but changed in the following years to a 20% deviation.",null,"Financial subsidy: the premium paid by farmers is subsidized by about 90%. The government pays the entire premium directly to the insurers at the beginning of the season, and collects the cost of the insurance minus the subsidy, together with payment for the seeds, from the farmers after the harvest.                                                                                                                                       Sold/ marketed: to deliver the product, the insurance providers took advantage of the government's established seed program and its more than 600 seed distribution points.  ","Reinsurance: provided for this scheme.","Initiator/ development:  AgroBrasil, a private agricultural risk management agency, proposed an area–yield index-based product that it had already developed.                                                                        Insurance:  several private insurance companies such as Nobre Seguros provide cover to farmers using an adapted version of this product.                                                                                                           Information/ technical assistance provider: AgroBrasil also promoted the insurance via radio and other media.                     .  ",null,"Awareness raising /capacity building: a cartoon booklet was developed to explain the insurance to farmers. More than 60,000 booklets were distributed during the first year of the scheme. AgroBrasil also promoted the insurance via radio and other media.  A new software program called AgroNet was developed to keep track of contract sales, sums insured and farmers’ details. The software was installed at seed distribution points so that data could easily be collected. The data are used to produce a daily report, which is made available on the Internet and can be accessed by the marketing team, insurers and reinsurers. This makes for a relatively high level of transparency, although the system does depend on the release of official yield data by the government.                                                                                                                    Disaster risk reduction legislation/ frameworks/ projects: this program complements the Governments' seed distribution program that supplies farmers with certified maize seed, and allows payment for the seed to be delayed until after the harvest.                                                                                                                     ","Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.",null,"AgroBrasil\nwww.seguroagricola.com.br/"]
[17,"Yield index crop insurance for cotton farmers in Peru ","Agricultural insurance (index-based)","weather","drought, excess rainfall, hail, storm, frost, flood","agricultural","individuals","multi-hazard","Upper middle income","private","yes","no","pilot","Latin America & Caribbean","Peru","Upper middle income","Pilot","Pilot implemented in 2008","Local                                            (selected valleys of the Peruvian coast; Ica Valley was the pilot site)",null,"Number insured: the number of farmers purchasing insurance has risen from 56 (year 2008-2009) to 120 (year 2009-2010) and to 204 (year 2010-2011).                                                                                      Insured area: approximately 700 ha have been secured in the 2010-2011 season. ","More frequent risk","Agriculture insurance: crops (cotton).                                                                           Insurance product: it covers drought, excess rainfall, hail, wind, frost, flood.  The insurance product is called \"Agro-Positiva\", and is packaged as an add-on to working capital crop loans offered by rural Cajas, the type of financial institution most active in the agricultural loan market. ","Farmers (small and medium sized  cotton producers).","Parametric. Area-yield production index. Insurance payouts will be based on aggregate (valley-wide) yields. Indemnities proceeds when the actual average yield for the insured crop over the whole insured unit (the municipality or district where the insured is located) is below the agreed guaranteed yield. In such cases, the insured farmers all receive an indemnity equal to the proportion of shortfall below the guaranteed yield, times the sum insured.","Information/ technical assistance provider: the World Bank","Initiator/ management: the Peruvian Ministry of Agriculture evaluated the feasibility of weather-indexed insurance in several valleys.                                                                                                                                                                                                                                                                                                                                        Financial subsidy: the Government  has set up a Fund of 14 million  USD for the development of crop insurance in the country, and which is utilized to subsidize agricultural insurance premiums (30% premium subsidy).                                                                                                                                                                                                                                                Information/ technical assistance provider: the Peruvian Ministry of Agriculture has provided time series of average yield data stretching back as many as 50 years for the primary crops grown in coastal valleys.                                                                       ","Reinsurance: HanoverRe provides reinsurance to La Positiva","Insurance: the insurance product is offered by Peruvian insurance company La Positiva.                                                                                                           Sold/ marketed: the insurance is sold by the Caja Rural Señor de Luren, a locally-based rural bank and the largest formal lender to agriculture in the region. The Caja is essentially an agent of the insurance company; collecting a small commission\nfor each policy sold.  The Cajas will recover insurance premiums by charging extra interest points on the loans of those farmers who purchase coverage.                                                                                                    ",null,"Other linked disaster risk financing intiatives:  the insurance program should lead the Cajas to reduce the risk premium currently incorporated into their interest rate charges, further lessening the net cost of the insurance to farmers (and increasing demand).","Christopher B. Barrett, Barry J. Barnett, Michael R. Carter, Sommarat Chantarat, James W. Hansen, Andrew G. Mude, Daniel E. Osgood, Jerry R. Skees, Calum G. Turvey and M. Neil Ward. “Poverty Traps and Climate Risk: Limitations and Opportunities of Index-Based Risk Financing.” IRI Technical Report 07-03, The International Research Institute for Climate and Society, Columbia University, September 2007                        Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E","http://i4.ucdavis.edu/projects/pilots/area-based-yield-insurance-peru/files/carter-concept-note.pdf                http://agecon.ucdavis.edu/people/grad_students/conner-mullally/papers/idb_oursection.pdf             ","La Positiva Seguros\nwww.lapositiva.com.pe/"]
[18,"Index weather crop insurance for the coffee industry in Jamaica","Agricultural insurance (index-based)","weather","extreme weather events","agricultural","individuals","multi-hazard","Upper middle income",null,"yes",null,"proposed","Latin America & Caribbean","Jamaica","Upper middle income","Proposed/ under preparation","A risk model has been developed in 2010, and discussions are underway in 2011 regarding the design of the insurance scheme.","Regional                                                     (feasibility study focuses on the Blue Mountain region)","Expansion of an existing market.                                             Coffee production used to be covered under the Coffee Industry Board (CIB) scheme for twenty years before it was discontinued after Hurricane Ivan in 2004. Currently the CIB is working to create the environment with the reinsurance market to again seek and obtain cover.",null,"Cat risk  ","Agriculture insurance: crops                             Insurance product: it covers  extreme weather events.","Farmers (coffee producers)","Parametric. Weather-based index.","Financial assistance: the pilot/ feasibility study was financed by the World Bank, through a grant from the European Union’s ACP (Agricultural Commodities Program).                                                                        ","Initiator: the Government of jamaica approached the World Bank for support in designing a country strategy to manage weather-risk within the sector.",null,null,null,"Risk assessment activities: a risk model has been developed as part of the feasibility study of this scheme.","http://web.worldbank.org/WBSITE/EXTERNAL/NEWS/0,,contentMDK:22452879~pagePK:34370~piPK:34424~theSitePK:4607,00.html",null,"World Bank Group\nwww.worldbank.org/"]
[19,"Index weather crop insurance in Bolivia","Agricultural insurance (index-based)","weather","excess rainfall","agricultural","individuals","single-hazard","Lower middle income","private","yes","no","discontinued ","Latin America & Caribbean","Bolivia","Lower middle income","Discontinued due to lack of demand","Implemented in 2006","Local (Santa Cruz Province)","Creation of a new market.                                                             Several previous programs intended to introduce agricultural insurance in the country had failed (since 1979) due to diverse issues such as dis-continuing of external funding, lack of reinsurance, and occurrence of severe wheather events that discouraged the insurance industry from offering the products. ",null,"More frequent risk","Agriculture insurance: crops                             Insurance product: it covers excess rainfall, and has been developed to protect the farmers’ input costs. ","Farmers","Parametric. Rainfall index.","Financial/ technical assistance: it was supported by USAID (United States Agency for International Development). Other international donors provide financial and technical assistance to develop pilot crop insurance projects.","Initiator: the government of Bolivia and several regional governments expressed interest in supporting the development of weather-based crop insurance, especially as a means to reduce income variability to small farmers.                                                                                                                                                      ",null,"Management: BISA Seguros y Reaseguros S.A",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Bisa Seguros y Reaseguros S.A.\nwww.bisaseguros.com/"]
[20,"Index weather crop insurance in Colombia","Agricultural insurance (index-based)","weather","rainfall","agricultural","individuals","single-hazard","Upper middle income","private","no","no","discontinued","Latin America & Caribbean","Colombia","Upper middle income","Discontinued","Implemented in 2006-2007",null,null,null,"More frequent risk","Agriculture insurance: crops (rice, cotton and maize).                             Insurance product: it covers inadequate rainfall.","Farmers","Parametric. Rainfall index.",null,null,null,"Development: La Previsora insurance company",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"La Previsora SA, Compañía de Seguros: http://www.previsora.gov.co/html/i_portals/index.php"]
[21,"Index insurance for insufficient irrigation supply in Rio Mayo, Mexico","Agricultural insurance (index-based)","weather","drought","agricultural","meso","single-hazard","Upper middle income",null,"yes",null,"proposed","Latin America & Caribbean","Mexico (Rio Mayo)","Upper middle income","Proposed/ under preparation (as of 2005)",null,"Local",null,null,"More frequent risk","Agriculture insurance                                              Insurance product: it covers irrigation risk (drought-induced income shocks and water allocation problems). It therefore facilitates water markets in the Rio Mayo irrigation district.","Water user groups in the Rio Mayo area - farmers in the Mayo Valley are organized in a water user association known as SRL, which stands for Sociedad de Responsabilidad Limitada).","Parametric. Index based on water levels.","Financial assistance: the Inter-American Development Bank funded the feasibility study",null,null,null,null,null,"Skees, J.R., B.J. Barnett, and B. Collier. April 2008. Agricultural Insurance: Background and Context for Climate Adaptation Discussions. (OECD) Expert Workshop on Economic Aspects of Adaptation, Paris, France. ",null,"Inter-American Development Bank: www.iadb.org/"]
[22,"Index weather crop insurance in Morocco","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Lower middle income",null,"yes",null,"discontinued ","Middle East & North Africa","Morocco","Lower middle income","Not implemented  due to no interest from the market, in the face of declining trend in rainfall.",null,null,null,null,"More frequent risk","Agriculture insurance: crops.                                               Insurance product: it covers drought. It is linked to lending, and complements the indemnity-based drought insurance scheme.","Farmers (borrowing smallholders)","Parametric. Rainfall index.","Financial/ technical assistance: World Bank",null,null,null,null,null,"Christopher B. Barrett, Barry J. Barnett, Michael R. Carter, Sommarat Chantarat, James W. Hansen, Andrew G. Mude, Daniel E. Osgood, Jerry R. Skees, Calum G. Turvey and M. Neil Ward. “Poverty Traps and Climate Risk: Limitations and Opportunities of Index-Based Risk Financing.” IRI Technical Report 07-03, The International Research Institute for Climate and Society, Columbia University, September 2007",null,"World Bank Group\nwww.worldbank.org/"]
[23,"Agricultural insurance in Iran","Agricultural insurance (index-based)","weather & other","animal disease, other","agricultural","individuals","multi-hazard","Upper middle income","public","yes","no","operational","Middle East & North Africa","Iran","Upper middle income","Operational                                                                               Identified challenges:                                                                                         - The government expects weather index products to be introduced in near future. ","Crop insurance was first introduced in 1984, and livestock insurance in 1993.","National",null,"Value of insurance premia: 230 million USD in year 2007. \nPenetration: about 35% of farmers purchased crop insurance policies in year 2006-2007. Before that, the participation rate was below 30%. Farmers insure 35% to 40% of the crop area. Less than 10% of the cow and sheep/goat herd is insured. The insurance rate for poultry is much higher with approximately 68% being insured in 2007.                                                                                               ","More frequent risk","Agriculture insurance: crops, greenhouses, livestock, forestry.                  Insurance products: the state institution offers multi-peril crop insurance (MPCI), crop income insurance, greenhouse insurance, and forestry insurance products.  Livestock insurance is available against accident and mortality from epidemic disease.","Farmers","Parametric. Area-yield index.                                                 Weather (rainfall) index insurance is currently in the research stage. The research teams have been working for the last three years in 50 pilot locations.",null,"Initiator: Government of Iran                                                                                                                                                                                                                                                                  Insurance/ management: agricultural insurance in Iran is administered by the government-owned Agricultural Insurance Fund.  It offers insurance on an exclusive basis.                                                                                                                   Reinsurance: crop and livestock insurance programs are reinsured by the Government.                                                                                                                                           Financial subsidy: the government supports agricultural insurance through premium subsidies (60%) that are available for both crop and livestock insurance programs. Agricultural insurance premiums are exempt from sales taxes.                                                                                                            Regulator: there is agricultural insurance legislation and regulation.                                                                                                                                  ",null,"Sold/ marketed: agricultural insurance is delivered primarily through insurance agents. Financial institutions are the second most important delivery channel for crop insurance. Producer organizations are the second important delivery channel for livestock insurance. Insurance brokers play only a minor role in agricultural insurance practice in Iran.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[24,"Subsidized agricultural insurance in Morocco ","Agricultural insurance (indemnity-based)","weather","drought","agricultural","individuals","single-hazard","Lower middle income","public & private","yes","no","operational","Middle East & North Africa","Morocco","Lower middle income","Operational                                                                                                     Identified challenges:                                                          - The drought insurance scheme has proved operationally challenging, especially in relation to loss adjustment.","Implemented in 1994.","Multi-regional (available in defined areas of the country)",null,"Insured area: the actual area insured (averaged over three years 2003/04 to 2005/06) was 117,096 ha. The maximum area which can be insured under the drought insurance program is 300,000 ha annually.                                    Penetration: when compared to the total area planted for the three crops insured under the program of 5.1 million ha (year 2004/05), the penetration level of the drought program compared to the national crop area is 2.3%.","More frequent risk","Agriculture insurance: crops (main cereals; i.e. hard wheat, soft wheat, and barley).                                                                                                        Insurance product: it covers drought. It is linked to lending. ","Farmers.                                    Insurance is compulsory for borrowing farmers in whose areas the program operates. It may also be purchased voluntarily by farmers within the program areas.","Indemnity-based. Yield-based insurance.                                   Smaller farmers with limited technology are enrolled into Category 1, where claims are assessed on an area-yield basis, and all farmers within defined areas are compensated based on the area-yield assessments. Category 2 and 3 farmers are those conforming to higher technology levels, who receive higher yield guarantees and whose claims are adjusted on an individual farmer basis.",null,"Initiator: Ministère de l'Agriculture and Ministère des Finances.                              Reinsurance: the drought program is structured so that the government carries the primary layer of risk.                                                                                                                                                     Financial subsidy/ other: the drought insurance program is subsidized (50% premium subsidy).  Government officials are involved in the loss assessment process for the drought program, and these officials are paid by government.","Reinsurance: reinsurers protect the portfolio above approximately 30% of the total original sums insured, on a  non-proportional basis.","Insurance: Insurer Mutuelle Agricole Marocaine D’Assurances (MAMDA) is the sole provider of agricultural insurance in Morocco and is structured as a mutual .                                Sold/ marketed: distribution has been through two routes: first by linkage to loans made by Crédit Agricole and second by direct marketing of the offices and agents of MAMDA.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[25,"Insurance for Asian Megacities","Sectors to be determined; based on needs assessment (risk profiling and city selection studies)",null,null,"non-agricultural",null,null,"Lower middle income",null,"yes",null,"proposed","East Asia & Pacific","Indonesia, Philippines, Viet Nam ","Lower middle income","Proposed/ under preparation                                                   ",null,"Local (two cities, to be determined, in each target country)",null,null,null,"Sector to be defined (mainly urban risks, will likely include sovereign disaster liquidity insurance).                                            Insurance products: based on the cities selected (according to demand, feasibility, availability of hazard data, and commercial market acceptance), the project will identify key needs for disaster rik financing, review relevant options, and finally undertake product design and risk modeling to develop market ready solutions that each of the cities could take forward into capital or insurance markets. The specific disaster rik financing solutions have not yet been identified and will be chosen in collaboration with city and national partners. Preliminary scoping activities have suggested options for potential DRF products: (i) insurance programs; (ii) sovereign disaster liquidity insurance; (iii) standby emergency credit programs; (iv) a catastrophe bond program; or (v) an innovative combination of these approaches.",null,null,"Initiator: ADB (Asian Development Bank)                                                             Financial assistance: Japan Fund for Poverty Reduction                                                                       Information/ technical assistance provider: ADB is currently initiating technical assistance projects to support the design of the scheme. Each technical assisstance project will last for 3 years and will start with an inception phase for risk profiling and city selection. ","Development: Governments expected to participate in the design and implementation of solutions","Development: Commercial market participants expected to participate in the design and implementation of solutions","Development: Commercial market participants expected to participate in the design and implementation of solutions","Development: Civil society organizations and academic institutions expected to participate in the design and implementation of solutions","Awareness raising /capacity building: awareness raising through consultation, training, and dissemination are planned as part of the TA projects. Throughout the inception and implementation of the TA, planning workshops and training courses will be held to engage a wide range of stakeholders coming from national and local government agencies, civil society organizations, academic institutions, and the private sector.",null,"http://www.adb.org/Documents/TARs/REG/43553-01-reg-tar.pdf","Public Management, Governance and Participation Division (RSGP)\nRegional and Sustainable Development Department\nAsian Development Bank                http://www.adb.org/default.asp\n\n"]
[26,"State-subsidized index weather crop insurance in India","Agricultural insurance (index-based)","weather","deficit rainfall, excess rainfall, temperature, fog, humidity, crop disease ","agricultural","individuals","multi-hazard","Lower middle income","private","yes","yes","operational","South Asia","India","Lower middle income","Operational","Implemented in 2003.","Multi-regional                                                      Iffco- Tokio, specifically, has offered weather products in 15 states: Punjab, Rajasthan, Haryana, Himachal Pradesh, Uttarakhand, Uttar Pradesh, Madhya Pradesh, Chhattisgarh, West Bengal, Karnataka, Gujarat, Andhra Pradesh, Maharashtra, Orissa & Tamil Nadu.",null,"Number insured: around 150,000 farmers annually (in general). ICICI Lombard covered around 45,000 farmers in year 2008. Iffco- Tokio covered over 46,000 farmers in year 2009.                                      ","More frequent risk","Agriculture insurance: crops (paddy, soyabean, maize, cotton, groundnut, bajra, pulses, wheat, mustard, potato, gram, barley, cumin,turmeric, etc.)                                                     Insurance products: cover  deficit and excess rainfall, extreme temperature, weather-linked crop diseases, fog, humidity.  Iffco- Tokio, specifically, has offered two weather insurance products: Barish Bima Yojna (for Kharif/ Summer crops) & Mausam Bima Yojna (for Rabi/ Winter crops).","Farmers (small, medium and\nlarge)","Parametric. Index based on temperature, rainfall, humidity.                                                                                         Products are designed on the basis of historical weather data as obtained from IMD or any other reliable source. The calculation of a claim is done on the basis of weather data recorded by a neutral third party weather monitoring agency. Some innovative products based on satellite images (for example, NDVI) have been piloted in small areas.","Information/ technical assistance provider: Non-lending technical assistance from the World Bank.\n","Initiator: in 2001 Government of India opened up the insurance sector to private insurance companies.                                                                                                        Financial subsidy: in 2007 a few state governments began subsidizing index insurance products offered by private insurance companies, paying 40–50% of the premium (to enable low-income farmers to access insurance; this applied only to products bought by farmers voluntarily and not to products bundled with loans). In 2008 the Government of India also began making subsidies available to private weather index insurers. AIC (Agriculture Insurance Company of India)  is the nodal agency  that routes Central and State Government subsidies to the private insurance companies.                                                                                                                          Information/ technical assistance provider: historical weather data are provided by the India Meteorological Department (IMD).                                                                                                       ","Reinsurance:  Swiss Re, Tokio Marine, Endurance Re and SIRIUS Re as well as hedge funds have been all participating in the market.","Insurance: private insurers (e.g., ICICI Lombard, IFCO Tokyo, HDFC-Chubb) sell weather index insurance. IFCCO-Tokio, a joint venture insurance company between the Indian Farmers Fertilizer Co-operative (IFFCO) and Tokio Marine and Nichido Fire Group, launched several insurance products in 2004.                                                                                                             Sold/ marketed:  ICICI Lombard has expanded through partnership with the Indian conglomerate ITC Ltd, which allowed it to sell policies through ITC’s e-choupals (internet kiosks).  ICICI Lombard is also working with contract farming operations to take advantage of their well established distribution networks. IFCCO-Tokio sells the bulk of its policies through the cooperative network of its parent company, IFFCO\nFertilizers. Distribution of policies is also undertaken by cooperative banks, cooperative societies and Micro Insurance Agents .                                                                                                  Information/ technical assistance provider:  private data providers have set up over 500 automatic weather stations on behalf of insurance companies, across the country.",null,"Physical risk reduction or incentives: the premium to be paid by the farmer depends upon the factors like type of crop cultivated, type of risk coverage (rainfall/ temperature/ humidity) and geographical location of the farm.","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.",null,"Iffco Tokio - General Insurance\nwww.iffcotokio.co.in/            ICICI Lombard: www.icicilombard.com         Agriculture Insurance Company of India Ltd.: http://www.aicofindia.com"]
[27,"PepsiCo's index weather insurance for potato contract farmers in India","Agricultural insurance (index-based)","weather","crop disease","agricultural","individuals","single-hazard","Lower middle income","private","no","no","operational","South Asia","India","Lower middle income","Operational                                                                             Identified challenges:                                                                              - Expanding the limited target market. In this regard, challenges include overcoming the lack of  historical data, which presents a real obstacle to scaling up the program, installing a denser weather station network, securing delivery channels for product distribution and overcoming the limited participation of reinsurers. Another existing limitation to scaling up is that farmers who borrow from state banks are required to take out government insurance (NAIS)in many of the Indian states.                                                                   - Since coverage is voluntary, the number of enrolled farmers may vary significantly from one season to the next, representing a small share of total premium in the insurance market.                                                                         - Designing products that balance good coverage with an affordable premium.                                             - Basis risk: the 2007 season revealed a certain level of basis risk. Increasing the number of weather stations will allow ameliorating this problem.                                                                                   - Creating new indices that blend index insurance and area-based insurance.                                                  - Using technology that more accurately captures weather events and trends, such as NDVI.","Implemented in 2007.","Multi-regional (Punjab, Uttar Pradesh, Bihar, West Bengal, Himachal Pradesh, Maharashtra, Tamil Nadu and Karnataka)","Expansion of an existing market                                          In 1995 PepsiCo started a contract farming program in India to secure its supply of potatoes for potato chips. The program provides farmers with potato seeds, access to fertilizers and pesticides, and offers technical advice on production practices. A voluntary insurance product was introduced by PepsiCo in year 2007, to be offered as part of the farming program. Motivations of the insurance scheme include limiting farmers’ weather-related risk, which increases farmers'  economic stability and benefits PepsiCo by ensuring the long-term stability of potato production, and establishing longer term relationships with farmers. This scheme intended to provide an alternative to the national area-yield insurance product provided by NAIS in India, which was not considered sufficiently transparent. ","Value of insurance premia: 186,494 USD in 2008; up from 167,716 in 2007.\nNumber insured: 4575 farmers in 2008; 4250 farmers in 2007                                                                                            Sum insured: 3,811,865 USD in 2008; up from 3,289,270 in 2007.\nPenetration: 4575 farmers (out of 10,000 farmers covered by the farming program) in 2008.                                                                                              ","More frequent risk                                Deductible: farmers bear losses up to 40% of yield losses. ","Agriculture insurance: crops (potatoes).                                                                                  Insurance product: it covers late blight (fungal disease linked to temperature and humidity). The product is designed to cover yield losses above 40%, and the maximum payout is designed to be equal to the cost of production plus a bit more to include family farm wages and opportunity costs.","Farmers (potato growers contracted by PepsiCo; approximately 50% of insured farmers insured are smallholders, owning less than 5 acres (2.025 ha) of land).","Parametric. Index based on temperature and humidity. The insurance pays out based on the number of consecutive days of average relative humidity greater than 90% and/or average temperatures between 10°C and 20°C.                                                              WRMS had installed 250 weather stations by the end of 2008, and aims to operate a total of 400 weather stations by year-end 2009.",null,"Information/ technical assistance provider: the Indian Meteorological Department provides latest weather reports and historical meteorological charts (at the request of ICICI Lombard).                                                                    ","Reinsurance: there is a limited participation of reinsurers in the program, due to the difficulty of estimating risk exposure. This represents a constraint to scaling up.                                                                                         Development/ management: Weather Risk Management Services (WRMS), a private consultancy firm, has designed the insurance product, installed weather stations and manages the insurance aspect of the programme, charging PepsiCo a commission of 5% of the premiums.                                   Information/ technical assistance provider: WRMS also sends weather advisory messages and information on how to prevent crop loss directly to farmers via mobile phone. ","Initiator: Pepsi India Ltd.                                                                                                                 Insurance: ICICI Lombard, the largest private sector general insurance company in India.                                                                                   Management: Pepsi India Ltd. runs the potato contract farming programme, and ochestrates the associated crop insurance scheme.                                                                                                                              ",null,"Physical risk reduction or incentives: farmers are offered price incentives: PepsiCo sets a base buyback price at the beginning of the season (which insulates farmers from open market price fluctuations) and offers per kilo increments according to the quality of potatoes, the use of fertilizers and pesticides, and the purchase of index insurance.                                                                                                     \nAwareness raising /capacity building:  PepsiCo has systematically educated farmers about the insurance product, conducting numerous training sessions and meetings for the various actors involved. It also offers farmers technical advice on production practices through a network of agronomists, extension workers and local facilitators. WRMS also sends weather advisory messages and information on how to prevent crop loss directly to farmers via mobile phone.                                                                                                                       Disaster risk reduction legislation/ frameworks/ projects: the insurance scheme is part of PepsiCo’s 360-degree farmer connect program, which includes supply of high quality planting material and agricultural implements, provision of technical know-how developed in collaboration with leading agri-input companies, offering of soft loans through a national level tie-up with State Bank of India (helping farmers get credit at a lower rate of interest), etc. In addition to SBI, smaller- to medium scale farmers can access loans from cold-storage facilities, where they will often store their potatoes after harvest.                                                                                                                       ","Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.                                                    The Potential for Scale and Sustainability in Weather Index Insurance for Agriculture and Rural Livelihoods 31 Mar 2010, Hazell, P., Anderson, J., Balzer, N., Clemmensen, A., Hess, U. & Rispoli, F.                          A Case Study on the PepsiCo Frito-Lay Potato Outgrower Program in India. In: Facilitating the Development of Outgrowing Operations. Action for Enterprise, 2009.","Agroinsurance (agricultural insurance portal) case study: http://www.agroinsurance.com/en/products/weather_index/?pid=14033&print=1","PepsiCo: http://pepsicoindia.co.in                                                   "]
[28,"Index-based agriculture insurance in Nepal","Agricultural insurance (index-based)","weather","weather events","agricultural","individuals","multi-hazard","Low income",null,"yes",null,"proposed","South Asia","Nepal","Low income","Proposed/under preparation                                                  Identified challenges:                                                            - A Steering Committee to progress with pilots was formed by Nepalese stakeholders in December, 2009, and requested technical assistance from the World Bank. However, as of September 2010, no funds have been mobilized to support this project.",null,null,null,null,"More frequent risk","Agriculture insurance: crops and livestock.                                                                    Insurance product: it covers weather events. ","Farmers (small and marginal)","Parametric. The feasibility study found that area-yield index insurance and weather based crop insurance are both suitable in certain Nepalese districts.","Financial assistance: technical assistance was funded by GFDRR (Global Facility for Disaster Reduction and Recovery).                                                                       Information/ technical assistance provider: technical assistance was provided by the World Bank.","Initiator:  Government of Nepal requested technical assistance",null,null,null,null,"Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. ","http://www.gfdrr.org/gfdrr/sites/gfdrr.org/files/documents/DRFI_Nepal_AgInsrReport_09.pdf","Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/ "]
[29,"Index-based crop insurance in Bangladesh","Agricultural insurance (index-based)","weather","flood, other","agricultural","individuals","multi-hazard","Low income",null,"yes",null,"proposed","South Asia","Bangladesh","Low income","Proposed/ under preparation (as of 2006)",null,null,null,null,"More frequent risk","Agriculture insurance: crops          Insurance product: it covers flood and other perils.",null,"Parametric","Financial assistance: technical assistance was funded by GFDRR (Global Facility for Disaster Reduction and Recovery).                                                                       Information/ technical assistance provider: technical assistance was provided by the World Bank.","Initiator:  Government of Nepal requested technical assistance",null,null,null,null,"Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. ",null,"Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/ "]
[30,"National Agricultural Insurance Scheme (NAIS) and the modified NAIS (mNAIS) project in India","Agricultural insurance (index-based)","weather & other","fire, lightning, storm, hail, cyclone, typhoon, tempest, hurricane, tornado, flood, landslide, drought, pest, crop disease. ","agricultural","individuals","multi-hazard","Lower middle income","public & private","yes","yes","operational","South Asia","India","Lower middle income","Operational.                                                                                       Identified challenges:                                                                                                                                                                                                             - Basis risk (NAIS insurance unit being too large). mNAIS intends to ameliorarte this issue with a smaller insurance unit.                                                                              - Despite being the world’s largest scheme with 25 million farmers insured, 85 million farmer households are not covered. This low coverage may be explained by delays in claims settlements (due to delays in receiving yield estimates).                                                                                                             - Huge infrastructure and manpower required to estimate yields (irrespective of yield loss).                        - NAIS rates are capped well below the commercial rates that would need to be levied in order to cover expected claims and acquisition and administration costs. It also means that individual farmer MPCI insurance cannot be offerd, area-yield index being the only viable option. mNAIS is actuarially rated, though.                                                                                - Non-coverage of pre-sowing and post-harvest losses (which will be covered by mNAIS).                                                                                      - NAIS is funded by post-disaster government contributions, entailing an open-ended and highly variable fiscal exposure for the government.                                                                                             - The Ministry of Agriculture has recommended that some states replace the NAIS product with index insurance in select locations, as a result.","Crop insurance began in 1972 in India on a pilot basis. The present NAIS scheme (area-yield-based insurance) was set up in 1999-2000. A modified NAIS (mNAIS) program has been introduced on a pilot basis during 2010-11.","National ","Creation of a new market (in development)                        With a high degree of dependence on rain-fed cultivation, India needs a well-developed and widely used agriculture insurance program. Crop insurance began in 1972 in India on a pilot basis. India has implemented subsidized public-sector “area-yield index” multi-peril crop insurance (MPCI) since 1979. In 1985 the Comprehensive Crop Insurance Scheme (CCIS) was introduced by the General Insurance Corporation of India (GIC), the national insurer. The CCIS was replaced by the National Agricultural Insurance Scheme (NAIS) in 1999-2000. Government of India gave mandate to Agriculture Insurance Company of India Limited (AIC), a specialist public sector crop insurance company created in year 2002, to implement the NAIS area-yield index scheme and to develop new options in addition to NAIS. The mNAIS programme has been piloted in 2010-2011.","Estimated profit: loss ratio of 291%  (year 2007); down from 566% in year 2003.\nValue of insurance premia: 132.2 million USD (year 2007); up from 72.5 million USD in year 2003.  \nNumber insured: NAIS is the world’s largest crop insurance program, and in 2010 sold a total of 25 million policies (up from 20 million policies in 2007).                                                                                           Sum insured: 4 billion USD (year 2007); up from 2.3 billion USD (year 2003).\nPenetration: the penetration rate in year 2007 was equivalent to about 15% of all Indian farmers (up from 10% in year 2003). The insured area has been very stable over the past five years at about 192 million ha or 14% of total gross cropped area.                                                                      * A modified NAIS (mNAIS) has been piloted in 32 Indian districts during the fall of 2010, being available to 10 million farmers, of which possibly 3 million may participate in the first year. Plans are that NAIS will be withdrawn for those area(s)/crop(s) of districts in which mNAIS will be implemented.                                                                                                                                          ","Cat risk and more frequent risk","Agriculture insurance: crops (food crops such as cereals, millets and pulses, oil seeds, horticultural, and commercial crops).                               Insurance product: traditionally, AIC has only insured a single product, an area-yield index MPCI Insurance policy under the NAIS.  The policy insures against yield loss due to non-preventable risks including: (a) natural fire and lightning, (b) storm, hailstorm, cyclone, typhoon, tempest, hurricane, tornado, etc., (c) floods, inundation and landslides, (d) drought, dry spells, and (e) pests/diseases.   The mNAIS product insures prevented sowing / planting risks and post harvest losses, against the same perils.   ","Farmers (small, medium and\nlarge).                                                    Linked to lending: public sector crop insurance through AIC is compulsory for all farmers who access seasonal crop production credit from lending institutions (e.g. loanee farmers), however, it is voluntary for non-loanee farmers.","Parametric. The NAIS original insurance product is area-yield-based. The index used is the crop yield of a defined area called an insurance unit (IU).  The actual yield of the insured crop, measured by crop-cutting experiments in the IU, is compared to historical yields. If the former is lower than the latter, all insured farmers in the IU are eligible for the same rate of indemnity payout. For the mNAIS, the unit area of insurance for major crops is the village (lowered from the block level to the village level to reduce basis risk), and the threshold yield is based on average yield of the past seven years, excluding up to two years if declared natural calamity by the State.","Financial assistance: the Swiss Development and Cooperation Agency funded Phase 1 of the World Bank project (year 2005) to engage a dialogue with the GoI on agricultural insurance. The Global Facility for Disaster Reduction and Recovery funded Phase 3 of the project (year 2008-2010), where prototype actuarial software was developed and technical capacity building was provided for the mNAIS.                                                                      Information/ technical assistance provider: the World Bank was asked by GoI to provide technical assistance in developing an actuarially sound rating methodology that would improve the design of NAIS and reduce delays in claims settlement (mNAIS).","Initiator:  Government of India                                                                                                                                                                                                                                                                     Insurance: Agriculture Insurance Company of India (AIC), a specialist public sector crop insurance company, was set up by GoI to underwrite the risks covered under NAIS and mNAIS policies.                                                                                                                   Reinsurance: the government provides XL reinsurance on NAIS (a national Catastrophic Fund covers extraordinary losses incurred by NAIS, contributed by the federal and the state governments on 50:50 bases).                                                                                                                                                                                                                                                             Management: ACI. It has responsibility for implementation of the NAIS scheme, receives premiums (from farmer collections and premium subsidies from the government), and is responsible for managing the scheme's liability through risk transfer and risk retention through its reserves. Besides, AIC’s mandate is to develop new options in addition to NAIS.                                                                                                                                Financial subsidy: NAIS area-yield index scheme is heavily subsidized by federal and state governments (shared on a 50%:50% basis), and includes affordable premium rates, subsidies on premiums paid by small and marginal farmers, subsidies on AIC’s administration and operating expenses .                                                                                                             Sold/ marketed: NAIS is marketed exclusively by state banks on behalf of AIC in each state, and receive a fee from AIC in exchange.                                                                                                                                                                                                                                                     Information/ technical assistance provider: free loss assessments by  state governments, which are used to indemnify area-yield losses at insured unit level. Concerned departments/agencies at state and district levels are requested to give wide publicity to the schemes for creating awareness amongst farmers. ","Reinsurance: reinsurers working with the public sector in India include international companies Paris Re, Scor Re, Endurance Re and Swiss Re. GIC, the national reinsurance company, does not reinsure the NAIS.                                                                                     ","Insurance: private sector insurers with adequate infrastructure and experience are permitted to implement mNAIS.",null,"Physical risk reduction or incentives: the mNAIS scheme aims at encouraging the farmers to adopt progressive farming practices, high value in-puts and better technology in agriculture. In particular, premium structure is worked out with a discount provision on the premium in respect of a unit area where all farmers have adopted better water conservation and sustainable farming practices for better risk mitigation.                                                                                          Risk assessment activities: the mNAIS is based on an actuarially sound rating methodology. \nAwareness raising /capacity building: pamphlets, posters, radio\nadvertisements and short films have been used to raise awareness among farmers about available insurance products.                                                                                                                       ","Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA                                                Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E                                       Kolli N Rao, Index based Crop Insurance, Agriculture and Agricultural Science Procedia, Volume 1, 2010, Pages 193-203",null,"Agriculture Insurance Company of India Ltd.: http://www.aicofindia.com"]
[31,"Rainfall Insurance Scheme for Coffee Growers (RISC) in India","Agricultural insurance (index-based)","weather","deficit rainfall, excess rainfall","agricultural","individuals","multi-hazard","Lower middle income","public & private","yes","no","operational","South Asia","India","Lower middle income","Operational                                                                              Identified challenges:                                                        - Low density of weather stations, which makes it difficult to assess compensations                               - From the farmers' perspective, the management of the scheme is not well organized and believe that they are not being adequately compensated. They consider that the conditions that have to be fulfilled to receive compensation are unreasonable.                                                                    - Industry insiders consider that coffee growers do not understand the insurance scheme in its totality.","2005/","Multi-regional (Karnataka, Kerala,  Tamilnadu)","Expansion of an existing market                                         Government of India gave mandate to Agriculture Insurance Company of India Limited (AIC), a specialist public sector crop insurance company, to develop new options in addition to NAIS. The initiation of RISC by AIC is part of this mandate.","Number insured: 8,400 farmers (year 2008), down from 12,300 farmers (year 2007).                                                                                            ","More frequent risk","Agriculture insurance: crop (coffee).                                                                         Insurance product: the policy compensates the insured against diminished coffee output / yield, caused by deficit and excess rainfall (inadequate rainfall during the rain phases of ‘blossom showers’ and ‘backing showers’, and excess rainfall during ‘monsoon showers’). ","Farmers (coffee growers cultivating the Robusta / Arabica varieties of coffee)","Parametric. Payouts were based on a combination of aggregate rainfall using information from IMD stations at district headquarters, and average coffee yields based on estimates from the Coffee Board.",null,"Initiator/insurance/ development: Agriculture Insurance Company of India (AIC) led the project, as part of its mandate to develop new options in addition to NAIS. It developed and underwrites the insurance product.                                                                                                                                                                                                                                                                                                                                                                                          Financial subsidy: the Coffee Board of India, an autonomous body under the Ministry of Commerce and Industry of Government of India, offers a 50% subsidy on premiums for this product for small scale growers, who own an average of 0.75 ha.                                                                                                                                                                                                                                            Information/ technical assistance provider: the Coffee Board and Central Coffee Research Institute provided technical inputs for the development of the product. Aggregate rainfall using information from India Meteorological Department stations.                                    ","Reinsurance: reinsurers working with the public sector in India include the national company GIC Re and the international companies Paris Re, Scor Re, Endurance Re and Swiss Re. About 50% of the total coverage is placed in the international market.",null,"Information/ technical assistance provider: the insurance product was developed in consultation with the coffee growers of concerned states. ",null,"Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA. ","RISC programme in Karnatka: http://www1.indiacoffee.org/userfiles/RISC%202011%20Karnataka1.pdf ","Agriculture Insurance Company of India Ltd.: http://www.aicofindia.com                                           Coffee Board of India: http://indiacoffee.org/default.php"]
[32,"Weather Based Crop Insurance Scheme (WBCIS)  in India ","Agricultural insurance (index-based)","weather","deficit rainfall, excess rainfall, frost, high temperature, humidity   ","agricultural","individuals","multi-hazard","Lower middle income","public & private ","yes","yes","operational","South Asia","India","Lower middle income","Operational                                                                    Indentified challenges. The Indian Ministry of Agriculture has recommended that some states replace the NAIS product with index insurance in select locations. This is a major step towards mainstreaming index insurance in India; however, expanding coverage still faces data and other challenges:                                                                            - Limitations in historical weather data (significant gaps in datasets).                                         - Limitations in current weather data: lack of real-time data (which leads to delayed claim payments) and low density of weather stations (which entails high basis risk).                                                                      - Limitations to scaling up: geographic spread has been limited, as many states are not convinced that a weather index can be superior to a yield index, as the latter is almost ‘all-risk’ insurance.                                                                                           - Explaining how insurance works (one of the most important reasons for low take-up of weather insurance is that the product is too complex and/or is not properly understood by stakeholders, especially farmers).","In 2004,  Agriculture Insurance Company of India Limited (AIC) launched a pilot weather index insurance scheme (covering rainfall deficit).  The Weather Based Crop Insurance Scheme (WBCIS) was launched in 2007, and built upon small-scale weather-based insurance pilot programs conducted in India with World Bank technical assistance since 2003.                                                                 ","National ","Expansion of an existing market. Government of India gave mandate to Agriculture Insurance Company of India Limited (AIC), a specialist public sector crop insurance company, to develop new options in addition to NAIS, including the proposal, design and ratemaking of new weather index insurance products.","Estimated profit: loss ratio of 73% in year 2008.\nValue of insurance premia: 33.1 million USD in year 2008.\nNumber insured: 711,012 in year 2008; up from 1,050 farmers in year 2005.                                                                                           Sum insured: 412.4 million USD in year 2008.                                         Insured area: 1,135,186 ha insured in year 2008; up from 2,200 ha in year 2005. \n","More frequent risk","Agriculture insurance: crops (rice, sorghum, pearl millet, groundnut, soy, sunflower, cotton, wheat, mustard, chickpea, potato, cumin, coriander, etc.)                                                          Insurance product: it covers deficit and excess rainfall, frost, high temperatures, humidity, other risks.                                                     ","Farmers","Parametric.                                                                                     Kharif season coverage is based on a rainfall index, while rabi season coverage uses composite index insurance as a substitute for area-yield insurance. Triggers vary depending on the month and crop development stage. It is also location-specific (based on subdistricts) and crop-specific.                                                                              The insurance product was designed using an innovative ‘tripod’ for capturing data:\n• Cleaning of historical weather data, and extending them to 100 years through simulation;\n• A crop-growth simulation model to capture the yield/weather relationship and establish\ntriggers and payout rates; and\n• A dense network of automatic stations to measure current weather.                                                      ","Financial assistance: the Global Facility for Disaster Reduction and Recovery funded Phase 3 of the World Bank's technical assistance project (year 2008-2010).                                                                         Information/ technical assistance provider: the World Bank was asked by GoI to to provide technical assistance in the design and ratemaking of new weather index insurance products under the WBCIS. This built on small-scale weather-based insurance pilot programs conducted in India with World Bank technical assistance since 2003.         ","Initiator: Government of India                                                                                                                                                                                                                                                                         Insurance: state-owned insurer Agriculture Insurance Company of India (AIC)                                                                                                                   Management: AIC                                                                                                                                      Financial subsidy: since 2006/07, AIC’s weather index program has attracted government premium subsidies. State governments have also begun investing in automatic weather stations; for example, the state of Tamil Nadu is investing about US$5 million in the installation of 225 stations.                                                                                                                                                                                                                                        Sold/ marketed: AIC                                                                                                                         Information/ technical assistance provider: historical and current weather data are provided by the India Meteorological Department (IMD).                                                                        ","Reinsurance: AIC’s crop weather index program is reinsured on a proportional (quota-share) treaty basis partly by GIC Re under a program of compulsory cessions, and partly by international reinsurers. International reinsurers Paris Re, Scor Re, Endurance Re and Swiss Re.                                                                                        ","Reinsurance: AIC’s crop weather index program is reinsured on a proportional (quota-share) treaty basis partly by GIC Re under a program of compulsory cessions, and partly by international reinsurers.                                                                                                                         Sold/ marketed: as part of scaling up efforts, AIC’s crop weather index insurance program has been distributed by insurance brokers, corporate agents, micro-insurance agents, cooperatives, and NGOs.                                                                                                    Other: some private companies have set up weather station and rain gauges where these were lacking and they sell data to AIC.",null,"Physical risk reduction or incentives: crop weather insurance in India is priced at the full and actuarially determined commercial premium rate.                                                                                                                                   Risk assessment activities: the WBCIS has focused on cleaning and simulation of historical weather data, development of crop growth simulation models to capture the yield–weather relationship, and on expanding the network of weather stations. Since 2004/05, AIC has conducted major research and development into crop weather index insurance and applications of Remote Sensing (NSVI/RS) insurance to agriculture. The programme aims to use the best scientific and technical inputs available to develop products that are less prone to basis risk.\n","Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.                                              The Potential for Scale and Sustainability in Weather Index Insurance for Agriculture and Rural Livelihoods 31 Mar 2010, Hazell, P., Anderson, J., Balzer, N., Clemmensen, A., Hess, U. & Rispoli, F.",null,"Agriculture Insurance Company of India Ltd.: http://www.aicofindia.com                                             Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/                                      "]
[33,"BASIX index-based crop insurance in India","Agricultural insurance (index-based)","weather","drought, other","agricultural","individuals","multi-hazard","Lower middle income","private","no","no","operational","South Asia","India","Lower middle income","Operational","Started in 2003; pilot project implemented in 2006","Local                                          (Mahbugnar district of Andhra Pradesh)",null,"Number insured: 11,500 policies were sold in year 2006; up from 154 groundnut and 76 castor policies sold in year 2004. In 2007 the minimum SI was increased to reduce the number of very small contracts and costs. This also reduced the number of farmers reached, but made the program more sustainable. More than 9000 contracts were sold in year 2008.                                                                                           ","More frequent risk","Agriculture insurance: crops (groundnut, castor, cotton).                                                 Insurance product: it covers frequent and slow-onset weather events, such as droughts. It is linked to lending.","Farmers (groundnut and castor growers; i.e. higher-income farmers who insure their cash crops).                                 Eligibility is limited to farmers with crop loans issued by KBS.","Parametric; rainfall index. A payout is triggered if cumulative rainfall during the Khariff (major monsoon) falls below the\nhistorical average for the last 30 years, as measured by the district collectorate.","Information/ technical assistance provider: the commodity risk management group (CRMG) and IFC of the World Bank contributed technical assistance for setting up the scheme   ","Financial subsidy: unsubsidized programme","Reinsurance: ICICI Lombard transfers part of its risk to an international reinsurer (ACE Group)","Initiator: the programme was launched by BASIX (Hyderabad-based microfinance group that aims to promote sustainable rural livelihoods through financial and technical services).                                                                                                                   Insurance: insured by the Indian insurer ICICI Lombard                                                                                                            Sold/ marketed: product marketed by the rural bank Krishna Bhima Samruddi (KBS).                                                                                                    ",null,"Awareness raising /capacity building: the pilot was characterized\nby intensive interactions with clients, both to help them understand the product and to get detailed feedback from them after the first season, in order to improve the product.","Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006                                        Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.","http://www.slideshare.net/MIFacility/weather-index-insurance-in-practice-insurers-experience","Basix India - Basix\nwww.basixindia.com/"]
[34,"Deficit Rainfall Insurance Programme of Development of Humane Action (DHAN) Foundation  in India","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Lower middle income","private","no","no","pilot","South Asia","India","Lower middle income","Pilot",2004,"Local                                                (Vellore and Madurai districts)",null,"Number insured: 272 farmers in the first year of implementation. Subsequently, around 500 farmers per year have insured their crops.","More frequent risk","Agriculture insurance: crops (groundnut, cotton, black gram).                   Insurance product: it covers drought.                   ","Farmers (suitable for those who cultivate rainfed crops in the 30 km radius of a rain index meter that has a minimum of 20-30 years of historical data)","Parametric. Rainfall index. It uses weigthed and capped rainfall during different stages of the crop period, as a proxy to assess the rainfed crop yield loss.",null,null,"Reinsurance: ICICI Lombard transfers part of its risk to an international reinsurer","Initiator: the programme was launched by the DHAN foundation.                                                                                                                     Insurance: insured by the Indian insurer ICICI Lombard",null,null,"Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006// http://dhan.org/cpp/pdf/policybrief5.pdf// http://www.munichre-foundation.org/NR/rdonlyres/3EC7824D-D049-4BDA-8209-A29B607CFE53/0/kandeDRFI_DF.pdf","http://www.microinsurancefacility.org/en/learning-journey/evolving-climatic-adaptation-through-crop-insurance","DHAN Foundation\nwww.dhan.org/"]
[35,"Index weather crop insurance in Ethiopia: the Horn of Africa Risk Transfer for Adaptation (HARITA) program.           ","Agricultural insurance (index-based)","weather","drought","agricultural ","individuals","single-hazard","Low income","private ","yes","yes","operational","Sub-Saharan Africa","Ethiopia","Low income","Operational                                                                         Identified challenges:                                                                 - Scaling up of the program.                                                             - Education and building awareness of farmers on insurance and insurance products. ",2009,"Local                                                           Pilot project site: village of Adi Ha.  In 2010, the scheme expanded to the villages of Hadus Adi, Awet Bikalsi, Geneta and Hade Alga (all in the region of Tigray)","Creation of a new market (in development).                                        In Ethiopia’s northern highlands, including the Tigray region, a significant proportion of the population is chronically food insecure. Farmers are highly reliant on seasonal rains for agriculture, their main source of income and food. Traditionally, farmers’ primary risk management strategy has been to invest any extra income in livestock, which is sold in rains fail. Although this practice ensures immediate survival, the loss of savings and productive assets undermines farmers' future ability to build sustainable livelihoods.                                                                      In the face of this, Oxfam America convened Ethiopian farmers, Swiss Re, the Relief Society of Tigray (REST), the International Research Institute for Climate and Society (IRI), Nyala Insurance, Dedebit Credit and Savings Institution (DECSI), Mekelle University, the Rockefeller Foundation and other organizations to launch an innovative climate change resiliency project called Horn of Africa Risk Transfer for Adaptation (HARITA).                                                                                   ","Estimated profit: no losses were triggered during the first two years of operation\nValue of insurance premia: in year 2009, farmers paid (in cash or labor) an average of 138 Ethiopian Birr in premiums (roughly US $12.22)\nNumber insured: 1308 policies sold in year 2010, up from 200 sold in year 2009 (a policy corresponds to a household)                                                                                           Penetration: between 6% and 36 % across five villages, with an average of 19%                                                                                                              ","More frequent risk","Agriculture insurance: crops (teff, others).                                                                  Insurance product: it covers drought.                                                                              ","Farmers (those enrolled in the PSNP, Ethiopia’s social protection scheme).                                          ","Parametric. Rainfall index.                                                       IRI (International Research Institute for Climate and Society ) has led the exploration of new techniques to enhance sparse local datasets through a combination of satellite data, rainfall simulators and statistical tools that interpolate data from stations nearby. Satellite data will also be used to improve understanding of the correlation between rain gauge data and actual losses on farms.","Initiator: World Food Programme (WFP)                  Financial assistance: Rockefeller Foundation                                               ","Information/ technical assistance provider: The National Meteorological Agency (NMA) offers technical support in weather and climate data analysis. It collects meteorological data in Adi Ha, aided by a new weather station purchased by Oxfam America and installed by NMA in August 2008.                                                                                ","Financial assistance: Swiss Re provided funding for the project.                                                                                                   Information/ technical assistance provider: Swiss Re provides technical expertise, by reviewing and adapting weather index insurance contracts for commercial viability and conformity to market standards                                                                                                   Other: Goulston & Storrs, and Weil, Gotshal & Manges. Law firms providing pro bono legal expertise.                                              ","Insurance: Nyala Insurance Share Company and Africa Insurance Company.                                                                                                             Sold/ marketed: Dedebit Credit and Savings Institution (DECSI), the second largest microfinance institution in Ethiopia, acts as the insurance agent, delivering insurance on behalf of Nyala.                                                                                                                                                                                                                                                                                                                                                                                                                                             ","Initiator: Oxfam America (OA).                                               Development: Local communities: were central participants in the design of the pilot. OA contracted International Research Institute for Climate and Society (IRI) to draft a prototype weather index microinsurance contract.                                                                                                                        Management: Oxfam America-the lead project manager; convenes global and local stakeholders and facilitates a holistic risk management model. The Relief Society of Tigray (REST), the largest nongovernmental organization in Ethiopia, is the local project manager, responsible for operating the Productive Safety Net Program (PSNP) in in Tigray. It coordinates the programme.                                                                                 Information/ technical assistance provider: Index Insurance Innovation Initiative (I4) at University of California has also provided expertise. Mekelle University and Institute for Sustainable Development (ISD) provide agronomic expertise and research.                 ","Physical risk reduction or incentives: working to integrate index insurance with other risk reduction activities such as small-scale water harvesting, improved agronomic practices, conservation measures, and seasonal and daily weather forecasting.                                                                                                                   Risk assessment activities: seasonal and daily weather forecasting.\nAwareness raising /capacity building: HARITA makes efforts to engage farmers as partners in index insurance design. A team of five community members from Adi Ha was recruited to join the HARITA project management team. The project has conducted workshops with farmers to build their financial literacy. Recently, it carried out experimental economic risk simulations (‘games’) to understand farmer's preferences for key parts of the insurance contract, such as coverage and frequency of payout. Through participatory vulnerability assessments, HARITA farmers identify critically needed risk reduction activities for their community. A series of trainings were conducted by IRI on weather index insurance design for national insurance companies and NGOs in Ethiopia, as well as for the local partners who will be directly involved with the development of weather index insurance for expansion villages.                                                                                                                                                                                                                                              Disaster risk reduction legislation/ frameworks/ projects:  HARITA adresses the needs of smallholder producers through an unusual mix of risk reduction (improved resource management), smart risk taking (microcredit), risk transfer (drought insurance), and risk reserves (savings).                                                                                           Other linked disaster risk financing intiatives: An innovation consists on allowing cash-constrained farmers to pay for premiums with their labor (complementing Ethiopia’s innovative social protection scheme, the PSNP). The PSNP provides payments to participating households in exchange for labor to build community assets such as water harvesting structures. HARITA is exploring ways to build upon the PSNP model by enabling farmers to pay insurance premiums in kind rather than in cash.                                                                           Adaptation to climate change: HARITA aims at facilitating adaptation to climate change. ","Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.","Oxfam America Research Reports:  http://www.oxfamamerica.org/publications/aggregator/research","Kenya Financial Sector Deepening programme : http://www.fsdkenya.org/                                            Oxfam America: http://www.oxfamamerica.org/"]
[36,"Index weather crop insurance in Malawi: the  National Smallholder Farmers’ Association of Malawi (NASFAM) program ","Agricultural insurance (index-based)","weather","drought","agricultural","meso & individuals","single-hazard","Low income","private","yes","no","operational","Sub-Saharan Africa"," Malawi  ","Low income","Operational                                                                         Identified challenges:                                                                 - The 2005/2006 groundnut pilot year faced problems related to input quality, product communication, and loan repayment. It also demonstrated difficulty educating farmers about index‐based weather insurance (due to general lack of knowledge of insurance). Besides, many farmers had never before accessed credit from a formal financial source.                                                                                                                                                  - Due to supply chain issues (difficulty in strengthening contractual relationships, since farmers engaged in \"side selling\" and purposively defaulted on loans to the bank even though rainfall conditions were good for groundnut production), the scheme changed to support the stronger tobacco system (commodity sector with stronger supply chains) in year 2007/08.                                                                                                                                                         - The low density of automated rainfall stations in the country is a limitation to scaling up the programe.                                                                                 - Availability of reinsurance is not considered a constraint to expansion of index insurance in Malawi.                                                                                           ","Implemented in 2005 (groundnut pilot).                                During the 2007–08 season, the initial groundnut program was discontinued and the program moved to the tobacco sector.","Local (Mchinji, Kasungu, Nhkotakota, Lilongwe North, Chitedze)","Creation of a new market (in development).                                     Prior to 2005, only 50,000 of the millions of smallholder farming households in Malawi were able to secure credit from formal financial institutions. Without access to loans, farmers could not purchase high quality seeds that would increase productivity and raise their living standards. The National Association of Small Farmers of Malawi (NASFAM), an agricultural marketing firm, initiated the project in an effort to make farmers more creditworthy and give them the access to finance necessary to purchase certified seed. The original motivation for this insurance scheme, therefore, was that smallholder farmers in Malawi were excluded from obtaining credit for purchasing inputs such as fertilizer and seeds owing to lenders’ concerns over drought. In fact, smallholder loan defaults have typically reached high levels in years where major growing areas have experienced drought. Traditional multiple peril crop insurance had been tried unsuccessfully on a small scale in Malawi, and Malawian insurers were apprehensive about offering agricultural insurance, and interested in seeing how an alternative to traditional multiple\nperil coverage would work. ","Estimated profit: main payout amounts are 102,000 USD (year 2006/2007).\nValue of insurance premia: 13,500 USD (year 2007/08); up from 8,720 USD (year 2006/07).\nNumber insured: 2,606 tobacco farmers (year 2008/09); up from 892 groundnut farmers in year 2005/06.                                                                                                             Sum insured (made up of the cost of the seed, the cost of insurance and the interest payable): 2,543,345 USD (year 2008/09); up from 37,000 USD (year 2005/06).\nNumber of weather stations: 8 (year 2008/09); up from 4 (year 2005/06)","More frequent risk","Agriculture insurance: crops (groundnut, maize, tobacco).                             Insurance product: the insurance contract is bundled with loans to farmers that cover the cost of high-quality seeds (coupling microlending with mandatory crop insurance, in the form of a packaged loan and index-based microinsurance product). The insurance pays off part or the entire loan in case of severe drought. The sum insured is the loan amount and interest payable.                                      , The insurance covered the value of the crop input loan (groundnut, maize) for individual farmers during years 2005-2006/ 2006-2007; and a portfolio of loans for tobacco and maize inputs (cover against loan default) during years 2007-2008/ 2008-2009.                                                                                                 ","Farmers (smallholders under NASFAM) have been either directly insured, or have been beneficiaries under a meso-level insurance contract.                                          During years 2005-2006/ 2006-2007, individual groundnut and maize farmers under NASFAM were insured directly.                                                  During years 2007-2008/ 2008-2009; the tobacco processing/trading company, Alliance One, and a bank, OIBM, have been insured (the insurance covered a portfolio of loans jointly held by Alliance One and OIBM). Tobacco farmers taking up loans and inputs from the earlier organizations are automatically enrolled in the insurance when entering the contract to grow the crop (linkage of insurance to finance and inputs).                  Banks require the uptake of insurance as a condition for extending loans or savings arrangements to clients.                                                  ","Parametric. Rainfall index.                                                                                  In case of severe drought, it is assumed that all farmers within a 20-30 kilometer radius will be similarly affected. Models for estimating rainfall in areas where there is no station will need to be developed and calibrated, making use of satellite imagery, data interpolation, and data blending. At the same time, the country will need to invest in a denser network of automatic weather recording stations.","Financial assistance: a government program supported by the World Bank and Norway, the Agricultural Development Project-Support Program (ADP-SP), is currently investing in new weather stations and infrastructure.                                                                    Information/ technical assistance provider: the World Bank has provided technical assistance in developing rainfall indices, contracts, and administrative procedures for programs, monitoring the pilot, and supporting the full array of operational partnerships. ","Information/ technical assistance provider: the Malawi government has been actively involved through the participation of the national meteorological service (Malawi Meteorological Services Department; MMSD), which is the source of the climate- and weather-related data, and expertise essential for the design and implementation of the insurance scheme.                                                                                                         ","Reinsurance: a portion of the risk was reinsured by  the Insurance Association of Malawi on the international risk markets in late 2007 (Swiss-Re and Paris-Re). Although the transaction size was small, it was of interest to international reinsurers.                                                                                         ","Insurance: nine insurance companies work together (as a coinsurance pool) to underwrite the risk under the Insurance Association of Malawi (IAM). Insurance companies operate individually, in competition with one another.                                                                                                           Sold/ marketed: the key delivery channels for the insurance are MFIs, local banks, and contract farming companies (e.g. Opportunity International Bank of Malawi (OIBM), Malawi Rural Finance Corporation (MRFC), Alliance One, Limbe Leaf, Cheetah). OIBM and MRFC agreed to lend farmers the money necessary to purchase certified seed, if the farmers agreed to buy weather insurance.                                                                                                       Information/ technical assistance provider:  MicroEnsure (jointly with the WB) acted as a catalyst in developing weather insurance products.                                                                                                                ","Initiator: NASFAM (umbrella association embracing about 40 local farmers’ associations)                                                                                                  Information/ technical assistance provider: NASFAM contributed to development of the insurance products. IRI (International Research Institute for Climate and Society, Columbia University) and Opportunity International provided technical support to the WB in its work with private-sector partners to design and evaluate the insurance product.                                                         Other: NASFAM provided access to seed inputs and bought members’ harvests. It also ensures loan recovery by deducting the loan, adjusted for any insurance payout, from the cash payment.                             ","Physical risk reduction or incentives: an objective of the insurance is to facilitate access to credit by farmers, which allows linking the insurance to improved production capacity through the use of improved seeds and practices. Therefore, credit has allowed farmers to invest in higher yield, higher return activities (seeds and other inputs necessary for higher-yield crops). \nAwareness raising /capacity building: an important component of the successful implementation was to hold training sessions for the field, insurance, and operations staff of the institutions involved.                                                                                                          Disaster risk reduction legislation/ frameworks/ projects:  farmers who work within tobacco contract farming supply chains also receive extension services, quality inputs, and access to output markets. Maize seed and fertilizer are also included in the package so that farmers can also grow a food crop for consumption.                                                                                                                                                                                                      ","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C.         Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006                                                                              Hellmuth, M.E., Moorhead, A., Thomson, M.C., and Williams, J. (eds) 2007. Climate Risk Management in Africa: Learning from Practice. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.                                          Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.                                                International Food Policy research institute  Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E","Innovations In Insuring the Poor: Experience with Weather Index-based Insurance in India and Malawi. Focus 17, brief 7, December 2009. http://www.ifpri.org/sites/default/files/publications/focus17_04.pdf","NASFAM: http://www.nasfam.org/       Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/                                         MicroEnsure: http://www.microensure.com/"]
[37,"Index weather crop insurance in Ethiopia","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Low income","public ","yes","no","discontinued ","Sub-Saharan Africa","Ethiopia","Low income","Discontinued due to low uptake.                                       Identified challenges:                                                            - Product under revision; may be offered again.                  - Ethiopia has some 600 weather stations, which are controlled and monitored by the National Meteorological Agency (NMA) in Addis Ababa; however, there are a limited number of stations that could be used to develop insurance products for rural communities in Ethiopia.","Started in 2006; implemented in 2007 (small pilot as part of feasibility study)","Local",null,"Number insured: 13 policies in year 2007, down from 28 policies in year 2006.      ","More frequent risk","Agriculture insurance: crop (maize).                                                                           Insurance product: it covers drought.   ","Farmers (small-scale maize growers)","Parametric. Rainfall index.                                                            Weather data, yield data, input from farmers and agronomic information on the crops were used to design a weather index that closely predicted yield losses.","Financial assistance: component of the World Bank's Financial Sector Capacity Building Project/Loan with the government of Ethiopia.                                                                       Information/ technical assistance provider: the  World Bank’s Commodity Risk Management Group (CRMG) undetook a feasibility study.    ","Initiator: EIC (Ethiopian Insurance Corporation; state-owned) had mandate from the  Government of Ethiopia to look for agricultural insurance options.                                                                                                                                                                                                                                                                        Insurance: EIC acted as risk-taker for the programme.                                                                                                                Management: EIC was involved in the development and implemention of pilot.                                                                                                                                           ",null,"Sold/ marketed: agricultural cooperatives were identified as the best option to deliver the product, however. these have varying levels of capacity and, in many cases, would require significant capacity building to offer the product to farmers.",null,"Awareness raising /capacity building: the Financial Sector Capacity Building loan focuses on increasing infrastructure, training, and demand for index-based weather insurance components targeted to farmers. Before the product was offered to farmers, CRMG hosted a number of training sessions with local and national EIC employees and a local agent from the Ministry of Agriculture. These sessions aimed to ‘train the trainers’ on the product and to provide guidance on marketing it to their potential clientele.","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.",null,"Ethiopian Insurance Corporation\nwww.eic.com.et/"]
[38,"Index crop insurance  in Senegal","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Lower middle income",null,"no",null,"proposed","Sub-Saharan Africa","Senegal","Lower middle income","Proposed/ under preparation ",null,"Local",null,null,"More frequent risk","Agriculture insurance: crops (peanuts).                                                                       Insurance product: it covers drought. It is linked to lending (covers loan default).","Farmers (smallholder\nborrowing farmers; peanut producers)","Parametric. Rainfall index linked to an area-yield index product.","Information/ technical assistance provider: the World Bank                                                  ",null,null,null,null,null,"Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. ",null,"World Bank Group\nwww.worldbank.org/"]
[39,"Index weather crop insurance in Kenya","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Low income","private","yes","no","operational","Sub-Saharan Africa","Kenya","Low income","Operational; preliminary stages","Implemented in 2007 (pilot)","Local (Embu and Nakuru districts)",null,"Number insured: 515 farmers in year 2010                                          Insured area: 787 acres of maize in year 2010     ","More frequent risk","Agriculture insurance: crops (maize).                                                                       Insurance product: it covers the cost of agricultural inputs against losses resulting from drought. The final growth stage of the maize is not covered. The next phase is planned to give farmers an opportunity to protect against losses of expected yield income caused by drought or excess rainfall.","Farmers ","Parametric.  Rainfall index.                                                                                                        The Kenya Meteorological Service (KMD) has an invaluable historical record of climate data in Kenya and operates an extensive system of weather monitoring. ","Information/ technical assistance provider: the World Bank and the Rockefeller Foundation","Information/ technical assistance provider: the Kenya Meteorological Service. The project is working closely with KMD to put in place the infrastructure needed to provide reliable weather data for the pilots.",null,"Insurance/ development: Equity Bank and APA Insurance developed pilot products for insuring maize in Embu and Nakuru districts.                                                                                                           Other: other partners are ECLOF Kenya and CIC  (microfinance institutions)                                                                                                   ","Other: another partner is FSD (Kenya Financial Sector Deepening). ",null,"Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. Designing Weather Insurance Contracts For Farmers in Malawi, Tanzania, and Kenya. Final Report to the Commodity Risk Management Group, ARD, World Bank. June 2007. Osgood, D.E, McLaurin, M. Carriquiry, M., Mishra, A., Fiondella, F., Hansen, J., Peterson, N., and Ward, N. IRI Technical Report 07-02. ",null,"Kenya Financial Sector Deepening programme : http://www.fsdkenya.org/"]
[40,"Index weather crop insurance in Burkina Faso, as part of an Integrated Weather Risk Management for Sustained Growth program","Agricultural insurance (index-based)","weather","deficit rainfall, excess rainfall","agricultural","individuals","multi-hazard","Low income",null,"no",null,"proposed","Sub-Saharan Africa","Burkina Faso","Low income","Proposed/ Under preparation (a of 2008-2009).                                                                                Identified challenges:                                                             - An outline for cotton–crop insurance scheme has been developed. Since the completion of the study, there has been an ongoing stakeholder dialogue about possible weather index-based insurance pilot programs in Burkina.",null,null,null,null,"More frequent risk","Agriculture insurance: crops (cotton).                                                                    Insurance product: it covers excess and deficit rainfall.","Farmers (small-holder cotton growers)","Parametric. Rainfall index.                                                                                     The aim is to develop a national rainfall index as a basis for drought risk management contracts and to explore the feasibility of index-based weather insurance for cotton producers.","Information/ technical assistance provider: technical assistance is provided by GFDRR (Global Facility for Disaster Reduction and Recovery), which aims at facilitating technical advice and capacity building to the Government for quantifying and securing budgetary insurance to offset drought shocks. The FAO (Food and Agriculture Organization) and the Forecasting Service and the Permanent Inter-State Committee for the Fight against Desertification in the Sahel are also involved.","Initiator: Government of Burkina Faso requested technical assistance. Information/ technical assistance provider: the National Agricultural Statistics Office is involved.",null,null,null,"Disaster risk reduction legislation/ frameworks/ projects: part of an Integrated Weather Risk Management for Sustained Growth program.","Global Facility for Disaster Reduction and Recovery Review of Disaster Risk Financing & Insurance Projects",null,"Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/ "]
[41,"Index weather crop insurance in Tanzania","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Low income","private","no","no","pilot","Sub-Saharan Africa","Tanzania","Low income","Pilot","Implemented in 2007 (pilot)","Local",null,null,"More frequent risk","Agriculture insurance: crops (maize).                                                                            Insurance product: it covers drought. There are two insurance products, for two different varieties of maize. Contracts do not cover the final growth stage of the maize, since the 3rd phase of the maize growing cycle is not associated with significant yield stress. It is linked to lending. ","Farmers (smallholder maize growers).","Parametric. Rainfall index.                                                             Contracts were designed using the WRSI based model, supporting documents, discussion\nwith agronomists, agrometerologists and feedback obtained in four cooperative design sessions with groups of farmers and local extension experts. In addition, remotely sensed approximations for PET (potential evapotranspiration) were necessary, since local stations did not have the necessary sensors.","Information/ technical assistance provider: the World Bank","Information/ technical assistance provider: Tanzania's meteorological service (Pride Tanzania) provides weather data.",null,"Insurance: provided by local insurance companies ","Development: International Research Institute for Climate and Society (IRI), Columbia University designed and evaluated insurance contracts, supported by discussions with agronomists and agrometerologists, and feedback obtained in four cooperative design sessions with groups of farmers and local extension experts.                                                                             ",null,"Christopher B. Barrett, Barry J. Barnett, Michael R. Carter, Sommarat Chantarat, James W. Hansen, Andrew G. Mude, Daniel E. Osgood, Jerry R. Skees, Calum G. Turvey and M. Neil Ward. “Poverty Traps and Climate Risk: Limitations and Opportunities of Index-Based Risk Financing.” IRI Technical Report 07-03, The International Research Institute for Climate and Society, Columbia University, September 2007",null,"International Research Institute for Climate and Society: portal.iri.columbia.edu"]
[42,"Index weather crop insurance in African villages: the Millennium Villages Project","Agricultural insurance (index-based)","weather","drought","agricultural","meso","single-hazard","Low income, lower middle income","private","yes","no","pilot","Sub-Saharan Africa","12 ‘villages’ across Africa. The sites were\nchosen to be representative of the continent’s\ndiverse agricultural regions.","Low income, lower middle income","Pilot, not repeated in 2008.                                                                       Identified challenges:                                    - Because the MVP is in transition from the initial donor provision of resources towards self-financing of activities, insurance strategies are evolving to reflect the changing structure of the project.                                                                                         - Following this transition, it is likely that the future of insurance in the MVP will be more targeted towards encouraging farmers’ adoption of inputs.","2005 - 2008","Local (across several countries in Africa: Senegal, Mali, Ethiopia, Nigeria, Kenya,Uganda, Rwanda, Tanzania, Malawi, Ghana...). Experimental product was transacted in three MVP villages in Kenya, Ethiopia and Mali in 2007.",null,"Number insured: an insurance policy was sold to Millennium Promise Alliance (a New York registered NGO) in year 2007; beneficiaries of which were 150,000 smallholder farmers in the three village clusters of Sauri (Kenya), Tiby (Mali), and Koraro (Ethiopia).                                                                                           Sum insured: 2 million USD of financial protection in year 2007. \n","Cat risk and more frequent risk                                                     Payouts are tied to two risk levels – a moderate drought (defined by a 1 in 8 year trigger), and catastrophic drought (defined by a 1 in 20 year trigger).","Agriculture insurance: crops (maize).                                            Insurance product: it covers district-level maize production (drought-related food shortages). The aim is to mitigate losses during\ncatastrophic drought years that would otherwise lead to a major redirection of project resources and put the project in jeopardy.  This product aims to keep people from falling back into the poverty traps the project is working to remove.","Millennium Promise Alliance (a New York registered NGO) bought the insurance cover. Beneficiaries: inhabitants of\nvillages in the MVP. ","Parametric. Climate Impact Index (CII): it consists on a combination of rainfall and vegetation remote sensing indexes, chosen to optimally correlate with district-level maize production.                            The remote sensing component of the index (NDVI) is used to diagnose large-scale regional drought, while data from rain gauges identifies more localized drought. ","Financial assistance: the premiums were paid by MVP villages, through donor support. Therefore, the local farmers received a 100% subsidized insurance coverage.",null,"Insurance/ development: insurance experts at Swiss Re developed a customized index, by combining vegetative remote sensing measurements and local rain gauges measurements, and structured the associated weather derivative contracts. Swiss Re committed to \"bring the deals to the commercial financial market\"                                                                                          \n \n",null,"Initiator:  Millennium Promise Alliance (a New York registered NGO) initiated the project, and bought the cover.                                                   Development/ Information- technical assistance provider: IRI (International Research Institute for Climate and Society, Columbia University) conducts research on parametric triggers and indices. ","Disaster risk reduction legislation/ frameworks/ projects: in keeping with the aim to ensure project sustainability, it was specified that payouts from this scheme would be used to support core development interventions, such as subsidizing a school feeding program which provides a market for local farmers and encourages primary school attendance. Insurance payouts would also provide resources to replace agricultural inputs, which the project subsidizes for the local community.                                                                                                 Other: in the villages that had contracts, local project managers were able to operate in a less risk-averse manner and were better able to take advantage of the good rains that were experienced, knowing that their input costs for fertilizer and improved seeds would be covered if a drought did occur.    ","Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.",null,"Millennium Villages\nmillenniumvillages.org/                                         International Research Institute for Climate and Society: portal.iri.columbia.edu"]
[43,"Index-based Livestock Insurance (IBLI) in Kenya","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Low income","private","yes","no","pilot","Sub-Saharan Africa","Kenya","Low income","Pilot                                                                                              Identified challenges:                                                                  - Prospects for upscaling: the program would be offered to millions of semi-nomadic pastoralists and livestock keepers in other parts of the east African region.",2010,"Local                                            (Marsabit district in the Eastern province)",null,"Number insured: the pilot product was bought by 2,000 pastoralists covering 3,467 cattle, 17,514 goats and 278 camels (year 2010).","More frequent risk                                    Deductible: policies contain a clause akin to a deductible, in which a family would buy coverage that would pay-out when livestock losses are expected to exceed a certain level.","Agriculture insurance: livestock Insurance product: it covers livestock mortality, due to drought events.","Pastoralists and agro-pastoralists","Parametric.                                                                                Index based on satellite data owned by the National Oceanic and Atmospheric Administration (NOAA), which provides an indication of forage availability (NDVI index), and livestock mortality (livestock mortality data was collected by the Arid Lands Resource Management Project (ALRMP), from the year 2000). The index is provided at the division level.                                                                                             The index-based insurance will pay out to policy holders as soon as the predicted livestock mortality exceeds 15 per cent.","Financial assistance: financial support from USAID, the U.K.'s Department for International Development (DFID) and the World Bank.","Management: implementing partners are the Ministry of Development of Northern Kenya and other Arid Lands and the Ministry of Livestock.                                         Information/ technical assistance provider:  Kenya's Meteorological Department.",null,"Insurance: UAP Insurance Company Limited, Equity Insurance Agency","Development/ Information- technical assistance provider: International Livestock Research Institute (IRLI), Cornell University, Index Insurance Innovation\nInitiative (I4), Syracuse University (Maxwell School),\nUniversity of Wisconsin (BASIS Research Program).\nOther: another partner is FSD (Kenya Financial Sector Deepening)","Awareness raising /capacity building: ILRI and its partners have developed an insurance simulation game for local communities to explain the key features of the insurance policy and tested it across the Marsabit District.                                  Other linked disaster risk financing intiatives: a policy could prevent stock losses by providing pastoralists the means to obtain credit for purchasing feed and drugs that would allow animals to survive the tough conditions. Similarly, pastoralists who want to expand their herds to take advantage of Africa’s rising demand for livestock products are likely to find it easier to obtain capital from private creditors now unwilling to lend due to the risks associated with droughts.","MCII second policy brief:  “Solutions for Vulnerable Countries and People” (2010)","http://mahider.ilri.org/bitstream/10568/494/1/IBLI_PROJECT_SUMMARY_0110.pdf","International Livestock Research Institute:\nwww.ilri.org/"]
[44,"The Sugar Insurance Fund Board (SIFB) in Mauritius","Agricultural insurance (indemnity-based)","weather & other","cyclone, drought, excess rainfall, fire","agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","no","operational","Sub-Saharan Africa","Mauritius","Upper middle income","Operational",1946,"National",null,"Insured area: there were 71,500 ha under sugar cultivation, and therefore insured, in year 2006. \nPenetration: since the program is compulsory, participation is 100% in the sugar sector.                                                                                                     ","Cat risk and more frequent risk Deductible: farmers are ranked individually according to claims experience, which determines their deductible levels.","Agriculture insurance: crops (sugar).                                                                           Insurance product: it covers cyclone, drought, excessive rainfall, fire.                   ","Farmers (the majority are small-scale sugar producers). Insurance is compulsory for sugar growers. ","Indemnity-based. Yield loss policies.                                                                     The policy indemnifies growers based on production at the sugar mills, following a declared loss. Compensation is based on yield loss, sugar content, and sugar price obtained by the industry for the crop year concerned.",null,"Insurance: SIFB (Sugar Insurance Fund Board) is the major crop insurer on the island. It is a public sector body,  however it follows established commercial insurance principles and practices and operates under specific legislation.                                                                                                                                                       Financial subsidy: Government subsidies amount to less than 1% of the overall premiums.                                                                                                            Regulator:  Government established the legislation for the operation of SIFB.                                                                                                                                  ","Reinsurance: SIFB purchases non-proportional (excess of loss) reinsurance from the international reinsurance market.","Sold/ marketed: the main delivery channel is the Mauritius Sugar Syndicate, as well as producer associations and cooperatives.",null,"Other linked disaster risk financing intiatives: following a disaster, loans at a discounted rate may be provided by the Development Bank of Mauritius. ","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"SIFB (Sugar Insurance Fund Board): www.sifb.biz/"]
[45,"Yield index crop insurance in Mali","Agricultural insurance (index-based)","weather","drought","agricultural","meso","single-hazard","Low income","private","no","no","pilot","Sub-Saharan Africa","Mali","Low income","Pilot",2011,"Local",null,"Number insured: the target number of households for\nthe pilot is 3000 (about 150 cooperatives).","More frequent risk","Agriculture insurance: crops (cotton).                                                             Insurance product: it covers drought. It is tied to loans that cooperatives take to finance farm inputs.","Cooperatives of cotton farmers (low income farmers).","Parametric. Average area yield index.",null,null,"Insurance/ Sold-marketed: Allianz Africa                                                                                           Reinsurance: Swiss Re                                                                                        ","Management: PlanetGuarantee (an MFI) acts as an intermediary, and will manage the administrative and financial aspects of the insurance product.                                                                                                                                                                                                                                                                                                             ",null,"Other linked disaster risk financing intiatives: cooperatives receive loans from the Compagnie malienne pour le développement des textiles (CMDT). The Banque nationale du développement agricole (BNDA) finances CMDT. ",null,null,"Allianz insurance: https://www.allianz.com/"]
[46,"Agricultural Insurance Pool in Turkey (TARSIM)","Agricultural insurance (indemnity-based)","weather & other","hail, storm, fire, tornado, landslide, earthquake, frost,  animal disease, natural disasters, other","agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","no","operational","Europe & Central Asia","Turkey","Upper middle income","Operational",2005,"National","Expansion of an existing market.                                                 Until 2006 the agricultural crop and livestock insurance in Turkey was underwritten by 15 private commercial insurance companies that competed against each other to underwrite a series of products, including crop hail (plus pilot frost), livestock, poultry, and greenhouse insurance. Each company placed its own reinsurances with the national reinsurer (Milli Re) and/or international reinsurers on a proportional and/or non-proportional basis.","Value of insurance premia: the volume of sales and premiums was nearly 55 million USD in year 2007.\nNumber insured: a total of 207,328 crop policies were issued to 150,000 farmers in year 2007.                                                                          Penetration: estimated coverage of 3% of the national cropped area in year 2007. For livestock, a total of 55,783 dairy cattle were insured, representing about 0.5% of the national population of cattle, in year 2007.                                                                                             ","Cat risk and more frequent risk","Agriculture insurance: crops (fruits, vegetables, field crops, and ornamental plants) and livestock (dairy cattle, poultry).                                           Insurance product: for crops, there is named-peril hail policy, plus an option for additional perils (storm, fire, tornado, landslide, and earthquake). The company does not underwrite multi-peril crop insurance (MPCI) covers.                                                            For livestock:, there is cover for death due to natural and non-natural causes; disease and natural disasters.                                          ","Farmers","Indemnity-based",null,"Reinsurance: the federal government provides excess of loss reinsurance protection, in cases where sufficient reinsurance capacity is not available through commercial reinsurers.                                                                                                                                                                                                                                                             Management: the Ministry of Agriculture forms part of the Pool's management commitee.                                                                                                                Financial subsidy: the federal government provides support in the form of financial subsidies. Agricultural insurance premium subsidies are paid by government directly to the Pool, and are fixed at 50% of the premium cost for both crops and livestock. Subsidies are provided by Government on TARSIM’s administration and operating expenses and on loss adjustment expenses. There are also Agricultural insurance premiums sales tax exemptions.                                                                                                        Regulator: agricultural insurance legislation was enacted in 2005 to create the national Pool Scheme and to define the roles of public and private sectors.                                                                                                                                  ","Reinsurance: TARSIM is also permitted to retrocede business back to international reinsurers (apart from national reinsurers and insurance companies).","Insurance: TARSIM is a  coinsurance pool, and its shareholders/ coinsurers include 16 agricultural insurance companies, each with a 6.25% share. The coinsurers issue TARSIM’s approved and standard insurance policies; and receive an agreed commission for bringing business to the Pool. All risks and premium are 100% ceded to the Pool.                                                                                                            Reinsurance: the company is permitted to retrocede business back to the insurers and/or to reinsure through MilliRe (national reinsurer).                                                                                                                                          Development/ management: the Agricultural Insurance Pool is under the administration of a managing underwriter, TARSIM. TARSIM is responsible for product design, setting standard rates, premium collection, loss assessment, claims settlement and reinsurance arrangements                                                                                                                                                                                                                                                                                                                                                                Sold/ marketed: insurers' agents, financial institutions, input suppliers, producers’ associations, cooperatives.                                                                                                    ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"TARSIM\nwww.tarsim.org.tr/eng/index.php"]
[47,"Stability Fund for Rural Insurance (FESR) in Brazil ","Agricultural insurance (indemnity-based)","weather & other","natural disasters","agricultural","meso","multi-hazard","Upper middle income","public & private","no","no","operational","Latin America & Caribbean","Brazil","Upper middle income","Operational                                                                                   Identified challenges:                                                              - As of 2008, the Government and insurers were studying the possibility of replacing the FESR by another catastrophe reinsurance facility termed the Rural Catastrophe Fund (Fundo do Catástrofe Rural.",1966,"National",null,null,"Cat risk  ","Agriculture (re)insurance                      Insurance product: it is a catastrophe reinsurance fund for agricultural classes of insurance, which provides stop-loss reinsurance.","Agricultural insurance companies. FESR is voluntary and open to all insurance companies that sell agricultural insurance in Brazil, however, only two companies (Aliança do Brasil and AGF Brazil) were using this fund in year 2008.","Indemnity-based",null,"Reinsurance: the FESR has federal government support in the event that the funds are inadequate to settle claims.",null,"Provision of capital:  FESR is funded from a range of sources, including the underwriting profits of the agricultural insurers.                                                                                                                       Management: the IRB (IRB-Brasil Resseguros S.A.), a local reinsurer, manages the FESR.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"IRB-Brasil Re S.A\nwww.irb.gov.br/ "]
[48,"Agricultural insurance in Philipines","Agriculture insurance (indemnity-based)","weather & other","typhoon, flood, drought, pest, crop disease, animal disease, other  ","agricultural","individuals","multi-hazard","Lower middle income","public & private","yes","yes","operational","East Asia & Pacific","Philippines","Lower middle income","Operational","Agricultural crop insurance was introduced in May 1981, and livestock insurance in 1988","National",null,"Number insured: 6,273 livestock farmers were insured in year 2007; down from 6,837 in year 2006.                                                                                        Penetration: it is estimated that only 2% of rice farmers and 1.76% of the national area cropped are now insured by PCIC. The peak penetration of crop insurance was in 1991, when 15% of farmers were insured.                                                                                             ","Cat risk and more frequent risk","Agriculture insurance: crops (rice, corn, abaca, bitter gourd, asparagus, banana, cabbage, carrot, cassava, coffee, commercial trees, cotton, garlic, ginger, mongo, onion, papaya, peanut, pineapple, sugarcane, sweet potato, tobacco, tomato, water melon, white potato, etc.) and livestock (all classes of commercial farm livestock).                                                       Insurance product: for crops, multi-peril crop insurance (MPCI) policies, which cover losses for natural calamities,  pest and disease. Farmers may choose between MPCI or natural disaster cover, the main difference being that the latter does not include pest and disease.                         For livestock, accidental death and  disease are covered. Insurance products are often linked to lending.                                  ","Farmers (the majority of farmer clients of PCIC are small-scale and subsistence producers).                                        Insurance is required by lending institutions such as LBP. The majority of formal seasonal credit for rice and corn production is through LBP, and borrowers are required to insure. Livestock insurance is voluntary.","Indemnity- based.                                                                          Area-based assessment of damage can occur if there are extensive events.",null,"Insurance: the Philippines Crop Insurance Corporation (PCIC) is the sole crop insurance provider in the Philippines. PCIC is 100% owned by government entities.  With regard to livestock, the Government Service Insurance System (GSIS) is part of a pool (the Philippine Livestock Management Services Corporation (PLMSC)) with private insurers. GSIS provides livestock insurance for livestock owned by government institutions.                                                                                                                  Reinsurance: a State Reserve Fund for Catastrophic Losses amounting to P500 million is to be provided by government.                                                                                                                                                                                                                                                          Financial subsidy: Government’s main ongoing support for agricultural insurance is through premium subsidies for PCIC’s main lines of rice and corn insurance (48% to 63%).  Exemption from premium taxes is granted for subsidized rice and corn insurance. Government also financed the start-up costs of PCIC.                                                                                                                                                                            Other: Government extension staff assist with loss assessment activities.  ","Reinsurance: PCIC has been purchasing reinsurance from the private market since the inception of the company. There is no involvement of government in the reinsurance of PCIC.","Insurance: the PLMSC (livestock insurance pool) has 14 participating private insurers.                                                                                                           Sold/ marketed: for livestock insurance, most sales are through cooperatives and producer associations, followed by agricultural banks. For crop insurance, the most important delivery channel is through linkage to agricultural credit for farmers through the Land Bank of the Philippines (LBP). Borrowing farmers benefit from additional subsidies from the lending institution.  Other outlets are through sales to cooperatives, and through brokers.                                                                                                       ",null,"Physical risk reduction or incentives: the farmer pays a variable rate according to the risk zone.","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Philippine Crop Insurance Corporation\npcic.gov.ph/"]
[49,"Subsidized agricultural insurance scheme in China (Beijing)","Agriculture insurance (indemnity-based)","weather & other","animal disease, flood, hail, storm","agricultural","meso","multi-hazard","Lower middle income","public & private","yes","no","operational","East Asia & Pacific","China ","Lower middle income","Operational","July 2009","Local (Beijing)","Expansion of an existing market.                                                  The Chinese government implemented subsidized crop and livestock insurance in 2007 to support the sector and foster production","Number insured: 400,000 farmers","Cat risk and more frequent risk","Agriculture insurance: crops, fruits and livestock.                                                 Insurance products: cover  perils such as animal diseases, flood, hail, wind and rainstorms. ","Local insurance companies are the immediate beneficiaries under the scheme ","Indemnity-based",null,"Initiator: Beijing Municipal Government and China Insurance Regulatory Commission.                                                                                                                                                                                                                                                      Reinsurance: the state-owned reinsurer China Re is one of the reinsurers of the program. Losses over 300% will be covered by the Beijing Municipal Government’s Agricultural Catastrophe Risks Reserve.                                                                                                                                                                                                                                                             Management/ financial subsidy: the Beijing Municipal Government will pool all the agricultural insurance business within Beijing and will provide funding for reinsurance purchase. ","Reinsurance: Swiss Re (and China Re; state-owned) will take up any losses between 160 and 300%.  In the event of catastrophe loss, Swiss Re as the lead reinsurer will settle with the individual insurance companies.","Insurance: local insurance companies. Under the terms of the contract, the insurance companies will be responsible for any losses below 160% of the annual premium. ",null,null,"Closing the financial gap.  New partnerships between the public and private sectors to finance disaster risks. Swiss Re 2011",null,"Swiss Re: \nwww.swissre.com/"]
[50,"Agricultural insurance in Bulgaria","Agriculture insurance (indemnity-based)","weather & other","hail, storm, excess rainfall, fire, frost, flood, snow, freeze, water-logging of the soil, livestock mortality (due to fire, weather events, natural disasters), livestock accident, animal disease, livestock emergency slaughter, other","agricultural","individuals","multi-hazard","Upper middle income","public & private","no","no","operational","Europe & Central Asia","Bulgaria","Upper middle income","Operational",1992,"National","Expansion of an existing market.                                              From 1980 to 1991 agricultural insurance was mandatory for farmers, but the system was abolished after the end of the socialist system (included protection against a wide list of risks numbering approximately 40 perils). In 1992 crop insurance became voluntary, covering a smaller number of perils.","Penetration: the participation rate in year 2005 was 46.8% for crop insurance. In 2005 the farmers insured about 28% of cows (188,160 animals), 15% of sheep and goats (361,500 animals), and 70% of the poultry population (14 million birds). ","Cat risk and more frequent risk","Agriculture insurance: crops, livestock.                                                                Insurance products: for crops, it covers  hail, storm, excess rainfall, fire, frost, flood, snow, freeze, water-logging of the soil. For livestock, it covers mortality due to fire, weather events, natural disasters, livestock accident, animal disease, livestock emergency slaughter, etc. ","Farmers","Indemnity-based","Insurance: perennial plants are insured under SAPARD. SAPARD is the EU Special Accession Programme for Agriculture and Rural Development, which is offered to new members of the EU and supports measures to enhance efficiency and competitiveness in farming and the food industry.","Regulator: premium rates are calculated by actuaries, but subject to approval by the Financial Supervision Commission (specialized government body for regulation and control over different segments of the financial system, including the insurance market). It has a right to revise the premium rates, and in case they are inadequate, sanctions can be applied to the companies using incorrect pricing policies.                                               ","Reinsurance: through private international reinsurance companies","Insurance: seven insurance companies offer crop insurance. The market is dominated by three insurance companies including DZI-Obsto Zastrahovane, Allianz Bulgaria, and Vitosha. Four companies offer livestock insurance (DZI-Obsto zastrahovane, Vitosha, Allianz Bulgaria, and Bulstrad).                                                                                                                                                                                                                                                                                                                                                          Sold/ marketed: insurance agents’ network                                                                                                    ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"SAPARD (Special Accession Programme for Agriculture and Rural Development): http://europa.eu/legislation_summaries/agriculture/enlargement/l60023_en.htm"]
[51,"National agricultural insurance in Kazakhstan","Agriculture insurance (indemnity-based)","weather","hail, frost, drought, flood","agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","no","operational","Europe & Central Asia","Kazakhstan","Upper middle income","Operational                                                                                   Identified challenges:                                                                                - Access to international reinsurance is a major constraint.","Implemented in 1997; became mandatory in 2004","National","Expansion of an existing market.                                          Previoulsy, insurance services for the agricultural sector were provided through private insurance companies on a voluntary basis, and targeted large farms to optimize administrative costs.","Value of insurance premia: annual average premiums of nearly 6 million USD.  \nSum insured: nearly 200 million USD per annum.\nPenetration: the percentage insured area is very high, having risen from 43.5% of total national arable area in year 2005 to 61.2% of area (14.7 million ha) in year 2008.                                                                                                           ","More frequent risk","Agriculture insurance: crops.               Insurance product: multi-peril crop insurance (MPCI)  against weather risks that can cause crop damage or total loss: hail, frost, drought, flood.","Farmers                                        Currently agricultural insurance is mandatory for all crop producers.","Indemnity-based",null,"Reinsurance: Government compensates 50% of losses reported by the participating insurance companies and mutual insurance societies. This is similar to a free quota-share (50%-50%).                                                                                                                                          Management: the subsidized crop insurance system is administered by the state-owned joint-stock company “Fund for Finance Support of Agriculture”, which distributes funds allocated by the government to promote agricultural insurance. The government strictly supervises the enrollment of the farmers under the  program.                                                                                                               Regulator: premium rates are established by the state.                                                                                                                                  ",null,"Insurance:there are eight private insurance companies and 45 mutual insurance companies offering agricultural insurance services under the subsidized program. All agricultural risks are retained by the insurance companies in the country.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Fund for Financial Support of Agriculture: http://www.fad.kz/en "]
[52,"National agricultural insurance in Moldova","Agriculture insurance (indemnity-based)","weather & other","weather events, fire, animal disease, accidental loss, theft, other","agricultural","individuals","multi-hazard","Lower middle income","private","yes","no","operational","Europe & Central Asia","Moldova","Lower middle income","Operational","Implementation of subsidized agricultural insurance in year 2005","National",null,"Number insured: private insurers signed 145 crop insurance contracts under the  subsidized program in year 2007.                                                                                           \nPenetration: the participation rate is low: only 3.7% of the crops (by area), or 72,900 ha, is insured.                                                                                             ","More frequent risk","Agriculture insurance: crops (most crops, fruits, vegetables, and grapes) and livestock.                                          Insurance products: named-peril and multi-peril crop insurance (MPCI) (farmers can choose the perils to be covered by the subsidized MPCI contract). Livestock insurance is a multi-peril product where the client can also choose the perils to be insured (usually weather perils, fire, epidemic diseases, accidental loss, and unlawful actions of third parties  such as theft, robbery, etc.)","Farmers","Indemnity-based",null,"Financial subsidy: the government pays a premium subidy (80% for both crops and livestock) directly to the insurance companies. The insurance premium paid on agricultural insurance contracts is exempt from taxes.                                                                                                                                             Regulator: the law defines the basic features of the subsidized agricultural insurance, including the premium subsidies.                                                                                                                                                                                          ","Reinsurance: both crop and livestock insurance portfolios are reinsured on the private international reinsurance markets. Quota-share reinsurance agreements are signed with reinsurers.","Insurance: subsidized agricultural insurance is offered only by private insurance companies. Currently, four companies participate in the program, but the biggest market share (about 80%) belongs to the Moldasig insurance company.                                     Sold/ marketed: insurance agents are the main delivery channels. Insurance brokers are the second most important delivery channel. Banks and other finance institutions as delivery channels are marginal.                            ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[53,"National agricultural insurance in Romania","Agriculture insurance (indemnity-based)","weather & other","weather events, fire, livestock mortality","agricultural","individuals","multi-hazard","Upper middle income","private","no","no","operational","Europe & Central Asia","Romania","Upper middle income","Operational                                                                                    Identified challenges:                                                           - The agricultural insurance is currently undergoing changes under the leadership of the government.","Mandatory agricultural insurance had been introduced in the Soviet Union in 1969. After 1990 agricultural insurance was reformed and became voluntary.","National",null,"Number insured: 43,003 farms insured in year 2006, out of which 41,818 are crop farms and the rest livestock producers.                                                                                           \nPenetration: about 12% of the arable land is insured in Romania (year 2006). Approximately 18% of commercial farms purchase crop and livestock insurance policies. Considering the total number of farms in Romania is 4.2 million, most of which are small farms with a cultivated area up to 10 ha, the overall participation rate is about 1%.                                                                                             ","More frequent risk                                  Deductible: the standard deductible is 10% for field crops and 15% for fruit trees and grapes.","Agriculture insurance: crops and livestock.                                                        Insurance products: the crop insurance policies are named-peril and can include up to nine weather risks and fire. The risk selection is done by the client. For livestock,  policies cover all mortality risks except for infectious diseases.","Farmers","Indemnity-based",null,"Insurance: the government compensates farmers’ losses caused by infectious diseases, so there is no need for insurance coverage of this risk.                                                                                                                   Financial subsidy: there was no premium subsidy program in Romania, as of 2008. The government decided to stop the agricultural insurance subsidy program.                                                                                                             Regulator: the list of companies participating in the program is approved by the government.                                                                                                                                 ","Reinsurance: insurance companies in Romania reinsure risks with the private international reinsurance companies. They reinsure crop risks mainly through quota-share treaties.","Insurance: ten companies offer crop and livestock insurance services. One company specializes in livestock insurance only. In 2005 about 70% of the market (premiums collected) belonged to three insurance companies – AGRAS, Allianz TIRIAC & ASIROM. Premium rates are set by the private insurance companies individually, without control from the government. Sold/ marketed: the agents’ network, brokers, finance providers (for livestock insurance) and producer associations and cooperatives (for crop insurance).",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[54,"National gricultural insurance in Russia","Agriculture insurance (indemnity-based)","weather & other","drought, excess rainfall, frost, hail, fire, animal disease, livestock mortality, other                                                                              ","agricultural","individuals","multi-hazard","Upper middle income","private","yes","no","operational","Europe & Central Asia","Russia","Upper middle income","Operational.                                                                                   Identified challenges:                                                              - In 2008 the insurance companies proposed to shift crop insurance from voluntary to mandatory, at least for the farmers that receive public agricultural subsidies (e.g. credit).","Mandatory agricultural insurance had been introduced in the Soviet Union in 1969.  Crop insurance was reintroduced in 1991 as a voluntary program after the collapse of the former Soviet Union. The crop insurance subsidy program was introduced in Russia in 2004.","National","Expansion of an existing market.                                           Mandatory agricultural insurance had been introduced in the Soviet Union in 1969.","Number insured: 10,143 farms purchased subsidized crop insurance policies in year 2007. \nPenetration: 3.4% of farms were insured though subsidized crop insurance policies (most purchased by commercial farmers, reported at 47,700 in year 2007). The farmers insured 20.2 million ha of crops in 2007, which amounted to 28.3% of the total agricultural land.                                                                                             ","More frequent risk","Agriculture insurance: crops and livestock.                                                                     Insurance products: multi-peril crop insurance (MPCI), which covers most perils that can cause crop damage or loss, including drought, excessive rainfall, frost, hail, fire, etc.  Livestock products cover most perils including weather perils, epidemic diseases, accidental death, fire, and unlawful actions of third parties. There are some credit-linked insurance products.","Farmers                                                                Livestock insurance is voluntary; crop insurance is compulsory for holders of agricultural credits, mainly provided by two banks. Farmers should purchase agricultural insurance to apply for subsidized credit. ","Indemnity-based",null,"Reinsurance: in 2008 the Federal Agency of the State proposed that 25% of the agricultural risks should be reinsured through the Federal Agency via a special reinsurance facility. This proposal was to be discussed by the market players.                                                                                                                                         Financial subsidy: the federal government subsidies are 40% of the premiums on MPCI products. Regional (local) governments subsidize 10% of premium.  Livestock insurance is not subsidized, and it is voluntary.                                                                                                            Regulator: the Federal Agency is a state institution supervising the subsidized crop insurance program.                                                                                                                                 ","Reinsurance: subsidized crop insurance is reinsured on both national and international reinsurance markets.","Insurance: there were 69 private insurance companies offering subsidized crop insurance in 2007.  Most insurance companies do not offer commercial crop insurance.                                                      Reinsurance: subsidized crop insurance is reinsured on both national and international reinsurance markets.                                             Sold/ marketed: insurance is mainly sold through insurance agents.                                                                                                                                  ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[55,"WINCROP (Windward Islands Crop Insurance program) ","Agriculture insurance (indemnity-based)","weather & other","storm, tropical storm, hurricane, volcanic eruption","agricultural","individuals","multi-hazard","Upper middle income","private","yes","no","operational","Latin America & Caribbean","Dominica, Grenada, St. Vincent, St. Lucia","Upper middle income","Operational                                                                                     Identified challenges:                                                                - Despite its rapid disbursement, growers consider benefits to be relatively low and premiums high, and some growers have argued against compulsory membership of WINCROP.  Raising premiums and thus cover is not seen as a viable option, as exports and profitability of banana crops have been declining.                                    - Widening the pool, e.g. to include other crops, has been discouraged by legislative constraints and the high reinsurance rates quoted for such a multicrop pool.                                                                         - In the absence of subsidies, client have been procrastinating premium payments.",1988,"Multi-national","Expansion of an existing market.                                                    Since the 1950s the Island governments and/or the Banana Growers’ Associations (BGAs), at various times, have attempted to operate mutual insurance schemes against windstorms in bananas. Most of these earlier mutual schemes failed either due to a lack of spread of risk because individual islands elected to insure by themselves as opposed to pooling their risk, or due to the lack of excess of loss reinsurance protection against major hurricane events.","Number insured: WINCROP had 2,767 insured growers in year 2007.                                                                                              Penetration: the above figure represents about 63% of the total export banana growers and 62% of the cultivated area of this crop, in year 2007.","Cat risk and more frequent risk                                                            Deductible: for the past 15 years the policy on all Islands has maintained a standard 20% damage deductible for each and every loss. This high deductible level is required to maintain premium rates at affordable levels for farmers.","Agriculture insurance: crops (banana).                                                                      Insurance product: the policy protects against physical damage by wind (storms, tropical storms and hurricane) and volcanic eruption to the banana plants defined as snapping, toppling, and uprooting of the plant and leaf stripping. Due to high premium rates, the BGAs have traditionally maintained the sums insured at only about 35% of the full production costs for bananas.  In the event of windstorm damage the indemnity amount has therefore only covered the basic re-establishment costs of the banana holding. ","Farmers (the vast majority are smallholders cultivating areas between 0.5 and 5 ha). The scheme is mandatory for members of the marketing organizations in Dominica, Grenada, and St. Vincent, and voluntary in St. Lucia.                                                            ","Indemnity-based","Information/ technical assistance provider: the Caribean Development Bank involved in feasibility study for the scheme.","Provision of capital: start-up capital was provided by the Island governments through the BGAs (Banana Growers’ Associations) to form WINCROP’s paid-up share capital.                                                                                                                                                                                                                                                  Reinsurance: a standby facility for quick claims settling (of 7.5 million USD) was set up by involved governments, to be used as bridge financing until reinsurance proceeds become available.                                                                                                                                                                                                                                                        Financial subsidy: Government subsidies have been demanded but not implemented.                                                                                                            Regulator: WINCROP was established under the special crop insurance legislation of the Banana Insurance Act of 1988, which made windstorm cover in bananas compulsory for all export banana growers on the four Islands. By statute, WINCROP is required to settle claims within 38 days of the storm date.                                                                                                                                        ","Reinsurance: WINCROP has to reinsure a large part of its portfolio (85%) internationally. WINCROP’s banana insurance program has been reinsured with specialist international agricultural reinsurers since inception in 1988. In the early years the company purchased a combination of proportional quota-share and non-proportional excess of loss reinsurance, but as its reserves strengthened, it switched to non-proportional excess of loss reinsurance.","Insurance: WINCROP is the only insurance company in the Windward Islands that offers crop insurance, and is authorized to conduct crop insurance business on the four Islands.  It is constituted as a mutual insurance company owned by the BGAs and their members.  It operates on a commercial basis but does not pay dividends to its shareholders.                                                                                                                                                                                                                                                                                                                                                                Management: premium is deducted at source by the BGAs and paid to WINCROP. Trading surpluses are used to strengthen claims reserves.                                                                                                     ",null,null,"Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006                                              Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[56,"Crop bancassurance program in Brazil","Agriculture insurance (indemnity-based)","weather & other","drought, other","agricultural","individuals","multi-hazard","Upper middle income","private","yes","no","operational","Latin America & Caribbean","Brazil","Upper middle income","Operational.                                                                                  Identified challenges:                                                                  - The program is expanding to include other Brazilian states and other crop types.",2005,"Regional (southern Brazil)",null,null,"More frequent risk","Agriculture insurance: crops (soyabean and corn).                                              Insurance product: MPCI. Linked to lending by Banco do Brazil. ","Farmers (for those acquiring loans from Banco do Brazil; insurance is compulsory).","Indemnity-based",null,"Financial subsidy: the Government subsidizes insurance.             ","Reinsurance: the insurance program is reinsured internationally through the state-owned reinsurer IRB. ","Insurance/ Sold-marketed: Banco do Brazil (rural lender) provides insurance bundled with loans (crop insurance is tied to the farm credit).",null,null,"Insurance solutions for managing the food crisis. CBC and Swiss Re, December 2008","http://siteresources.worldbank.org/FINANCIALSECTOR/Resources/Session4_b_GlaucioToyama.pdf","Banco do Brasil: www.bb.com.br"]
[57,"Crop-Credit Insurance Guarantee Program for Small and Marginal Farmers (SEAF) in Brazil","Agriculture insurance (indemnity-based)","weather & other","drought, excess rainfall, frost, hail, temperature, storm, pest, crop disease","agricultural","individuals","multi-hazard","Upper middle income","public","yes","yes","operational","Latin America & Caribbean","Brazil","Upper middle income","Operational",2004,"National","Expansion of an existing market.                                      Public sector crop insurance in Brazil dates back to 1954 when the federal government of Brazil formed PROAGRO (Guarantee Program for Agriculture and Livestock Activities), a national, individual grower multi-peril crop insurance (MPCI) program linked to crop credit. SEAF stems from PROAGRO. ","Number insured: more than 600,000 smallholders were insured under SEAF in year 2008; up from 543,800 farmers in year 2004/05.                                                                                            Sum insured:  R$ 2.5 billion in year 2004/05.                                                                     \n","Cat risk and more frequent risk                                                           Deductible: losses must exceed 30 % of the expected gross revenue for the crop in order to qualify for an indemnity.","Agriculture insurance: crops (rainfed and irrigated cereals, legumes, oilseeds, fiber crops, root crops (cassava), grapes, and tree fruits).                                                                         Insurance product: multi-peril yield shortfall policy (drought, excess rainfall, frost, hail, excess variation in temperatures, strong winds, cold winds, crop pests, and diseases that are uncontrollable either technically or economically).  The product is called  Insurance for Family Agriculture (Seguro da Agricultura Familiar). It is linked to credit, and covers a maximum of R$2,500 per farmer.","Farmers (smallholders who access seasonal production credit from the National Program for the Strengthening of Family Agriculture/ PRONAF).                                                 SEAF is a compulsory crop credit insurance program for these farmers.","Indemnity-based                                                                               It indemnifies growers by the amount that actual crop revenue falls short of the sum insured.",null,"Initiator:SEAF was developed by the federal government of Brazil.                                                                                                                                                                                                                                                          Management: SEAF is administered by the Secretariat of Family Agriculture (Secretaria de Agricultura Familiar) and the Ministry of Agrarian Development (Ministério do Desenvolvimento Agrário).                                                                                                                Financial subsidy: the government pays a 75 percent premium subsidy on the SEAF program.                                                                                                            ",null,null,null,"Physical risk reduction or incentives: the farmer must commit to use adequate methods and technology.                                                           Awareness raising /capacity building: the government is developing agricultural risk management training and education programs with several universities.","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"SEAF programme: http://www.mda.gov.br/portal/saf/programas/seaf"]
[58,"Subsidized crop insurance programs in several provinces in Argentina","Agriculture insurance (indemnity-based)","weather","hail, storm, freeze, excess rainfall,  drought, other","agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","no","operational","Latin America & Caribbean","Argentina","Upper middle income","Operational                                                                                Identified challenges:                                                             - Local companies can readily access reinsurance capacity for crop hail but, in the case of MPCI coverage, reinsurance capacity is much more restricted. ","Crop hail insurance was first introduced in 1874. ","Multi-regional                                 Subsidized insurance in several provinces: Mendoza (Mendoza Province Fruits and Vineyard Hail Crop Insurance Scheme), Río Negro (Rio Negro Province Fruit-Hail Crop Insurance Scheme), and Chaco (study to implemeny a subsidized cotton insurance scheme)","Expansion of an existing market.                                               Crop hail insurance was being marketed mainly by mutual companies and cooperatives until 1994, when several private insurance companies started to offer crop insurance.","Value of insurance premia: traditional crop hail insurance still accounts for about 95% of the total market premium volume. The estimated volume of premium subsidies for the whole market is USD 5 million.  \nNumber insured: about 130,000 crop insurance policies were issued in year 2007/08.                                                                                           \nPenetration: the insured area reached 16,592,000 ha, representing about 50% of total national cropped area.                                                                                                             ","Cat risk                                                     Deductible: there are different deductible levels depending on the insurance product. The crop hail policy has a 6% damage franchise.","Agriculture insurance: crops                                 Insurance products: MPCI, catastrophic hail events, hail plus additional risk covers like wind, freeze, excess rain at harvest and drought. Sometimes it is linked to loans.               ","Farmers                                                              Crop insurance is compulsory for farmers who access seasonal crop loans from banks; however this represents less than 5% of the total premium.","Indemnity-based",null,"Insurance: a public insurance company offers agricultural insurance products (as of 2008).                                                                                              Financial subsidy: several provinces have developed their own subsidized crop insurance programs to protect their local farmers (particularly for vineyards and fruit crops).                                                                                                           Regulator: there is no special agricultural insurance legislation.                                                                                                                                 Information/ technical assistance provider: federal government support is limited to providing technical support and information.                                                                      ","Reinsurance: Argentinean crop insurers purchase a combination of proportional and non-proportional treaty reinsurance. Local companies can readily access reinsurance capacity for crop hail but, in the case of MPCI coverage, reinsurance capacity is much more restricted. ","Insurance: in 2008 there were about 30 insurance companies offering agricultural insurance products in the country. Twenty-three were private insurance companies, six were cooperatives, and one was a public insurance company.                                                         Sold/ marketed: the most important delivery channels are through the insurance agents and insurance brokers. There are also some cases where the delivery channel is through input suppliers.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[59,"Greenhouse insurance in Corrientes Province, Argentina","Agriculture insurance (indemnity-based)","weather & other","other","agricultural","individuals","multi-hazard","Upper middle income","private","yes","no","operational","Latin America & Caribbean","Argentina","Upper middle income","Operational",null,"Local (Corrientes)",null,"Number insured: approximately 40 policies issued.",null,"Agriculture insurance: greenhouses.","Farmers (smallholders) ","Indemnity-based",null,"Financial subsidy: within the framework of the PRODERNEA (Programa de Desarrollo Rural del Noreste Argentino), the federal government provides subsidies as a percentage of commercial premiums for greenhouse insurance.",null,"Insurance: private insurers",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Programa de Desarrollo Rural del Noreste Argentino (PRODERNEA): www.prodernea.net/ "]
[60,"Crop insurance in Santa Cruz Province, Bolivia","Agriculture insurance (indemnity-based)","weather & other","weather events, fire","agricultural","individuals","multi-hazard","Lower middle income","private","no","no","operational","Latin America & Caribbean","Bolivia","Lower middle income","Operational                                                                                    Identified challenges:                                                              - The product is expected to be expanded to other crops in the near future.",2008,"Local (Santa Cruz Province)",null,"Insured area: approximately 20,000 ha of soybeans were planned to be insured in Santa Cruz Department in year 2008, but the final status of this program is not known.","More frequent risk","Agriculture insurance: crops (soybean).                                                                    Insurance product: MPCI yield shortfall cover (for all types of weather events and fire). Guaranteed yields under this policy vary from 40%-60% of the actual production history, depending on the crop/region and the product.  Usually  linked to input suppliers’ loans.                                               ","Farmers (large soybean farmers)","Indemnity-based",null,"Financial subsidy: there is no formal evidence of federal government support to agricultural insurance.                                                                                              Information/ technical assistance provider: the Government of Bolivia is currently conducting a study to implement a national Agricultural Insurance Scheme.","Information/ technical assistance provider: insurance companies are technically supported by an Argentinean agricultural insurance company and a reinsurance broker.","Insurance: two private commercial insurance companies, Latina Seguros Patrimoniales, S.A. and BISA, have separately offered the products.                                                                                                      Sold/ marketed: the most important delivery channels are through the insurance brokers who usually work with input suppliers.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Latina Seguros Patrimoniales S.A.\nwww.latina-seguros.com.bo/                  Bisa Seguros y Reaseguros S.A.\nwww.bisaseguros.com/          "]
[61,"Subsidized agricultural insurance in Brazil","Agriculture insurance (indemnity-based)","weather & other","hail, fire, livestock accident, livestock mortality, other","agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","no","operational","Latin America & Caribbean","Brazil","Upper middle income","Operational",2005,"National","Expansion of an existing market.                                                The first private sector crop insurance initiative in Brazil dates back to 1997/98 when Porto Seguro, in collaboration with Partner Reinsurance Company, Zurich Branch, started a private crop hail program for apples and pears in various southern states of Brazil.","Value of insurance premia: 73.2 million USD in year 2007/08.  \nSum insured: the Brazilian commercial agricultural insurance market total sum insured for crops, forestry, and livestock was estimated at 1.53 billion USD in year 2007/08. \n ","More frequent risk","Agriculture insurance: crops (soybeans, maize, wheat, other grain crops, fruits, etc.), livestock, forestry.                                             Insurance products: MPCI yield-based indemnity cover for soybeans, maize, wheat, and other grain crops; hail cover for fruits. Forestry: fire plus allied-perils. Livestock: accident and mortality. Insurance often linked to credit.","Farmers (medium and larger commercial farmers).                                                                 Private sector agricultural insurance is voluntary in Brazil. Rural banks may, however, require borrowers to take out a crop insurance policy to protect their seasonal crop production loans.","Indemnity-based",null,"Reinsurance: IRB (IRB-Brasil Resseguros S.A.), a privately-held mixed capital corporation linked to the Ministry of Finance,  is registered as a local reinsurer.                                                                                                                                                                                                                                                         Financial subsidy: the Brazilian government has been very committed to supporting private commercial agricultural insurance since 2005 through the provision of premium subsidies (maximum of 70%).                                                                                                            ","Reinsurance: in 2008 all the major international commercial agricultural reinsurers were operating in Brazil either as local or admitted or alien reinsurers. They offer a mix of facultative proportional reinsurance (especially for large forestry accounts) and quota-share and stop-loss treaty reinsurance to the private commercial agricultural insurers.","Insurance: in 2008, a total of eight private commercial companies were operating in the Brazilian agricultural insurance market.                                                                                                                          Sold/ marketed: key delivery channels include: (1) local insurance brokers; (2) banks (for example, Alianca do Brazil, the largest crop insurer, is owned by the Bank of Brazil and has a major crop-credit portfolio); and (3) producer associations and cooperatives.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"IRB-Brasil Re S.A\nwww.irb.gov.br/"]
[62,"Subsidized agricultural insurance in Chile","Agriculture insurance (indemnity-based)","weather & other","drought, excess rainfall, flood, frost, hail, snow, storm, temperature, fire, riot,  avalanche, tsunami, animal disease, theft, other","agricultural","individuals","multi-hazard","Upper middle income","private","yes","no","operational","Latin America & Caribbean","Chile","Upper middle income","Operational with modifications from the initial concept (separate underwriting by companies as opposed to common underwriting).","Implemented in 2000; modified in 2002.","National","Creation of a new market (in development).                                     In 1999 the government commissioned a feasibility study for a national crop insurance program to be implemented by the private insurance sector. In 2000 three insurers pooled together for 2 years; after this they decided to underwrite their business separately, but they have continued to agree to underwrite common crop policies with similar agreed rates and deductibles.","Value of insurance premia: the crop insurance premium volume amounted to about 5.0 million USD in year 2008, of which the premium subsidy accounted for 2.6 million USD, or 52% of premium. For forestry insurance the 2008 market premium was estimated at about 15 million USD, and the total aquaculture insurance premiums were probably of a similar magnitude.                                                                            Penetration: approximately 5% of Chile’s farmers have purchased subsidized crop insurance between years 2003 and 2008.                                                                                              ","Cat risk and more frequent risk                                                                   Deductible: for forestry, a deductible of typically 10% of the value of the claim is applied.","Agriculture insurance: crops (cereals, horticultural crops, legumes, industrial crops such as sugar beet, and greenhouse crops), forestry and acquaculture.                                                            Insurance products: for crops, MPCI yield shortfall cover which covers losses due to drought, excess rainfall, flood, frost, hail, snow, wind. Pests and diseases are excluded from the main policy. For rice, the coverage includes low temperature at the time of flowering. Forestry: fire, riot, storm, flood, avalanche, frost, snow, tsunami. Acquaculture: storm, tidal waves, strong currents, red tides (algae), animal disease, attack by predators, theft, etc.","Farmers (particularly  medium and small, and large in forestry and acquaculture).","Indemnity-based",null,"Financial subsidy: the Government provides financial support to the crop program in the form of a fixed 50% premium subsidy, administered by the Comité de Seguro Agricola (COMSA; Agricultural Insurance Committee). There is no government intervention or support for the forestry and aquaculture insurance sectors.                                                                   Sold/ marketed: INDAP is a government development agency which arranges crop loans through the Banco de Chile for smallholder farmers in Chile. It promotes crop insurance to its loanees, and consitutes one of the main insurance delivery channels.                                                                                                                                                                                                                                      Information/ technical assistance provider: COMSA also provides technical assistance to the design and rating of new products.                                                                               ","Reinsurance: commercial insurance companies are fully responsible for making their own reinsurance arrangements with international reinsurers.","Insurance: commercial insurance companies underwrite and distribute their policies. In 2008 the Chilean subsidized crop insurance scheme was underwritten by two insurance companies, Aseguradora Magallanes with about a 67% market share and Mapfre Seguros with about a 33% market share.                Development: Magallanes has developed a very innovative online underwriting system with INDAP, which permits INDAP to submit crop insurance proposals electronically, and if these are within the ranges accepted by the insurer, the policies are automatically underwritten, printed, and billed.                                                                                                          Sold/ marketed: delivery channels for Magallanes include INDAP (Agricultural Development Agency which arranges crop credit small farmers); the agroindustry sector (it contracts large numbers of small producers to grow their crops and arranges collective crop insurance), insurance brokers and the insurers’ own sales agents.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Comité de Seguro Agricola (COMSA): www.seguroagricola.com/ "]
[63,"Agricultural insurance in Colombia","Agriculture insurance (indemnity-based)","weather & other","livestock accident, livestock mortality, theft, other","agricultural","individuals","multi-hazard","Upper middle income","private","yes","no","operational","Latin America & Caribbean","Colombia","Upper middle income","Operational ","Implementation of subsidized agricultural insurance in year 1993.","National",null,"Value of insurance premia: the crop portfolio premium amounted to 5.0 million USD in year 2007.\nNumber insured: Mapfre Colombia achieved crop sales of 1,566 policies in year 2007. In 2007 Mapfre Colombia sold one large livestock policy to insure 700 head of cattle.                                                                                          Sum insured: the crop portfolio total sum insured amounted to 88.8 million USD in year 2007. \nPenetration: insured area of 30,500 ha (nearly 1% of national cropped area), with an average of 19 ha per policy, in year 2007.                                                                                              ","More frequent risk","Agriculture insurance: crops (wide range of annual crops) and livestock.                                                                    Insurance product: Mapfre Colombia's crop insurance policy can be written either as a multi-peril “loss of investment costs” policy (Seguro a la Inversion) or as a damage-based indemnity policy (direct damage to the plant cover). Livestock insurance covers animal accident and animal mortality (also includes the perils of theft and terrorism).","Farmers","Indemnity-based",null,"Financial subsidy: the Government provides subsidies for crop insurance only (not livestock). Crop insurance premium subsidies vary from 30% of premium for individual policies to 60% for collective policies.                                             Regulator: in 1993, the government enacted crop insurance legislation that authorized the provision of premium subsidies by government.","Reinsurance: Mapfre Colombia’s crop and livestock portfolios are reinsured on a quota-share treaty basis with private international reinsurers.","Insurance: in 2008 agricultural crop and livestock insurance was implemented exclusively by the private commercial insurance sector. Mapfre Colombia was the only company offering a combination of crop and livestock insurance. Two other companies, Liberty and QBE, underwrite livestock.                                   Sold/ marketed: for Mapfre crop insurance, insurance brokers are the most important sales channel, followed by the company’s own agents. For livestock, the company’s sales agents are the most important delivery channel.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Mapfre Colombia: \nwww.mapfre.com.co/ "]
[64,"Agricultural insurance in Costa Rica","Agriculture insurance (indemnity-based)","weather & other","humidity, volcanic eruption, water-logging of the soil during harvest, hail, fire, flood, pest, drought, earthquake, storm, ivestock mortality,  livestock accident, animal disease, other","agricultural","individuals","multi-hazard","Upper middle income","public","yes","yes","operational","Latin America & Caribbean","Costa Rica","Upper middle income","Operational","Crop insurance was first introduced in Costa Rica in 1970. Two years later, in 1972, a livestock insurance product was released.","National","Expansion of an existing market.                                                    Costa Rica’s insurance market was controlled by a state-owned insurance monopoly, “Instituto Nacional de Seguros” (INS), until 2008 when the insurance market was opened up to competition.","Estimated profit: INS budget for crop insurance premium subsidies for year 2008 was 7.3 million USD, representing 8% of its 2007 net profit.\nPenetration: the crop insurance penetration rate is very low in Costa Rica. In 2007 only 8,600 hectares were insured, representing 2% of the total planted area. The main insured crop is paddy, with 70% of the insured area. Livestock insurance is also undeveloped; only 700 heads are insured in the country as of year 2008 (less than 1% of the national herd). ","Cat risk and more frequent risk                                                                Deductible: in the MPCI policies, it is stated that the maximum guaranteed yield is 70% of the expected yield; this implies a 30% deductible.","Agriculture insurance: crops (rice, banana, corn, black beans, sugarcane, peppers, melons, palm, potato, passion fruit, pineapples, watermelon, tobacco, carrots, etc.) and livestock (cattle, goats, sheep, horses, buffaloes, and pigs).                                      Insurance product: MPCI Yield Shortfall Cover (it covers excess moisture, volcanic eruption, water-logging of the soil during harvest (prevention of harvest), hail, fire, floods, weeds, drought, earthquakes, and wind). For livestock, mortality,  accident and disease are covered. ","Farmers and herders ","Indemnity-based",null,"Insurance: the public insurance company Instituto Nacional de Seguros (INS) is the only insurance company offering agricultural insurance in Costa Rica, and its programs are 100% retained by it (no transfer to reinsurers).                                                                                                                                                                                                                                 Financial subsidy: the federal government supports agricultural insurance development by a premium subsidy scheme established through INS (Instituto Nacional de Seguros), for rice, beans, and corn crops.  The average crop insurance premium subsidy in terms of percentage of premiums for the crops involved in the scheme is 49%.  There is no premium support from Government for livestock.                                                                                                             ",null,"Sold/ marketed: the most important insurance delivery channels are through the cooperatives and farmers’ associations, as well as through financial institutions. There are no specialized delivery channels for small and marginal farmers.",null,"Physical risk reduction or incentives: original gross rates vary from 3% to 8%, depending on the crop and location. For forestry plantations original gross rates vary from 2.0% to 3.5% of TSI depending on the region, type of plantation, protection measures, contingency plans implemented by the insured, deductibles, and indemnity limits.","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Instituto Nacional de Seguros de Costa Rica: www.ins-cr.com/"]
[65,"Subsidized crop insurance in Dominican Republic","Agriculture insurance (index-based)","weather & other","drought, flood, excess rainfall, storm, cyclone, tropical storm, hurricane, hail,  pest, crop disease","agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","no","operational","Latin America & Caribbean","Dominican Republic","Upper middle income","Operational                                                                                   Identified challenges:                                                                    - The objective is to incorporate new crops each year.",2002,"National","Expansion of an existing market.                                            Agricultural insurance was first introduced in 1984 by Aseguradora Dominicana Agropecuaria, CA (ADACA), a majority state-owned entity, to provide insurance as collateral for the loans given by Banco Agricola de la República Dominicana to subsistence farmers. ADACA ceased its activities in 1997 mainly due to the withdrawal of support from the Banco Agricola.","Number insured: 5,300 policies were issued in year 2007/08.                                                                                            \nPenetration: total insured area of 15,000 ha of mainly rice and some bananas, representing 1.7% of total national cultivated area and about 10% of the cultivated rice area, in year 2007/08.   ","Cat risk and more frequent risk                                                              Deductible: for rice,  indemnities are subject to the application of deductibles equivalent to 10% of TSI (Total Sum Insured) in case of drought and of 5% of the TSI for the remaining covered perils. For banana plantations, a deductible of 20% of the TSI applies.","Agriculture insurance: crops (rice and bananas).                                            Insurance product: AGRODOSA (Aseguradora Agropecuaria Dominicana) offers two types of crop insurance policy: (1) an MPCI yield shortfall policy covering drought, floods, excess of rain, wind/cyclone (including tropical storms and hurricanes), hail, and unknown pest and diseases, which is offered to rice producers, and (2) a damage-based policy which insures against wind/cyclone (including tropical storms and hurricanes) in bananas.","Farmers","Parametric. Yield-based index.                                                                                   For rice, the coverage is triggered once the actual yield obtained by the insured on its insured unit falls below the guaranteed yield (which is usually set at a maximum of 70% of the normal average yield) determined for each county and crop season.",null,"Insurance: AGRODOSA is the sole supplier of crop insurance in the country. It is owned at 50% by the federal government. The company is a private-public partnership, but it is managed on strictly commercial insurance principles and is subject to private insurance regulations.                                                                                                                                                                                                                                 Financial subsidy: the federal government supports agricultural insurance mainly through premium subsidies (ranging from 33% to 50% of crop insurance premiums) and by financing the start-up cost for AGRODOSA, as well as part of its administration and operational costs.                                                                                                            ","Reinsurance: the AGRODOSA Crop Insurance Program is reinsured under a proportional (quota-share) treaty agreement with leading international reinsurers in this class of business.","Insurance: AGRODOSA is a private-public partnership, and is managed on strictly commercial insurance principles and is subject to private insurance regulations.                                       Sold/ marketed: the most important delivery channel in the Dominican Republic is “Banco Agrícola” which is the main finance institution for the rural sector, and delivers to  small and marginal farmers. Other delivery channels are agents’ and farmers’ associations and cooperatives. ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[66,"Agricultural insurance in Ecuador","Agriculture insurance (indemnity-based)","weather & other","weather events,  animal disease","agricultural","individuals","multi-hazard","Lower middle income","private","no","no","operational","Latin America & Caribbean","Ecuador","Lower middle income","Operational                                                                                    Identified challenges:                                                               - Introduction of Government subsidies was being discussed (as of 2008).",1997,"National","Expansion of an existing market.                                                Crop and livestock insurance were first introduced in 1980 under CONASA, a government of Ecuador Public Sector Insurance Company. The public sector program was discontinued by the end of the 1980s.","Number insured: 3,228 crop insurance policies were sold in year 2008. For livestock, about 500 animals are insured per year.                                                                                           \nPenetration: insured area of 27,000 ha of mainly cereals, representing about 2.0% of total national cropped area (year 2008). Livestock insurance mainly purchased by equine owners; penetration is very low but stable at about 500 animals per year.                                                                                              ","More frequent risk","Agriculture insurance: crops and livestock (cattle and horses).                                      Insurance product: individual grower multi-peril crop insurance (MPCI) and individual animal mortality cover and epidemic disease cover for livestock.  Some products cover loan default (e.g. crop-credit linked insurance product offered by Colonial and a small farmer agricultural development bank in Ecuador). ","Farmers                                               Crop insurance is compulsory for small and marginal farmers who access public sector seasonal crop loans. Colonial insurance and the small farmer agricultural development bank in Ecuador provide crop-credit linked insurance.                                                                 ","Indemnity-based",null,"Financial subsidy: the government does not provide subsidies, although there are discussion in this regard with Colonial de Seguros, a private commercial insurance company  (as of 2008). The Government does not provide support to agricultural insurance or disaster relief.                                                                                                            Regulator: there is no form of special agricultural insurance legislation.                                                                                                                                 ","Reinsurance: Colonial’s crop and livestock insurance programs are reinsured with international reinsurers under quota-share treaty arrangements. ","Initiator/ Insurance: crop and livestock insurance were reintroduced in 1997/98 by Colonial de Seguros, a private commercial insurance company (sole crop and livestock insurance provider as of 2008).                                                                                                                                                                                                                                                                                                                                                                    Sold/ marketed: delivery channels are banks (Colonial offers a crop-credit insurance product), and through the company’s own sales agents for livestock.                                 ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Colonial de Seguros: www.seguroscolonial.com"]
[{"$f":"A84+1","v":67},"Agricultural  insurance in El Salvador","Agriculture insurance (indemnity-based)","weather & other","biological perils, frost, flood, drought, hail, fire, hurricane, tornado, storm, animal disease, livestock emergency slaughter","agricultural","individuals","multi-hazard","Lower middle income","private","yes","no","operational","Latin America & Caribbean","El Salvador","Lower middle income","Operational","Crop insurance was first introduced in El Salvador in 2001, after the severe wind and flood losses suffered by the agricultural sector caused by Hurricane Mitch.","National",null,"Value of insurance premia: the total agricultural insurance premium volume was estimated at about 200,000 USD in year 2006.\nPenetration: in year 2006, only 4,715 ha (0.52% of the total cultivated area) were insured, and about 4,000 heads of cattle were insured (less than 1% of the national herd).                                                                                              ","Cat risk and more frequent risk; depending on the insurance product. Deductible: it varies depending on the product.              - Individual Plant Insurance : 5% to 10% over TSI.                                     - Crop Investment Insurance (Seguro a la Inversion): 5% to 25% of the TSI, depending on peril.                                                              - Guaranteed Yield, Multi-Peril Crop Insurance (MPCI): the insured retains 30% of losses due to drought and 25% in case of damage due to biological perils. ","Agriculture insurance: crops and livestock.                                                                   Insurance products:                                  - Individual Plant Insurance (named-peril, damage-based policy). It protects against damage to individual plants (high value crops like banana plantations) caused by adverse weather conditions and biological perils.                                                                     - Crop Investment Insurance (Seguro a la Inversion):  protects the direct investment (production and input costs, land preparation, sowing costs, etc.) made in the insured crop against several perils (frost, flooding, hail, fire, hurricane, tornadoes, winds, windstorms, biological perils, etc) .                                                                   - Guaranteed Yield MPCI: protects a percentage of the expected individual crop yield at farm level against weather, biological, and other perils.           - Livestock insurance: animal mortality due to accidents, disease or slaughtering ordered by the authorities.                                                                      ","Farmers and herders","Indemnity-based.                                                                        For crops, loss adjustment may be based on crop damage or on insured crop yield performance, depending on the insurance product.",null,"Financial subsidy: the public sector provides premium subsidies equal to 50% of the original gross premium for cotton crops. Premium subsidies are not available for other crops or for livestock insurance. ","Reinsurance: crop insurance programs in El Salvador have been supported by international reinsurers on a quota-share basis (10% retained, 90% ceded).","Insurance: two insurance companies, Seguros e Inversiones S.A. (SISA) and Aseguradora Pacifico S.A., offer crop and livestock insurance.                                                                                                        Sold/ marketed: insurance agents are the main delivery channel for agricultural insurance. There is no specific channel to deliver agricultural insurance to small and marginal farmers.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"SISA Seguros e Inversiones S.A.\nwww.sisa.com.sv/              Aseguradora Pacifico S.A.: www.pacifico.com.sv/ "]
[68,"Agricultural insurance in Guatemala","Agriculture insurance (indemnity-based)","weather & other","extreme weather conditions, biological perils, freeze, flood, hail, fire, hurricane, tornado, storm, drought, pest, plant disease, livestock mortality,  livestock accident, animal disease, other","agricultural","individuals","multi-hazard","Lower middle income","private","yes","no","pilot","Latin America & Caribbean","Guatemala","Lower middle income","Pilot","Implemented in 1998 (pilot). Dicontinued in 1998 due to lack of demand by farmers. Re-introduced after Hurricane Mitch, in 2001. ","Regional (pilot program in the south coast).","Creation of a new market (in development)","Value of insurance premia: estimated premium income since the inception of the Guate Invierte Program (December 2005) until year 2008 was 1.9 million USD.  Since its inception, the program has been subsidizing agricultural insurance premiums by about 640,000 USD per year.\nNumber insured: since inception until year 2008 the program has insured a total of 3,638 farmers.                                                                                           \nPenetration: the agricultural insurance penetration level is currently very low.                                                                                              ","Cat risk and more frequent risk                                                          Deductible: it varies depending on the insurance product (5% to 10% of the TSI, 5% to 15% of the production cost, etc)","Agriculture insurance: crops (corn, other crops) and livestock (cattle, hogs, sheep, goats, poultry).                            Insurance products: for crops, there are several commercial policies that protect against different perils (adverse weather conditions, biological perils, freeze, flood, hail, fire, hurricane, tornado, storm, drought, pest, plant disease, other).   For livestock, policies cover mortality, accident and disease.","Farmers ","Indemnity-based",null,"Financial subsidy: Ministry of Agriculture and Livestock (MAGA) supported the pilot. The federal government, through the project “Guate Invierte”, provides premium subsidies (up to 70% of the gross premiums).","Reinsurance: crop insurance programs in Guatemala are supported by international reinsurers on quota-share basis (10% retained, 90% ceded), mainly through the Mexican insurance facility managed by PROAGRO.                    Information/ technical assistance provider: Mexican insurance companies provide technical support to insurance companies in Guatemala.","Insurance: several insurance companies provide agricultural insurance with technical support from Mexican insurance companies.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Ministry of Agriculture and Livestock: http://www.maga.gob.gt/"]
[69,"Agricultural insurance in Honduras","Agriculture insurance (indemnity-based)","weather","hail, frost, drought, storm, flood, hurricane, tropical storm","agricultural","individuals","multi-hazard","Lower middle income","private","no","no","operational","Latin America & Caribbean","Honduras","Lower middle income","Operational","Crop insurance was first introduced in 2000 and livestock insurance in 2004.","National",null,"Penetration: only 1.9% of the cropped area is currently insured by all types of crop insurance. Less than 1% of the national herd is insured.  The state-owned bank BANADESA requires farmers to insure their agricultural loans on a compulsory basis, being the main reason of the expansion of agricultural insurance in Honduras. However, the recent reduction of BANADESA agricultural lending has contributed to the stagnation of the agricultural insurance penetration.                                                                                             ","Cat risk and more frequent risk","Agriculture insurance: crops (rice, cucumbers, watermelons, bananas, zucchini, corn, melons, pepper, oil palm, banana, sorghum, beans, and sugar cane crops); livestock; greenhouses and aquaculture.                                                            Insurance products: crops are protected against  hail, frost, drought, winds, floods;  greenhouses and aquaculture against hurricanes/tropical storm damage. Insurance is linked to lending in some instances.","Farmers (large, medium and small).                                                         The state-owned bank BANADESA requires farmers to insure their agricultural loans on a compulsory basis. ","Indemnity-based",null,"Financial subsidy: federal government support is restricted to technical assistance, capacity building (e.g. workshops and training programs), and tax exemptions on agricultural insurance premiums. The government does not currently finance premium subsidies.                                                                                                             ","Reinsurance: the agricultural insurance programs currently in place in Honduras have support from the international reinsurance market, particularly for MPCI.","Insurance: four private insurance companies provide agricultural insurance in Honduras, namely Interamericana, Equidad, HSBC, and Atlantida. All of these companies offer crop insurance, but only two companies underwrite small livestock portfolios. Two insurance companies are specialized in servicing agricultural insurance to small farmers: Seguros Atlantida and Seguros Equidad.                                                                                                                           Sold/ marketed: insurers delivery through their agents. Some financial institutions (e.g. rural banks) also deliver agricultural insurance. ",null,"Awareness raising /capacity building: federal government supports technical assistance and capacity building (e.g. workshops and training programs)","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[70,"Coconuts Board's Common Fund scheme in Jamaica","Agriculture insurance (indemnity-based)","weather","storm","agricultural","individuals","single-hazard","Upper middle income","private","no","no","operational","Latin America & Caribbean","Jamaica","Upper middle income","Operational",1983,"National","Expansion of an existing market                                                Since the 1980s, several catastrophe windstorm agricultural insurance schemes have been implemented as industry schemes for smallholder producers, meaning that all the production was insured on a compulsory basis. Bananas had a program termed the Banana Industry Insurance Fund (BIIF) providing cover against tropical cyclones and floods, which was reinsured with the major crop reinsurers for many years; however, with the most recent loss history and the decision of the major grower to stop producing for export, the program is currently suspended. Reinsurers are also reluctant to resume cover following the extremely poor claim results over the last five years.  Only the Coconut Scheme is in operation nowadays.",null,"Cat risk and more frequent risk","Agriculture insurance: crops (coconuts).                                                           Insurance product: it covers destruction of coconut trees due to windstorms. The coverage indemnifies up to J$ 500 per tree, but farmers can buy additional contractual cover.                                            Farmers are covered on the basis of the sale of nuts for copra from the previous crop, with a designated number of nuts making up a unit and a set number of nuts equating to a tree. For example, if a farmer sells coconuts to the Board, for every 100 nuts that are sold, the farmers gets $65 that goes towards an automatic insurance.","Farmers (coconut producers). The Cocount Board program is compulsory. ","Indemnity-based",null,"Financial subsidy: there are no premium subsidies, or public sector intervention on the agricultural sector .","Reinsurance: the program is currently not reinsured. The CIB (Coconut Industry Board) accessed reinsurance from the international markets until 2004, but after Hurricane Ivan, reinsurers decided to withdraw. ","Insurance: after the bankruptcy of the insurance company who used to underwrite the program in Jamaica, no insurance company was willing to underwrite this business.                                                                                                                                                                                           Management: the CIB currently manages the Coconuts Board's Common Fund scheme.                                                                                                                                                                                                                                                       Sold/ marketed: the most important delivery channel used in Jamaica is through the Commodity Boards.                                                                                                     ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[71,"Subsidized agricultural insurance in Mexico (Programa de Subsidio a la Prima del Seguro Agropecuario)                            ","Agriculture insurance (indemnity-based)","weather & other","hail, extreme weather conditions, pest, crop disease, germination failure, soil capping, animal disease, livestock emergency slaughter, other","agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","no","operational","Latin America & Caribbean","Mexico","Upper middle income","Operational","Introduced in 1961; has undergone several phases and re-definitions since then.","National","Creation of a new market (in development).                                  Current sustained level of profitability of private, mutual, and public agricultural insurance in the 2000s compared to the very poor public sector results experienced by ANAGSA in the 1990s (in 1961 the government, through Aseguradora Nacional Agricola y Ganadera S.A. (ANAGSA), had started to underwrite a multi-peril crop insurance (MPCI) policy supported by federal government premium subsidies).","Number insured: nearly 1 million farmers  and  15.3 million head of livestock insured in year 2007.                                                                                           \nPenetration: 17% of total farmers insured, with an insured crop area of 4.4 million ha (21% of national cropped area) in year 2007.                                                                                              ","More frequent risk","Agriculture insurance: crops and livestock (dairy and beef cattle, pigs, sheep and goats, horses, deer, poultry, and bees).                                     Insurance products:                                - For crops: (a) single-peril hail and named-peril damage-based insurance and indemnity policies (termed “individual plant insurance”), (b) Loss of Investment Cost Insurance (Seguro a La Inversion), a multiple-peril salvage-based loss of yield insurance policy which indemnifies growers against loss of their production costs invested in growing the crop up to the time of loss, and (c) traditional MPCI yield-based indemnity insurance whereby farmers are provided a yield guarantee (which typically ranges from 50% to 70% maximum of expected yield) against a wide range of climatic, biological (pests and diseases), and pre-emergence perils (including germination failure and soil capping). For livestock, there are two main covers: (a) accident and mortality insurance, and (b) livestock epidemic disease cover.","Farmers","Indemnity-based",null,"Reinsurance: Agroasemex (the parastatal agricultural reinsurer) provides stop-loss reinsurance protection to the Fondos and typically a combination of proportional (quota-share) treaty reinsurance and facultative reinsurance protection to the local private insurers. Agroasemex has to compete on a commercial basis with the international reinsurers.                                                                                                                                            Development: Agroasemex, the national agricultural reinsurer, is also involved in in product design and rating and in the design of loss adjusting systems and procedures.                                                                                                                                                                                                                                    Financial subsidy: the Government provides premium subsidy support to commercial insurers/the Fondos for crop and livestock insurance (conventional indemnity-based insurance products qualify for government premium subsidies), and provides subsidies for training and education.                                                                                                             ","Reinsurance: a group of 6 to 7 international reinsurers that specialize in agricultural reinsurance provide a combination of proportional and non-proportional reinsurance support to the private commercial reinsurers. Agroasemex retrocedes part of its commercial agricultural insurance portfolio to international reinsurers.","Insurance: private commercial insurance companies (six companies authorized to operate agricultural crop, livestock, forestry, and aquaculture insurance) and mutual insurance companies, including the “Fondos de Aseguramiento” (Fondos), or small farmer agricultural insurance mutual funds. There is one mutual insurance society, Torreon Mutual  Insurance Society, and about 318 Fondos.                                                                                                                 Sold/ marketed: the private insurance companies market their crop and livestock insurance products through their own agent networks. The Fondos and mutual companies market directly to their members.",null,"Awareness raising /capacity building: there have been efforts to promote an insurance culture among population as well as social awareness of catastrophic risks. These initiatives have improved the level of penetration of the insurance sector in relation to the whole economy providing a basis for a solid and consistent insurance market, as well as protecting the population.                                                                                                 Disaster risk reduction legislation/ frameworks/ projects: Mexico has developed an institutional framework for disaster preparedness involving risk assessment, risk reduction, the promotion of a culture of prevention, and insurance. With these initiatives, Mexico moved from an ex-post response to natural disasters to an ex-ante preparedness approach. Mexico has emergency plans at both the local and federal levels in which collaboration exists between civil, governmental and military institutions, in order to address natural disasters.                                                                                                                  Other linked disaster risk financing intiatives: Mexico has a Natural Disasters Prevention Fund (FOPREDEN) that provides resources for preventive actions, as well as to avoid and reduce the negative impact effects of catastrophic natural disasters.                                                                                                     ","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E  ",null,"Agroasemex\nwww.agroasemex.gob.mx/ "]
[72,"Agricultural insurance in Panama","Agriculture insurance (indemnity-based)","weather & other","excess rainfall, flood, drought, storm, fire,  lightning, pest, crop disease, livestock mortality","agricultural","individuals","multi-hazard","Upper middle income","public & private","no","no","operational","Latin America & Caribbean","Panama","Upper middle income","Operational","Crop insurance was first introduced in 1975 and livestock insurance in 1978.","National",null,"Value of insurance premia: 2.3 million USD in year 2008 (crop portfolio). For livestock, premium income increased by about 85% in year 2008, in respect of year 2007 (this may coincide with the introduction by government of 50% premium subsidies). \nNumber insured: in 2007 ISA insured a total of 28,688 heads of livestock (cattle, pigs, sheep and goats and horses). The number of insured animals increased by about 85% in year 2008 (this may coincide with the introduction by government of 50% premium subsidies).                                                                                           Sum insured: 46.1 million USD in year 2008 (crop portfolio).\nPenetration: ISA insured 15,652 ha of annual, perennial and permanent crops, or about 5% of total cropped area in year 2007. In 2008 ISA’s crop portfolio increased to 29,000 ha.                                                                                              ","More frequent risk","Agriculture insurance: crops (wide range of annual and perennial crops; particularly maize and sorghum) and livestock (cattle, goats, sheep, horses, buffaloes, and swine for grassland production, expositions, and inland transportation).                                                                       Insurance products: for crops, the Individual grower multi-peril crop insurance (MPCI)  insures against the loss of direct costs of production invested in growing the crop (excess rainfall, floods, drought, wind, fire or lightning, and exotic pests and diseases). Livestock insurance covers death arising from accidents, asphyxia, electrocution, fire, lightning, attack by wild animals, fractures, abortion, death due to birth-related complications and slaughter of an injured animal if stipulated by a certified veterinarian. All diseases are excluded from cover.","Farmers","Indemnity-based. Yield loss policies for MPCI",null,"Insurance: Instituto de Seguro Agropecuario (ISA) provides insurance.                                                                                                                  Financial subsidy: the federal government does not provide financial support to agricultural insurance in the country. Since 2008 it is understood that government has been studying proposals to introduce a flat 50% premium subsidy on agricultural insurance policies .                                                                                                           ","Reinsurance: both public and private agricultural insurers in Panama are reinsured by international reinsurers. The insurance companies’ retention is 10% on average. The reinsurance cession is 90% on average, and the cession modality is quota-share.","Insurance: two other privately-owned insurers also sell crop insurance policies in Panama.                                                                               Sold/ marketed: for crops and livestock insurance the most important delivery channel is through insurance brokers and, in second place, through the insurance companies’ own agent network. ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Instituto de Seguro Agropecuario (ISA): www.isa.gob.pa/ "]
[73,"Crop insurance in Peru","Agriculture insurance (indemnity-based)","weather & other","other","agricultural","individuals","multi-hazard","Upper middle income","private","no","no","discontinued ","Latin America & Caribbean","Peru","Upper middle income","Discontinued due to lack of interest from farmers, local brokers, local insurers and their reinsurers.                                                                                       Identified challenges:                                                                 - In 1997/98, few of the insurers/their banks were willing to link credit and crop insurance once the El Niño conditions had dissipated, and under a purely voluntary program the volume of sales was disappointingly low.","1996/1999","Regional (coastal area of Peru)",null,null,"More frequent risk","Agriculture insurance: crops  (rice, sugar cane, asparagus, mango, lemons).                                                               Insurance product: multi-peril loss of yield crop insurance. It is often tied to lending.","Farmers                                        Insurance is compulsory for credit holders.","Indemnity- based",null,null,"Reinsurance: the program was reinsured on a proportional quota-share treaty basis by international reinsurers.","Initiator/ Insurance: the scheme was introduced  by five private insurers, several of which were subsidiaries of financial banking groups lending to agriculture.                                                                    Sold/ marketed: the product was marketed through banks (compulsory crop-credit insurance cover).",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[74,"Subsidized agricultural insurance in Peru (Agro Protege scheme)","Agriculture insurance (indemnity-based)","weather & other","flood, freeze, hail, drought, animal disease, livestock emergency slaughter, other","agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","no","operational","Latin America & Caribbean","Peru","Upper middle income","Operational",2009,"Multi-regional (regions of Apurimac, Huancavelica, Cusco, Puno, Huanuco, Cajamarca, Ayacucho and Pasco)",null,"Value of insurance premia: S/. 39,970,678.28 (year 2010/11)            \nNumber insured: 400,000 policies (year 2010/11)                                                                                            Sum insured: S/.238,387,122 (year 2010/11)\n","Cat risk and more frequent risk","Agriculture insurance: crops and livestock.                                                        Insurance product: the main crop insurance product is the \"Seguro Catastrófico\", covering  flood, freeze, hail and drought. Livestock insurance covers disease, accidents, forced slaughter.","Farmers (small and subsistence)","Indemnity-based",null,"Initiator: the Ministry of Africulture launched the program.                                                                                                                                    Reinsurance: the scheme is supported by the Fondo de Garantía del Seguro Agropecuario (40 million USD).                                                                                                                                                                                                                                                   Financial subsidy: the Government subsidises premiums (100%).                                                                                                            ",null,"Insurance: insurance companies including La Positiva Seguros and Mapfre.                                                                                                    Sold/ marketed: insurance will be sold and distributed through insurance companies including La Positiva Seguros and Mapfre. Policies also sold by banks in some instances.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"La Positiva Seguros\nwww.lapositiva.com.pe/"]
[75,"Agricultural insurance in Uruguay","Agriculture insurance (indemnity-based)","weather & other","hail, fire, storm, freeze, humidity, other                                                                                  ","agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","yes","operational","Latin America & Caribbean","Uruguay","Upper middle income","Operational                                                 ","Crop insurance was first introduced in 1912","National","Expansion of an existing market                                                       The Uruguayan agricultural insurance market is a very well developed and has a long history.","Penetration: approximately 550,000 ha are insured in the country, representing 80% of the area sown. 90% of the total forested area in the country (1 million ha) is insured.                                                                                             ","More frequent risk                   Deductible: the standard hail coverage has a 6% TSI franchise. Deductibles apply for additional perils, and can reach up to 20% of the TSI.","Agriculture insurance: crops and forestry. Livestock insurance is marginal in the country.                                                                      Insurance products:                       Hail and fire cover (almost all crops, fruits, and vegetables growing in Uruguay) and wind, freeze, humidity cover (for wheat, soybeans, corn, barley, and sunflower). MPCI is offered only for soybeans, corn, sunflower, wheat, and barley.                            Forestry insurance covers the standing timber value of commercial forestry plantations against fire, wind, and, in very specific cases, hail and freeze.  ","Farmers","Indemnity-based",null,"Insurance: the leading insurance company is “Banco de Seguros del Estado” (BSE), a  public company that used to have the monopoly of insurance in Uruguay from 1912 to 1993.                                                                                                                                                                                                                                                                                                                                                              Financial subsidy: main governmental efforts are through: (i) the exemptions on VAT for crop insurance, (ii) the financing of the development of new agricultural insurance products for small farmers, and (iii) the financing of capacity building. In some special cases, like horticulture production, the federal government also provides premium subsidies.                                                                                                                                                                                                         Regulator: in 2002 the Congress enacted the bill creating a Fund for Development and Reconstruction of Farms, up to USD 2 million, to subsidize up to 60% of hail insurance premiums and funding a Climatic Emergency Fund for horticulture and fruit sector.                                                                                                                                  ","Reinsurance: currently, there are six international reinsurers supporting crop and forestry programs in the country.","Insurance: four insurance companies offer agricultural insurance products, among them, two private insurance companies and a cooperative. Agricultural mutual insurance is well developed in Uruguay. They are not considered insurance companies, but have an important share on premiums and on insured area.                                                                                                                        Sold/ marketed:agent brokers who belong to the insurance company network and insurance brokers.",null,"Physical risk reduction or incentives: original gross rates for hail standard coverage vary from 2% in low-risk areas up to 4.5% in risk-prone areas. The rates vary according to the crop insured, the region and the selected deductible/franchise level.","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Banco de Seguros del Estado (BSE): www.bse.com.uy/"]
[76,"Agricultural insurance in Venezuela ","Agriculture insurance (indemnity-based)","weather & other","excess rainfall, flood, drought, storm, fire, lightning, social risks, pest,  crop disease, animal disease","agricultural","individuals","multi-hazard","Upper middle income","private","no","yes","operational","Latin America & Caribbean","Venezuela","Upper middle income","Operational","Agricultural insurance was first introduced in 1998","National",null,"Penetration: according to 2007/08 data, the crop insurance penetration is very low. About 18,000 ha have been insured, representing less than 1% of the cropped area. Livestock insurance also has a very low penetration rate with less than 100 insured animals.                                                                                              ","More frequent risk              Deductible: for livestock, deductibles vary between 10% and 20% of TSI.","Agriculture insurance: crops (corn and sorghum) and livestock (marginal, only offered for cattle herds).                                                                          Insurance products: for crops, the MPCI coverage indemnifies production costs against excess rainfall, flood, drought, storm, fire, lightning, social risks, pest,  disease.  Livestock insurance covers accidental mortality and disease.                                                                   In some specific cases, rural banks ask for credit-linked crop insurance, but such cases represent less than 5% of the total premium.","Farmers","Indemnity-based",null,"Financial subsidy: the federal government does not provide any support to agricultural insurance, and the country does not have any form of special agricultural insurance legislation.","Reinsurance: insurance companies are able to place their business on the international reinsurance market.","Insurance: there are six private insurance companies offering agricultural insurance in Venezuela. Two offer crop and livestock insurance; the others only offer crop insurance.                                   Sold/ marketed: financial agents (e.g. rural banks), farmers associations, agent brokers.",null,"Physical risk reduction or incentives: original gross rates vary from 6.5% to 12.4% depending on the crop, location, and coverage level.","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[77,"Catastrophe Aggregate Yield Shortfall Cover for Rural Communities in Peru","Agriculture insurance (indemnity-based)","weather","drought, humidity, hail, storm, frost, flood ","agricultural","meso","multi-hazard","Upper middle income","private","yes","no","operational","Latin America & Caribbean","Peru","Upper middle income","Operational",null,null,null,null,"More frequent risk","Agriculture insurance: crops (rice, corn, potato, and cotton).                               Insurance product: covers drought, excess of moisture, hail, wind, frost, flood ","Rural communities of small and medium-size farmers. Rural community for the purposes of this cover is defined as a group of farmers who decide to associate in order to be insured.","Indemnity-based.                                                                      The actual yield obtained by the insured at the end of the policy period would be the whole area sown by the community with the insured crop. The indemnity will proceed when the actual aggregate yield obtained by the community is below the guaranteed aggregate yield established on the policy.",null,"Financial subsidy: the federal government can subsidize premiums up to 100% of the premium cost.",null,"Insurance/ Sold-marketed: private insurance companies sell the policies.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[78,"Agricultural insurance in Paraguay","Agriculture insurance (indemnity-based)","weather","weather events","agricultural","meso & individuals","multi-hazard","Lower middle income","private","no","no","operational","Latin America & Caribbean","Paraguay","Lower middle income","Operational",2006,"Regional (eastern Paraguay districts)","Creation of a new market.                                                              There was no crop insurance previously; it was introduced after a big drought hit the country in the previous years to the introduction of the scheme.","Value of insurance premia: the total volume of agricultural crop insurance premium was 2.4 million USD in year 2007/08. \nInsured area: 30,000 ha in year 2007/08.                                                                                         ","More frequent risk","Agriculture insurance: crops (soybeans, corn,  wheat).                                  Insurance product: MPCI policy (all weather-related perils are covered).","Farmers (on individual basis and on a portfolio basis).","Indemnity-based",null,null,"Reinsurance: currently there are four international reinsurers supporting crop programs in the country.","Insurance: crop insurance is provided by private local insurance companies  (three of them were actively underwriting crop insurance products in 2009).                                                                              Sold/ marketed: insurance brokers, who have the contacts with the agricultural input suppliers’ network. ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[79,"Non-subsidized agricultural insurance in Morocco","Agriculture insurance (indemnity-based)","weather & other","fire, hail , livestock mortality, other","agricultural","individuals","multi-hazard","Lower middle income","private","no","no","operational","Middle East & North Africa","Morocco","Lower middle income","Operational",null,"National",null,null,"More frequent risk","Agriculture insurance: crops and livestock.                                                              Insurance product: for crops,  named-peril fire and hail insurance; for livestock,  mortality.","Farmers","Indemnity-based",null,"Financial subsidy: these product lines do not qualify for subsidy.","Reinsurance: hail and livestock insurance are protected by quota-share and stop-loss reinsurance.","Insurance: Insurer Mutuelle Agricole Marocaine D’Assurances (MAMDA) is the sole provider of agricultural insurance in Morocco.                                                                                              Sold/ marketed: insurance sold via MAMDA offices and agents. ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[80,"Livestock insurance and crop pilot insurance programs in Nepal","Agriculture insurance (indemnity-based)","weather & other","storm, drought, flood, frost, hail, livestock mortality, livestock loss of use","agricultural","individuals","multi-hazard","Low income","public & private","yes","no","operational","South Asia","Nepal","Low income","Operational (livestock insurance). Crop insurance is in its infancy.                                                                                      Identified challenges:                                                                 - No availability of reinsurance for livestock programs means that these are very exposed to catastrophe losses (e.g. epidemic diseases in livestock or wind and floods in crops).","Livestock insurance was first introduced in 1987, and crop insurance in 2007-2008 (pilot).","Local (crop insurance pilot)",null,"Number insured: these two livestock programs (DICGC and SFCL) have insured an average of about 12,500 livestock (cattle and buffalo) over the period 2003-2008. Crop insurance had less than 150 farmers insured in year 2008 (second year of the pilot programme).                                                                                       \nPenetration: the above number insured figure represents only 0.1% of Nepal’s cattle and buffalo herd of 11.4 million heads of animals in 2006/07.                                                                                              ","More frequent risk","Agriculture insurance: crops (bananas, paddy, maize, vegetables) and livestock (cattle and buffalo).                                        Insurance product: named-peril crop insurance is offered for windstorm in bananas and drought, floods, frost and hail in paddy, maize and vegetables. For livestock, an all risks mortality policy for individual animals is offered. It is designed to protect the livestock investment loans provided by the public sector banks to small-scale farmers (credit-guarantee protection covers). ","Farmers.                                                  The DICGC Livestock Insurance Program is compulsory for farmers wishing to access livestock investment loans from the rural development banks and one MFI.","Indemnity-based",null,"Initiator: Nepal Rastra Bank (Central Bank of Nepal) and the public sector Deposit Insurance and Credit Guarantee Corporation (DICGC) jointly developed an individual animal all risks mortality livestock insurance scheme in 1987. A small crop insurance pilotis being developed by the Department of Agriculture.                                                                                                                                                                                                                                                                      Insurance: the DICGC Livestock Credit Guarantee Program is effectively underwritten by the government of Nepal.                                                                                                                                                                                                                               Financial subsidy: the Government provides limited financial support to the program in the form of a fixed 50% premium subsidy for livestock insurance through DICGC and SFCL.                                                                                                                                                                                                                                        Information/ technical assistance provider: technical support and training is porvided by the Departments of Livestock and Agriculture, Ministry of Agriculture, and Cooperatives.                                                            ","Reinsurance: to date there has been no reinsurance of either crops or livestock in Nepal. ","Initiator/ Insurance: in 1987, the private cooperative (mutual) sector also developed a very similar livestock–credit all risks mortality insurance cover operated by the Small Farmer Cooperatives Limited (SFCL).                                                                                                             ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Deposit Insurance and Credit Guarantee Corporation (DICGC): www.dicgc.org.in/English/index.html "]
[81,"Apple crop insurance in India (Jammu and Kashmir)","Agriculture insurance (indemnity-based)","weather","rainfall, frost","agricultural","meso","multi-hazard","Lower middle income","private","no","no","operational","South Asia","India","Lower middle income","Operational",2011,"Multi-regional (Jammu and Kashmir)",null,null,"More frequent risk                                      Deductible: a deductible (coinsurance) of 10% of the loss is applicable for maize and rice crops, while sorghum has a deductible of 20% of the loss and melon crops a deductible of between 25 to 30% of the loss.","Agriculture insurance: crops Insurance product: covers rain, frost. Insurance is tied to loans .\n","Regional bank (JK Bank). Beneficiaries: loan-holder farmers (apple growers).","Indemnity-based",null,null,"Insurance: Allianz ",null,null,null,null,null,"Allianz insurance: https://www.allianz.com/"]
[82,"Agricultural insurance in Ethiopia","Agriculture insurance (indemnity and index-based)","weather & other","deficit rainfall, excess rainfall, fire, other  ","agricultural","individuals","multi-hazard","Low income","public & private","no","no","pilot","Sub-Saharan Africa","Ethiopia","Low income","Pilot (as of 2008)",2004,"Local",null,"Number insured: 947 pilot farmers were insured under MPCI contracts in years 2008 and 2009.                                                                                            Insured area: Nyala insurance reports that 246 ha were insured in year 2007 on a pilot basis.","More frequent risk","Agriculture insurance: crops and livestock.                                                          Insurance product: for crops, MPCI policies includes deficit rainfall, excess rainfall, fire, and transit risks. The insurance is linked to crop loans (in the case of EIC).","Farmers (small-scale producers).","Parametric and indemnity-based (crops).                    The product uses an innovative double-trigger design to determine when payouts need to be made against insured perils, mainly weather. The first trigger is the recording of unusual rainfall levels at a local weather station; the second, yields assessments (through crop cutting) of pre-selected model farmers. Based on this assessment result, a payout is made to\nall farmers who suffered a shortfall from the pre-agreed-upon longterm average yield.",null,"Insurance: Ethiopian Insurance Corporation (EIC), which is state-owned.","Reinsurance: Nyala insurance purchases quota-share reinsurance. EIC does not purchase reinsurance, since the size of the portfolio can be retained by the company.","Insurance: Nyala Insurance Company (issued crop insurance on a pilot basis, starting in 2004)                                                                                                                                                                                                                                                                                                                                                                Sold/ marketed: delivery channels for the EIC are through their agents, through producer cooperatives, and through linkage to credit.  Nyala Insurance Company delivery channels are through producer cooperatives and their own agent network.                                                                                                         ",null,"Other linked disaster risk financing intiatives: there is no form of government disaster payment to farmers. However, programs of food-for-work, suspension of credit repayments, and subsidized fertilizer inputs have been used to alleviate stress following drought. The Disaster Prevention and Preparedness Commission is responsible for administration of relief.","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E","http://www.ifpri.org/sites/default/files/publications/focus17_08.pdf","Ethiopian Insurance Corporation\nwww.eic.com.et/"]
[83,"Agricultural insurance in  Sudan","Agriculture insurance (indemnity-based)","weather & other","excess rainfall, insufficient irrigation water, deficit rainfall , storm, temperature, livestock accident,  animal disease, other ","agricultural","meso & individuals","multi-hazard","Lower middle income","public & private","yes","yes","operational","Sub-Saharan Africa","Sudan","Lower middle income","Operational                                                                        Identified challenges:                                                      - Poor comprehension by the farmers of the crucial importance of crop insurance in an arid environment\n- Reluctance of insurance companies to accommodate the sector in view of the magnitude of the hazards and the problems and obstacles that faced the sector\n-  Absence of reliable quantitative data to base actuarial evaluation of the physical losses to calculate premiums, possible indemnities, etc.\n- Reluctance of the policy makers to adopt insurance as a vital instrument for sustained agricultural development                                                      - Shiekan is reviewing the potential applications of index insurance, and piloting it (as of 2010)\n","Livestock insurance was first introduced by private companies in the early 1960s, and crop insurance by the company Shiekan in 2002.                  ","National","Creation of a new market (in development).                   Sudan has known insurance services since the first half of last century, but the inclusion of the agriculture sector was considered only at the beginning of the nineties of last century (due to several impediments ranging from lack of insurance culture among farmers to reluctance of insurance companies to enter the sector, in view of the magnitude of the hazards and absence of reliable quantitative data). In 1994 SHIEKAN Insurance and Reinsurance Company (under the auspices of the presidency of the Republic of Sudan) initiatied the design of a strategy for future action. As a result of its efforts, a pilot project for crop insurance (the Gezira Scheme) was implemented in year 2002. Livestock insurance  had been started by private companies in the early 1960s                                                                ","Estimated profit: loss ratio of 32.2% for crop insurance and of 27.8% for livestock insurance (year 2007).\nValue of insurance premia: 7.2 million USD for crop insurance and 390,843 USD  for livestock insurance (year 2007). \nNumber insured: 130,000 farmers and 3,000 livestock units (year 2007)                                                                                            Sum insured: 102.3 million USD for crop insurance and 3.6 million USD for livestock insurance (year 2007). \nPenetration: insured area of 278,165 ha. in year 2007 (1.55% of national crop area), and of 521,429 ha in year 2008 (2.9% of national crop area). Livestock insurance has low penetration at 3,000 head (out of a natural grazing herd of 40 million heads); year 2007.                                                                                             ","More frequent risk","Agriculture insurance: crops  (cotton, sorghum, sesame, maize, sugar cane, sunflower, millet, banana, wheat, horticultural and export crops, dates, gum Arabic) and livestock (dairy cows, horses, poultry, sheep).           Insurance product:  Shiekan’s crop insurance policy is for wide named perils and is yield-based. It is more similar to an area-based multi-peril crop insurance (MPCI) policy than a named-peril policy. Perils covered in irrigated areas may include excessive rain, insufficient irrigation water, shortage or bad distribution or rains (in dryland areas), windstorm, and sharp temperature changes. Livestock policies provide cover against accident and  disease.                                      ","Farmers (individual farmers and  farmer groups in irrigation areas). The MPCI operates as a collective policy basis for farmers who farm specific “numbers” (plots of land under common land use and management) within the Gezira irrigation area). For borrowing farmers, insurance is preferred.                                             ","Indemnity-based",null,"Initiator: Government of Sudan supported  Shiekan's initiative from the outset.                                                                                                                                                                                                                                                                  Insurance: Government of Sudan addresses losses where insurance is not available.                                                                                                                   Reinsurance: Government of Sudan provides reinsurance to the scheme.                                                                                                                                                                                                                                                          Financial subsidy:  Government of Sudan provides large subsidies to reinforce agricultural insurance application in Sudan, through the Fund for Alleviating the Impacts of Natural Hazards (established in 2004, and endowed by federal and state governments, financial institutions and agricultural corporations, and regional and international organizations). Its purpose is the financing of premium subsidies and provision of reinsurance, as well as addressing losses where insurance is not available. The main financial support is by government (Ministry of Finance) through a 50% premium subsidy for crop insurance.  Livestock premiums are not subsidized.                                                                                                             Regulator: at the end of 2003, the Government instituted the law on reducing agricultural risks through subsidizing agricultural insurance.                                                                                                                                 Information/ technical assistance provider: some government-salaried staff takes part in loss adjustment.                                                                                         ","Reinsurance: international reinsurance companies provide Shiekan with stop-loss as well as quota-share reinsurance for crops, and quota-share reinsurance for livestock.                                                                                                                                                                           Information/ technical assistance provider: national and international training has been undertaken and exchanges made with other programs and with the International Hail Insurance Association. Feasibility studies (on cotton) were undertaken by a consulting firm, Agricultural Risk Management Ltd. in 1995/96, and further extended by Partner Reinsurance Co. in 2001.","Initiator: Shiekan Insurance and Reinsurance Company                                                                                                                    Insurance: Apart from Shiekan, which writes crop and livestock insurance, one other company started underwriting crop insurance in 2007. Including Shiekan, four insurers underwrite livestock insurance.                                                                                                                                                                                                                                                                                                                                                                     Sold/ marketed: for crop insurance, delivery channels are the insurers’ agent network, banks, and producer associations and  cooperatives. For livestock insurance, the agent network is used. The Sudanese Agricultural Bank has recently made insurance compulsory for the farmers.                                                                                                     Information/ technical assistance provider: technical and economic studies were carried out by insurer Shiekan on other crops and livestock between 2003 and 2007, notably on sugar cane, horticultural and export crops, dates, gum Arabic, and poultry.",null,"Physical risk reduction or incentives: farmers are required to farm in recommended areas and use recommended practices.                                                              \nAwareness raising /capacity building: national and international training has been undertaken and exchanges made with other insurance programs and with the International Hail Insurance Association.                                                                                                                                                                                                                                            Other linked disaster risk financing intiatives: Shiekan has been actively involved in working with other organizations to overcome input, credit and other operational constraints facing farmers                                     ","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E                                      Study on risk management in rural and agricultural finance in the Near East and North Africa (NENA) Region. Mohamed R. Mustafa, Mohamed Al-Sayed Ali, Mohamed Awaideh, Calvin Miller. FAO, 2011","Shiekan Insurance & Reinsurance Co. Ltd: http://www.shiekanins.sd/ENG/index.php","Shiekan Insurance & Reinsurance Co. Ltd: http://www.shiekanins.sd/ENG/index.php"]
[84,"Agricultural insurance in China","Agriculture insurance (indemnity and index-based)","weather & other","drought, flood, hail, storm, frost, weather events, crop disease, fire, animal disease, animal accident, livestock emergency slaughter","agricultural","individuals","multi-hazard","Lower middle income","public & private","yes","no","operational","East Asia & Pacific","China","Lower middle income","Operational                                                                             Identified challenges:                                                                 -Risk exposure for small and geographically concentrated crop-insurance companies can be high due to the high level of covariate risk and limited opportunties to diversify their portfolios.                                                                          - Companies' capitalization ratios have not kept pace with growth and loss experience. This has generated a large demand for reinsurance capacity, which remains limited due to a cautious approach from the international reinsurance sector (unfamiliarity with the real portfolio risk of domestic companies).                                                           -Need for more technical capacity in the areas of product design, ratemaking, underwriting, and loss adjustment.                                                                                 -Need for improved risk assessments and a wider range of available insurance products                                                                 -Lack of historic loss data, limited access to farmers and low awareness of insurance among the general population                                                                                                  - Rising claims costs: risk mitigation options such as irrigation against drought are often limited.                                                                                          -The legal and regulatory framework for agricultural insurance needs to be strenghtened.",2003,"National. Given China’s vast territory, most initiatives are provincially-based, with development of specific crop and livestock products relevant to a province. In 2008, 16 provinces were selected for subsidized crop insurance, and subsidized sow insurance is nationwide.","Each year, about 40 million ha of crops have been destroyed in China by insect pests, diseases, hail, typhoons, floods, drought, and other perils, with losses amounting to USD 12.5 billion (CNY 100 billion) annually. Between 1982 and 2002, agricultural insurance was developed by PICC (Peoples Insurance Company of China) and extended into rural areas through local government. Insurance was operated as a social welfare mechanism to protect farmers against natural disasters. After 2002, poor underwriting results (premium gradually declined from USD 98 million in 1992 until USD 40 million by 2002) meant PICC reduced its involvement in the lead up to its partial privatization. Grain production dropped significantly between 1999 and 2003. Since then, the Government has taken steps to boost agricultural production. Facilitating farmers’ access to financial services is part of the overall policy, and agricultural insurance is seen as a key financial instrument to stabilize farmers’ income and improve their resilience to financial hardship from poor harvests.                                                             Currently, the Chinese agricultural insurance market is in expansion/ development","Since 2005 the market has expanded rapidly, fueled by premium subsidies. As the agriculture business is diversified geographically across China, underwriting results have tended to be positive on the whole.                                                                                                                                                                               Estimated profit: reported loss ratios for year 2007 are around 44% (corresponding to 10 insurance companies operating in 16 provinces)\nValue of insurance premia: from 682 million USD (year 2007) to 2 billion USD (year 2010)\nNumber insured: for crops, an estimated 50 million policyholders were insured on 15.33 million hectares and for livestock, a total of 51.5 million breeding sows were insured (year 2007).\nPenetration: the above figures for year 2007 represent penetration rates of approximately 10% of the national agricultural area and 80% of all sows in China, respectively.\n","More frequent risk","Agriculture insurance: crops (mainly maize, rice, soybeans, wheat, and cotton), livestock (subsidized livestock insurance includes breeding sows, dairy cow and poultry), aquaculture, forestry and greenhouses.                          Insurance product: the majority of China’s crop insurance is individual grower multiple peril crop insurance (MPCI), which acts as a loss-of-yield guarantee against a variety of climatic perils (drought, flood, sometimes diseases). However, some products based on named-peril crop insurance are also available (such as hail, storm, frost, fire, etc), and index-insurance products.  Livestock insurance covers cattle, pigs or poultry against mortality from non-epidemic diseases, fire, natural perils and accidents, and can be extended to include government slaughter orders. ","Farmers (the majority, small-scale). There are no specific measures for small and marginal farmers, but the group policy at the village or cooperative level is an important measure to allow small farmers to access insurance.                                      Under Chinese regulations, insurance is voluntary for both crops and livestock. However, heavy subsidy levels and collective decisions by farmer groups encourage participation","Indemnity-based and parametric",null,"Initiator: Government of China (GoC) confirmed in 2006 and 2007 the importance of agricultural insurance as a core part of its agricultural development policy, and has promoted the expansion of new agricultural insurance companies. Provincial and local governments are working with insurance companies to implement agricultural insurance.                                                                                                                      Financial subsidy: GoC provides subsidies (generally around 50% of premium). Subsidies for agricultural insurance were introduced in 2007, making insurance protection more affordable to large groups of farmers. Furthermore, most new provincial agricultural insurers are set up with some financial assistance from Government. In the case of livestock losses, government officials may be involved in loss adjustment, and such costs are borne by provincial governments.                                                                                                       Regulator: At the present there is no specific agricultural insurance legislation, although the government is understood to be intending to introduce legislation in the future.                                                                                                                  Information/ technical assistance provider: CIRC (the Regulatory Authority for Insurance) is providing some research and development assistance to insurers                                                                                                          Reinsurance: Reinsurance (quota-share and stop-loss) is provided by the national reinsurer, China Re. There are no public sector agricultural insurers in China. Provincial governments may also act as reinsurer or co-reinsurer of last resort for specific programs, in the event that reinsurance limits are exceeded. Such agreements are case-by-case, an example is Zhejiang province.                                                                                                                                                                                                   ","Insurance: The French insurer Groupama was granted a license to commence offering agricultural farm-package insurance (crop and livestock) products to farmers in Sichuan Province in 2005.                                                                                     Reinsurance: Private and international reinsurers provide layers of stop-loss cover for specific lines of crops or livestock.","Insurance and Sold/ marketed: insurers that sell and distribute policies (as of 2008):                                                                                      - Three specialist insurers provided crop and livestock insurance: Anxin, Ancheng, Anhua\n- Two P&C general insurers also provide crop and livestock insurance (PICC, and China United Property Insurance Company)\n- Two provincial pools led by PICC operate for crop and livestock insurance (Zeijiang, Hainan)\n- One specialist mutual insurer provides crop insurance only (Sunlight)\n- Groupama; Chinese branch of the French insurance company                                                                                                                  - One private insurer provided crop insurance (Guoyuan).                                                                                              Sold/ marketed: in decreasing order of importance, delivery channels are: producer associations, cooperatives and village committees; insurance brokers; input suppliers; banks; and the insurer’s own agent network.","Sold/ marketed: village commitees also act as delivery channels.","Awareness raising /capacity building: CIRC (the Chinese Regulatory Authority for Insurance) is providing some research and development assistance to insurers, apart from other services to support insurance activities and regulation                                                                    Disaster risk reduction legislation/ frameworks: the Government of China has released in 2005 a new policy framework and legislation on natural disaster prevention. The new framework identified further improved disaster preparedness and mitigation as additional priorities for successful disaster risk management.                                                                                                                              Other linked disaster risk financing intiatives: members of the Association of Southeast Asian Nations (ASEAN), as well as China, have agreed to press ahead with plans for a disaster insurance fund, agreeing that a regional disaster and catastrophe insurance facility is essential to deal with events such as earthquakes, typhoons and tsunamis in the region which is prone to major natural disasters.           ","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E                                    China: Innovations in Agricultural Insurance (Promoting Access to Agricultural Insurance for Small Farmers). The World Bank, 2007                  Agricultural Risk and the Crop Insurance Market in China. AIRCurrents.AIR , 2009          Setting up sustainable agricultural insurance: the example of China. Swiss Re, 2008.                           Managing weather risk for agricultural development and DRR. IFAD & WFP, 2011","China Insurance Regulatory Commission             http://www.circ.gov.cn/web/site45/","China Insurance Regulatory Commission             http://www.circ.gov.cn/web/site45/"]
[85,"Agricultural insurance in Ukraine","Agriculture insurance (indemnity-based)","weather & other","weather events, fire, animal disease, other","agricultural","individuals","multi-hazard","Lower middle income","private","yes","no","operational","Europe & Central Asia","Ukraine","Lower middle income","Operational                                                 ","Crop and livestock insurance were made compulsory by law in 2002/03. ","National","Expansion of an existing market.                                                After the independence in 1991, agricultural insurance became marginal, and agricultural insurance services were provided mostly by the Oranta insurance company (the former state insurance company, which was privatized in the mid-1990s). In 2000 private insurance companies started to offer agricultural insurance.","Number insured: in year 2007 private insurers underwrote 4,397 crop insurance contracts under the subsidized Crop Insurance Program.                                                                                            \nPenetration: the penetration rate for crops was 7.9% in year 2007. About 2.4 million ha of agricultural crop area were insured in 2007, accounting for 9% of the total cultivated land.                                                                                            ","More frequent risk","Agriculture insurance: crops (grain and oil crops, corn, sunflower, hops, flax, hemp, soybeans, sugar beet, etc) and livestock (cattle, pigs, horses, sheep, fur animals, and goats).                                                                            Insurance product: there are subsidized crop insurance products (multi-peril crop insurance/ MPCI), total loss for winter crops, partial and total loss for winter crops, area-yield index insurance and non-subsidized crop (MPCI and named-peril) insurance. Livestock insurance covers weather perils, fire, epidemic diseases, and accidental loss and unlawful actions of third parties. Insurance is linked to lending.","Farmers.                                              Currently, crop and livestock insurance are mandatory by law, but voluntary in practise as this is nor enforced. According to the national legislation, all collateral property should be insured prior to contracting a loan. Financial institutions require an insurance policy for crops or livestock offered as collateral.","Indemnity-based      ","Regulator: several versions of a draft agricultural insurance law were prepared by the insurance community, government entities, and international donors in 2005 to 2007.","Financial subsidy: crop insurance is subsidized by the national government (50%). The government adjusts the terms of the crop insurance subsidy program at the beginning of each cropping season. There is no livestock subsidy.  The farmer pays the premium, and later he/she can apply for the subsidy through the local agricultural department.                                                                                                               Regulator: government entities took part in the preparation of several versions of a draft agricultural insurance law.                                                                    ","Reinsurance: crop and livestock insurance portfolios are reinsured on private national and international reinsurance markets.","Insurance: in 2007 there were 62 private insurance companies participating in the subsidized crop insurance program. There are two agricultural insurance pools in Ukraine with approximately 15 insurance companies.                                                                                                            Reinsurance:  crop and livestock insurance portfolios are reinsured on private national and international reinsurance markets.                                                                                                                                                                                                                                                                                                                                                                                              Sold/ marketed: sales agents’ network and the regional branch offices, banks and other financial institutions, insurance brokers.                                                                                                             ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[86,"Earthquake microinsurance in China","Disaster microinsurance","other","earthquake","non-agricultural","individuals","single-hazard","Lower middle income","public & private",null,null,"proposed","East Asia & Pacific","China","Lower middle income","Proposed/ under preparation.                                                    Identified challenges:                                                    - Quantification and a conceptual design of a product that is viable and affordable.",null,"National; particularly rural areas",null,"Number insured (estimate): could provide cover for 55 million low income people, for a premium of 1.50 USD.","Cat risk   ","Disaster microinsurance: residential property.                                                               Insurance product: covers earthquake.","Households (low income)","Indemnity-based",null,"Reinsurance: it is proposed that the Government would bear the third  risk layer.","Reinsurance: it is proposed that reinsurance companies would cover the second risk layer.                                                    Development: RMS (Risk Management Solutions), a risk modelling agency, has developed the microinsurance product.                    ","Insurance: it is proposed that  primary insurers would cover the first risk layer.",null,null,"Lloyd’s 360 Risk Insight report: “Insurance in Developing Countries: Exploring Opportunities in Microinsurance” 2009, Lloyd’s & MicroInsurance Centre"]
[87,"Index flood insurance in Indonesia ","Disaster microinsurance","weather","flood","non-agricultural","individuals","single-hazard","Lower middle income","private","no","no","pilot","East Asia & Pacific","Indonesia","Lower middle income","Pilot","Implemented in May 2009 (pilot)","Local (pilot encompassing 23 sub-districts in Jakarta)",null,null,"Cat risk   ","Disaster microinsurance: economic and social assets.                                            Insurance product: it covers direct economic losses and social risks caused by severe flooding.  The insurance product is called ‘Alert 1 Manggarai Protection Card'. Coverage can be increased by buying\nseveral cards. One card costs 50,000 Indonesian rupiahs and guarantees a one-off payment of IDR 250,000 if the indemnity trigger level is surpassed. ","Households (low income)","Parametric. Index based on water levels.                                                                                     If water levels rise above the “trigger” of 9.5 metres (Alert 1) at the Manggarai Water Gate in Jakarta, holders of the insurance card can claim a payment. ","Development: Deutsche Gesellschaft für Technische Zusammenarbeit (GTZ) has been  involved in product development.                                                                       Information/ technical assistance provider: GTZ carried out a household survey of the pilot region and facilitated the contact to the low income target group.",null,"Reinsurance: Munich Re acts as reinsurer                              Development: Munich Re also involved in product development (based on flood, weather and topographical data).                              ","Insurance: Asuransi Wahana Tata is the insurer and risk carrier.                                                                                                                                                                                                                                                    Development: Asuransi Wahana Tata is involved in product development.                                                                                                            Management: GTZ-supported Promotion of Small Financial Institutions program in Indonesia is implementing the activities on the local level.                                                                                                                                                                                                                                                          Sold/ marketed: Asuransi Wahana Tata markets, distributes and sells the product.                           ",null,"Awareness raising /capacity building: GTZ also conducted a microinsurance awareness campaign in the pilot region, using specifically developed training material, including an educational comic brochure.","Lloyd’s 360 Risk Insight report: “Insurance in Developing Countries: Exploring Opportunities in Microinsurance” 2009, Lloyd’s & MicroInsurance Centre","http://www.thejakartapost.com/news/2009/05/04/flood-insurance-too-commercial-ngo.html","GTZ: http://www.gtz.de/en/presse/26953.htm"]
[88,"Hurricane-Resistant Home Improvement Program (HRHIP) in St. Lucia ","Disaster microinsurance","weather & other","storm, earthquake, flood, sea surge, volcanic eruption","non-agricultural","individuals","multi-hazard","Upper middle income","private","yes","yes","discontinued ","Latin America & Caribbean","St. Lucia","Upper middle income","The program was discontinued in 2002 when the insurance broker went into liquidation. It was revealed that the insurance premiums had not been passed on to the insurer, causing the contracts to lapse.                                                                       Identified challenges:                                                                 - Efforts were under way to revive the insurance scheme (as of year 2003).","1996/ 2002","Local",null,"Number insured: 345 clients from 1996–2002","Cat risk                                                   Deductible: 2% ","Disaster microinsurance:  residential property.                                                                        Insurance product; it provides full coverage against major natural disasters such as windstorms, earthquake, floods, sea surge, volcanic eruptions. It is linked to lending  (bundled with home improvement loans). ","Households (low income; those have taken loans under the program for affordable new or improved existing housing).                                               Membership of the insurance scheme was therefore mandatory for recipients of the home improvement loans.","Indemnity-based","Financial assistance: USAID (United States Agency for International Development).                                           ",null,"Reinsurance: unclear, probably via UK insurer","Insurance: Caribbean subsidiary of a United Kingdom–based insurance company.","Financial assistance: by St. Lucia charity NRDF (National Research and Development Foundation), OAS and CARITAS.","Physical risk reduction or incentives: minimum building standards were developed for reference by homeowners, and builders and local builders were trained in safer construction. The services of a trained building inspector were also offered to approve materials for use in retrofitting and to check whether minimum standards were being observed. Premium rates ranged from 0.60% for concrete block homes to 1.05% for homes made of timber.","Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006",null,"National Research and Development Foundation: http://www.nrdf.org.lc/"]
[89,"Disaster microinsurance in Haiti","Disaster microinsurance","weather & other","earthquake, hurricane, rainfall","non-agricultural","meso","multi-hazard","Low income","private","yes","no","operational","Latin America & Caribbean","Haiti","Low income","Operational (initial stages of implementation)                                               Identified challenges:                                                                - MiCRO is currently seeking to work with microfinance institutions in Haiti to provide their clients with access to this catastrophe insurance product.","Implemented in March 2011 ","Local","Creation of a new market.                                                               Prior to the setup of MiCRO, Fonkoze's clients bore 100% of the risk of natural disasters","Number insured (potential): the country’s largest microfinance institution, Fonkoze, has already started making catastrophe coverage available to its 50,000 clients.","Cat risk   ","Disaster microinsurance: business interruption.                                  Insurance product: payments are made to microfinance borrowers post-disaster (cover against hurricane, earthquake and rainfall) to both reduce their loans and provide emergency cash. \n","Insured: Fonkoze. Beneficiaries: Haiti’s micro-entrepreneurs (Fonkoze borrowers, who receive insurance within the loan agreement). \n","Parametric.                                                                                  Index measured at Fonkoze branches in Haiti.","Financial assistance: the UK Government acted as a donor.",null,"Initiator: MiCRO's founding partners are Swiss Re, Guy Carpenter, CGM Gallagher Group, Mercy Corps and GC Micro Risk Solutions.                                                                      Reinsurance: Swiss Re also acts as the sole reinsurer for MiCRO.","Initiator: Fonkoze (a Haitian MFI)  and Caribbean Risk Managers Limited (CaribRM) are also founding partners.                                                                                                                    Insurance: MiCRO (Microinsurance Catastrophe Risk Organization), a donor funded company, absorbs parametric and basis risk by issuing the relevant policies to Fonkoze, which pays premiums to MICRO.                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Sold/ marketed: Fonkoze distributes policies to micro-enterpreneurs, bundled with loans.                                                                                                     ",null,null,null,null,"Swiss Re: http://www.swissre.com/                                                  Fonkoze:  http://www.fonkoze.org/"]
[90,"Afat Vimo disaster microinsurance program in India ","Disaster microinsurance","weather & other","fire, riot, strike, storm, cyclone, flood, tornado, landslide, earthquake, aircraft damage, typhoon","non-agricultural","individuals","multi-hazard","Lower middle income","public","yes","no","operational","South Asia","India","Lower middle income","Operational                                                                                     Identified challenges:                                                                  - A remaining key challenge of the scheme is the upscaling to viable numbers.                                                     -  An initial survey before the implementation of the scheme revealed a low level of insurance knowledge among potential client base, general mistrust of insurers, reluctance to pay for uncertain future benefits, and belief that claims might not be settled properly. The decisive factor for insurance uptake is the long-standing relationship between AIDMI and the communities—all participants in the microinsurance scheme have received support from the LRF (Livelihood Relief Fund) provided by AIDMI in the past.",2004,"Multi-regional (Gujarat, Tamil Nadu, Jammu and Kashmir)","Creation of a new market.                                                               The scheme was developed on the basis of a demand survey given to small businesses affected by earthquakes/ riots in the past.","Number insured: a group of 4489 small businesses recovering from earthquake, riots, floods, and tsunami were covered under the scheme in year 2008; up from 2,000 clients in year 2005.       ","Cat risk and more frequent risk","Disaster microinsurance: residential property, business interruption, life and non-life assets.                                                                       Insurance product: the scheme covers losses or damages to house and contents, stockin- trade, loss of work due to accident and death of earning family member up to Rs. 95,000 ($2112) (as of 2008)  - damages or losses valuing up to $ 1,744 for non-life assets and $ 465 for loss of life. Coverage is for 19 types of disasters (includes fire, riots, strike, storm, cyclone, flood, tornado, landslide, earthquake, aircraft damage, typhoon, lightening to name a few).      ","Households (low income) and micro-business. Clients are mostly men and women running microenterprises.                  This is  a voluntary scheme.","Indemnity-based","Financial assistance: the scheme receives funding for technical assistance from the ProVention Consortium.","Insurance/ Development: provided by the public insurers United India Insurance Company Ltd (covers non-life losses) and Life Insurance Corporation of India (covers life losses).                                                                                                                                    Regulator: thanks to the pro-poor regulatory requirements, premiums are kept low and affordable.                                                     ","Reinsurance: unclear, reinsurance possibly purchased by insurer.",null,"Initiator: the NGO AIDMI (All India Disaster Mitigation Institute) offers the disaster insurance program Afat Vimo.                                                    Development: there was a close collaboration between the insurers and AIDMI in product design, setting of premiums, and type of cover.                                                       Sold/ marketed: clients are reached through the volunteers of the LRF (Livelihood Relief Fund) who have earned their trust over time. The volunteers, for example, assist in filling out insurance applications and service claims.","Physical risk reduction or incentives: premiums are uniform and not risk-based; thus, there is no option to decrease\npremium by taking risk-reduction measures.                                          Disaster risk reduction legislation/ frameworks/ projects: however, the program promotes micro-mitigation measures such as revolving fund in Bhuj, fire safety in schools, and capacity building inputs to clients.","Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006","http://www.aidmi.org/risk-transfer-initiative.asp","All India Disaster Mitigation Institute: www.aidmi.org"]
[91,"Proshika disaster microinsurance program in Bangladesh","Disaster microinsurance","weather & other","natural disasters","non-agricultural","individuals","multi-hazard","Low income","private","no","no","operational","South Asia","Bangladesh","Low income","Operational",1997,"Multi-regional                               ","Creation of a new market.                                                             In 1991, as a response to a disaster, a natural-disaster-management program was established, and since 1997 compulsory group-based insurance has been included.","Number insured: in year 2002, 13,000,000 clients were covered for property and 2,200,000 clients for life.               \nPenetration: it covers 10% of the population of Bangladesh for property insurance and 25% for life insurance.                                                                                             ","Cat risk   ","Disaster microinsurance: life and property.                                     Insurance product:  the life policy covers a minimum of twice the savings balance, depending on the number of years of membership in the savings scheme; and the outstanding loan will be recovered.\nThe property policy covers twice the amount of the savings deposit. All natural disasters are covered.                                                            The insurance is linked to lending (the main purpose of the insurance contract is to protect the MFI against loan and savings defaults).","Low-icome population (Proshika clients).                                  This is a compulsory group-based insurance (it requires the uptake of insurance as a condition for extending loans or savings arrangements to clients).","Indemnity-based","Financial assistance:  the scheme operates without external assistance.",null,"Reinsurance: no reinsurance (as of 2006)","Initiator: Proshika (MFI)                                                                                                Insurance/ management: Proshika provides insurance to its clients. Under this program 2% of the savings balance is annually transferred to a fund, managed by Proshika, which makes payments in case of losses.",null,"Disaster risk reduction legislation/ frameworks/ projects: in 1991, as a response to a disaster, a natural-disaster-management program was established.","Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006",null,"Proshika: www.proshika.org"]
[92,"Swayamkrushi  disaster microinsurance program in India (Andhra Pradesh)","Disaster microinsurance","weather & other","natural disasters","non-agricultural","individuals","multi-hazard","Lower middle income","private","no","no","operational","South Asia","India (Andhra Pradesh)","Lower middle income","Operational",2001,"Regional",null,"Number insured: 8,1000 clients (year 2002)","Cat risk   ","Disaster microinsurance: life and property.                                                     Insurance product: the life policy pays out 30,000 rupees in case of death. In case of death and/or property losses, the loans taken out to finance working tools and other productive equipment are written off.  All natural disasters are covered.                                   The insurance is linked to lending (the main purpose of the insurance contract is to protect the MFI against loan and savings defaults).","Low-income population (Swayamkrushi clients).                     This is a compulsory insurance scheme (it requires the uptake of insurance as a condition for extending loans or savings arrangements to clients)  ","Indemnity-based","Financial assistance:  the scheme operates without external assistance.",null,"Reinsurance: unclear, reinsurance possibly purchased by insurer.","Initiator: Swayamkrushi (a savings and credit cooperative)                                                                        Insurance: ICICI Lombard",null,null,"Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006",null,"Swayamkrushi: http://www.swayamkrushi-india.in/"]
[93,"Network Leasing Corporation (NLC) disaster microinsurance program in Pakistan","Disaster microinsurance","weather & other","natural disasters","non-agricultural","individuals","multi-hazard","Lower middle income","public","no","no","operational","South Asia","Pakistan","Lower middle income","Operational",2000,"Local",null,"Number insured: ca. 1,300 clients (year 2000)","Cat risk   ","Disaster microinsurance: property (assets leased to MFI clients).                                    Insurance product:  it covers loan default (on leased assets). There is an arrangement whereby ownership of leased asset is transferred to beneficiaries on death of the policy holder.  All natural disasters are covered.                                                                     The insurance is linked to lending (the main purpose of the insurance contract is to protect the MFI against loan and savings defaults).","Low-income population (NLC clients).                                                    This is a compulsory insurance scheme (it requires the uptake of insurance as a condition for extending loans or savings arrangements to clients)","Indemnity-based",null,"Insurance: State Insurance Company of Pakistan.","Reinsurance: unclear, reinsurance possibly purchased by insurer.","Initiator: Network Leasing Corporation (NLC) Limited, a private sector financial institution (MFI) operating in Pakistan.",null,null,"Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006",null,"Network Leasing Corporation (NLC): micleas@nlcl.net"]
[94,"VimoSEWA disaster microinsurance program in India","Disaster microinsurance","weather & other","natural disasters, man-made disasters, fire","non-agricultural","individuals","multi-hazard","Lower middle income","private","yes","no","operational","South Asia","India","Lower middle income","Operational",1992,"Multi-regional                                         (predominantly in Gujarat; two-thirds of the clients reside in rural areas). Also in Rajasthan, Madhya Pradesh, Delhi and Bihar",null,"Number insured: 62,060 women, 36,258 husbands and 21,159 children were insured under National Insurance VimoSEWA Cooperative Ltd. as of January 2010.","Cat risk   ","Disaster microinsurance: health, property (house and business assets) and life.                                                                                                     Insurance product: for property, the insurance covers between 10,000–20,000 rupees.  Cover is provided against natural disasters, man-made disasters and fire. Losses due to heavy rains and floods are no longer covered (since 2008).                                                                       These programs are offered independently by the MFI to clients, to protect them against disaster risks, as compared to protecting the finance institutions. They are more strongly oriented toward their clients and aim for more comprehensive cover.","Low-income female population (home-based workers, producers, vendors, manual laborers, and agricultural workers). Husbands cannot enroll unless their spouse is an enrolled SEWA member. But in the event of members' death and in case the husband has been an insurance member, then he can continue to enroll.  ","Indemnity-based","Financial assistance: from various donors. Their support has taken the form of cover for administrative expenses, research, and endowment for investment (to be used in the future for paying administrative expenses).                                                                       ","Regulator: in September 2009, the Government of India's Ministry of Agriculture, Department of Agriculture and Cooperation, registered VimoSEWA as the National Insurance VimoSEWA Cooperative Ltd, Ahmedabad.                                                                                                                                 ",null,"Initiator: SEWA (a Multi State Cooperative Society)                                                                                                                    Insurance: among other things, SEWA provides microfinance products and the insurance.                                                                                                                                                                                                                                                                                                                                                             Sold/ marketed: cooperatives and producers' groups promoted by SEWA, SEWA Bank's savings and credit groups and other units of SEWA are all potential distribution vehicles for SEWA Insurance.                                                                                                     ",null,"Awareness raising /capacity building: VimoSEWA is promoting the concept of insurance via pamphlets, posters, street plays, short videos, and other media.","Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006","http://www.sewainsurance.org/default.asp?iID=2757","National Insurance VimoSEWA Cooperative Ltd: http://www.sewainsurance.org"]
[95,"Centre for Self-Help Development (CSD) disaster microinsurance program in Nepal","Disaster microinsurance","weather & other","natural disasters, other","non-agricultural","individuals","multi-hazard","Low income","third sector","no","no","operational","South Asia","Nepal","Low income","Operational",1996,null,null,"Number insured: about 5,000 policies have been sold, one-third to the microcredit clients of the Centre (year 2005).","Cat risk   ","Disaster microinsurance: life and property.                                          Insurance product: coverage is provided to the extent of 5,000–6,500 NPR in the case of death for women, and 50% of this amount for their husbands (includes natural disasters cover). Equal amounts\nare paid out for dwellings collapsing as a result of natural disasters.                       These programs are offered independently by the MFI to clients to protect them against disaster risks, as compared to protecting the finance institutions. They are more strongly oriented toward their clients and aim for more comprehensive cover.","Low-income population (female members of CSD, and their husbands). ","Indemnity-based","Financial assistance: no assistance",null,"Reinsurance: no reinsurance",null,"Insurance: Centre for Self-Help Development (CSD), an NGO that offers microcredit and microinsurance. No insurance institutions are involved.",null,"Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006",null,"Centre for Self-Help Development (CSD): www.csdnepal.org.np"]
[96,"Working Women’s Forum (WWF) disaster microinsurance program in India","Disaster microinsurance","weather & other","natural disasters","non-agricultural","individuals","multi-hazard","Lower middle income","private","no","no","operational","South Asia","India","Lower middle income","Operational",1983,"Multi-regional (relatively wide\ngeographic spread)",null,"Number insured: ca. 8,000 clients (year 2002)","Cat risk   ","Disaster microinsurance:  property                                                                        Insurance product: cover for 1,000 rupees is provided for damages due to natural disasters in exchange for an (undefined) percentage of the microcredit.                                                            These programs are offered independently by the MFI to clients to protect them against disaster risks, as compared to protecting the finance institutions. They are more strongly oriented toward their clients and aim for more comprehensive cover.","Low-income female population (women in southern India).  ","Indemnity-based","Financial assistance: no assistance","Regulator: although no direct external assistance is provided, under Indian regulatory requirements the partner insurer may support the scheme through cross-subsidies from its other more profitable lines of business.","Reinsurance: unclear, reinsurance possibly purchased by insurer.","Initiator: the WWF’s main service is offering microcredit, and since 1983 it has also offered health, life, accident, and property microinsurance to its microcredit clients. Disaster insurance is offered for the property scheme.                                                                             Insurance: provided by an Indian insurer",null,null,"Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006",null,"Working Women’s Forum: www.workingwomensforum.org/"]
[97,"Gujarat State Disaster Management Authority (GSDMA)  disaster microinsurance program in India ","Disaster microinsurance","weather & other","natural disasters, man-made disasters","non-agricultural","meso & individuals","multi-hazard","Lower middle income","public & private","yes","no","operational","South Asia","India","Lower middle income","Operational",2001,"Regional",null,"Number insured: 215,000 clients (year 2005)","Cat risk   ","Disaster microinsurance: residential property.                                                                           Insurance product: the maximum cover is one million rupees. The policy provides protection for  for 14 types of natural and man-made\ndisasters: 1. Fire, 2. Explosion/\nimplosion, 3. Impact by any rail/road\nvehicle or animal by direct contact, 4.\nAircraft or other aerial and/or space\ndevices and/or articles dropped from\nit, 5. Bursting and/or overflowing of\nwater tanks, apparatus and pipes, 6.\nMissile testing operations, 7. Leakage\nfrom automatic sprinklers\ninstallations, 8. Bush fire, 9. Riots,\nstroke, malicious, 10. Lightening, 11.\nStorm, cyclone, typhoon, tempest,\nhurricane, tornado, flood and\ninundation, 12. Subsidence and\nlandslide including rockslide, 13.\nEarthquake, fire and shock cover, 14.\nTerrorism.","Households (those that had been completely destroyed and rebuilt with government assistance after the Gujarat earthquake in 2001).                          This is a compulsory group-based housing insurance scheme with a duration of 10 years (standard, non-voluntary group policy). ","Indemnity-based",null,"Provision of capital: the share of the Government insurance fund would be 45%.                                                                                                                                   Insurance: public insurers taking part are Oriental Insurance Company,  National Insurance Company and United India Insurance Company.                                                                                                                                                                                                                                    Management: the GSDMA (state level Government organisation responsible for handling natural calamities) acts as an intermediary between beneficiaries and insurance companies, grouping individual policies and passing on to insurers the  compulsory premium from each individual’s final reconstruction grant.                                                                                                                  ",null,"Insurance: to spread risks GSDMA sought coinsurance from commercial insurers (IFFCO-TOKIO General Insurance Company and New India Insurance Company), to the value of 55%.  A system was developed to share risks among the different risk zones and insurers.",null,"Physical risk reduction or incentives: as there is only one payment every 10 years, there is no potential for providing incentives for risk reduction.                                                                                     Awareness raising /capacity building: GSDMA undertook promotional activities to raise client awareness and understanding about the contents of the insurance policy and how to file a claim. ","Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006                                          AIDMI (2005). “Transferring Risk through Micro-Insurance, micro-credit and\nlivelihood relief, Best practice case studies”AIDMI.",null,"Gujarat State Disaster\nManagement Authority: www.gsdma.org/"]
[98,"Disaster Preparedness Program in India (Andhra Pradesh)","Disaster microinsurance","weather & other","flood, landslides, rockslides, earthquake, cyclon, other natural disasters","non-agricultural","individuals","multi-hazard","Lower middle income","public & private","no","no","pilot","South Asia","India","Lower middle income","Pilot                                                                                                  Identified challenges:                                                                    - Scaling up would put more stress on the program, requiring considerably more backup capital or reinsurance.",2004,"Regional (Andhra Pradesh)",null,"Number insured: 1,000 clients (year 2005)","Cat risk   ","Disaster microinsurance: life                                  Insurance product: it covers 12,500–25,000 rupees for partial disablement and death; against  floods, landslides, rockslides, earthquakes, cyclones and other natural disasters.","Low-income female population (groups of women in the age of 10-75 years and with a minimum size of 250 members).                                           This is a voluntary scheme.","Indemnity-based",null,"Insurance: the insurance partner is the Oriental Insurance Company, a profit-oriented, but publicly owned, insurer.                                                                                                                                                                                                                         Regulator: since 2000, the Indian regulatory authority has made it mandatory for formal insurance providers to service the poor through a provision that regulated insurers increase their shares of low income clients over time.                                                                                                 ","Reinsurance: unclear, reinsurance possibly purchased by insurer.",null,"Financial assistance: Oxfam sponsored 50% of premiums in the first year.                                                        Information/ technical assistance provider: Oxfam provides technical  support, and has trained the task force members (village disaster management volunteers) in doing the job of an insurance agent, in order to reduce costs and make insurance affordable. Volunteers also assist the communities with claims.","Awareness raising /capacity building: Oxfam has trained the task force members (village disaster management volunteers) in doing the job of an insurance agent, in order to reduce costs and make insurance affordable. Volunteers also assist the communities with claims.                                                                                     Disaster risk reduction legislation/ frameworks/ projects: the Disaster Preparedness Program also offers housing, health awareness, drinking water, and sanitation, as well as capacity building for communities, government, civil society, and media organizations.                                                                                             Other linked disaster risk financing intiatives: Oxfam provided initial funding, which communities repaid in monthly installments. This repayment remains with the local disaster preparedness fund, managed by the community.                                                      ","Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006",null,"Andhra Pradesh Centre for Disaster\nPreparednes: http://www.hrdiap.gov.in/html/center_cdp.html"]
[99,"Tsunami microinsurance in India","Disaster microinsurance","weather & other","tsunami,  natural disasters","non-agricultural","individuals","multi-hazard","Lower middle income","private","no","no","pilot","South Asia","India","Lower middle income","Pilot","Implemented in March of 2006 (pilot)","Regional (Tamil Nadu, Andhra Pradesh)",null,"Number insured: 1200 clients (year 2006). Under the Allianz- CARE partnership, more than 210,000 microinsurance policies have been distributed providing cover to 65,000 households as of June 2010. ","Cat risk and more frequent risk","Disaster microinsurance: health, life and property.                                                                    Insurance product: it covers loss of household assets valued\nup to US$25, accidental death (including tsunami-caused death) and health insurance to cover hospitalisation up to US$125.                       The health insurance scheme of the  Allianz-CARE partnership offers packages that protect people against natural disasters or accidents for under 8p a month – an affordable rate even for those who earn less than £1.50 a day. ","MFI clients (victims of the\n2004 tsunami). People taking microinsurance are usually women, from households with incomes below the poverty line.                                   Community members can choose which types of insurance they want to buy.","Indemnity-based",null,null,null,"Insurance: private insurance company Royal Sundaram , which pays a 15% commission to the MFIs for bringing the clients. Allianz (Bajaj Allianz) also provides insurance.                                                    Sold/ marketed: MFIs                                                                                                                                                                                                                                     ",null,"Disaster risk reduction legislation/ frameworks/ projects: CARE India has fostered the partnership within the frame of its Tsunami Relief Program (TRP).                                                      ",null,"https://www.allianz.com/en/press/news_dossiers/microfinance/news_2008-03-11-2.html","Allianz insurance: https://www.allianz.com/"]
[100,"China Catastrophe Risk Insurance Pool","Property Catastrophe Risk Insurance Pool","other","earthquake","non-agricultural","individuals","single-hazard","Lower middle income",null,null,null,"proposed","East Asia & Pacific","China","Lower middle income","Proposed                                                                                    Identified challenges:                                                                - The government is currently considering a general concept for establishing an earthquake insurance pool, probably based on some form of public-private partnership among insurers, reinsurers, and the government. ",null,"National",null,null,"Cat risk   ","Property insurance: residential property.                                                               Insurance product: it covers earthquake. ","Residential property owners.","Indemnity-based","Information/ technical assistance provider: by the World Bank (catastrophe risk assessment analyses are being undertaken for rapid onset disasters).",null,null,null,null,null,"Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. ",null,"World Bank Group\nwww.worldbank.org/"]
[101,"Residential Earthquake Insurance Pool of Taiwan (TREIF)","Property Catastrophe Risk Insurance Pool","other","earthquake, earthquake-related secondary perils","non-agricultural","individuals","multi-hazard","Lower middle income","public & private","no","no","operational","East Asia & Pacific","China (Taiwan)","Lower middle income","Operational",2002,"National","Expansion of an existing market.                                                Prior to the creation of TREIF, earthquake insurance was provided as an endorsement to a long-term residential fire policy.","Sum insured: the scheme caps losses at TWD 60 billion. In the event that losses exceed this amount, the losses paid to policyholders will be proportionally reduced (proration).\nPenetration: as of 31 May 2008, the take-up rate equals 24.98% (22.93% in 2007 / 20.53% in 2006 / 16.67% in 2005) of total estimated 7.8 million households in Chinese Taipei.                                                                                              ","Cat risk                                                                 Deductible: no deductible applies.","Property insurance: residential property and contingent living expenses.                                                               Insurance product: the policies provide indemnity on a replacement cost basis for buildings, with a maximum insured amount of TWD 1.2 million. In addition, a further TWD 180,000 of reimbursement is provided per household for contingent living expenses. It covers fire, explosion, landslide, land subsidence, land movement, land rupture, tidal wave, surge and flood caused by earthquake. ","Residential property owners.  Insurance takes the form of a compulsory earthquake extension on all fire policies. Since 1 April 2002, new residential fire policies have been issued on an annual (rather than long-term) basis, and automatically cover earthquake risk. ","Indemnity-based",null,"Initiator: the Ministry of Finance of the Government of Chinese Taipei introduced the scheme.                                                                                                                  Reinsurance: the fifth risk layer of TWD 12 billion is absorbed by the Government (as of 2008). TREIF absorbs the second risk layer of TWD 17.6 billion, and the fourth risk layer of TWD 8 billion (as of 2008).                                                                                                                                                                                                                                                              Management: since 2006 the management of the scheme has been entrusted to TREIF (Residential Earthquake Insurance Fund), a governmental entity and non-profit fund.                                                                                                                 ","Reinsurance: the third risk layer (TWD 20 billion; year 2008) is transferred to domestic and overseas reinsurance market and/or capital markets.","Insurance: private insurance companies. The first risk layer of the programe (TWD 2.4 billion) is retained by domestically licensed insurers (as of 2008).                                                                                                           Reinsurance: the third risk layer (TWD 20 billion; year 2008) is transferred to domestic and overseas reinsurance market and/or capital markets.                                                                                                                                          ",null,"Physical risk reduction or incentives: pricing is not risk-based (flat premiums).                                                                                                     Disaster risk reduction legislation/ frameworks/ projects: the scheme is part of the implementation of a comprehensive disaster prevention and risk management program.                                                               ","Financial Management of Large-Scale Catastrophes. OECD, 2008",null,"Taiwan Residential Earthquake Insurance Fund: http://www.treif.org.tw/eindex.aspx"]
[102," Turkish   Catastrophe   Insurance Pool  (TCIP)","Property Catastrophe Risk Insurance Pool","other","earthquake, earthquake-related secondary perils","non-agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","yes","operational","Europe & Central Asia","Turkey","Upper middle income","Operational                                                                         Identified challenges:                                                         - Low penetration rates: uptake of policies in areas outside of Ankara, Istanbul and the western coast has been hampered by lower awareness of risk and lower levels of household income, despite efforts have been made to make the insurance more affordable.                                                                   - A significant segment of the Turkish population may be unaware of the availability of insurance.     - Many of those who are aware of the product view insurance as a product for the rich and perceive costs to be too high.                                                         - Many people did not understand the nature and workings of the TCIP, and questioned whether this obligatory class of insurance was simply a tax levied by the government.                                                              -Many insurance companies initially responsible for selling policies had insufficient information concerning the TCIP. As a result, the public suspected the program could not be trusted.","Implemented in September 2000","National                                                 (but particularly in Ankara, Istanbul and the western coast)                                           ","Expansion of an existing market (before September 2000, earthquake insurance in\nTurkey was mostly provided as an allied peril to the fire policy and engineering policy).                          Subsequent to the Marmara earthquake which took place on 17th of August 1999 and caused loss of thousands lives and properties, great numbers of precautions were taken in order to minimize the damages of Earthquakes by the public authority.  One of the most significant precautions is the execution of the Turkish Compulsory Insurance Pool (TCIP). Low levels of property insurance coverage (at around 3% of residential buildings) led the government to support the establishment of a widespread and effective earthquake property insurance system. Within the Marmara Earthquake Emergency Reconstruction (MEER) project (disaster response project that introduced for the first time a comprehensive disaster management framework), the World Bank assisted Turkey in designing an insurance program to be able to manage its own national catastrophic exposure.","Value of insurance premia: 322 million TL (year 2009); up from 54.5 million TL in year 2001.\nNumber insured: 3,435,861 policies (year 2009); up from 2,428,000 in year 2001.                                                                                           Sum insured: 201 billion TL (year 2009); up from 55 billion TL in year 2003.\nPenetration: 26,45% (year 2009); up from 18,61% in year 2005.                                                                                           ","Cat risk                                                                                                            Deductible: 2%. ","Property insurance: residential property, mainly.                                                          Insurance product: it is a stand-alone product sold separately from fire (or homeowner’s) insurance, and covers building damages only against earthquake (and FF, explosion, landslide related to earthquake). Limits per policy are approximately 92,000 USD (as of Jan. 1, 2009).             ","Homeowners (middle-income; usually in urban residential areas).                        Since year 2000, it has become a compulsory earthquake insurance for all residential buildings on registered land in urban areas. Proof of participation in the scheme is compulsory for land registry transactions, such as when houses are sold. Industrial and commercial risks as well as residential buildings in small villages (with no municipality established) can be insured on a voluntary basis.         ","Indemnity-based","Provision of capital: of the 505 million USD provided by the World Bank for the MEER project , $123 million was allocated to the Disaster Insurance Scheme, under which $100 million in initial capital support went to the insurance pool through an uncommitted contingent loan facility and $23 million went to technical assistance. Since the program’s launch, the WB has provided capital support to the TCIP through a contingent investment loan of $180 million USD. This loan reduces reinsurance costs, which speeds accumulation of the pool’s capital reserve fund, and serves as part of the pool’s overall claims-paying capacity in the event of a major disaster.                                                                                                                                                                                                                                Financial assistance: In its second year of operation, the TCIP availed itself of a World Bank loan, through the Turkish government, to meet reinsurance premium costs.                                                                       Information/ technical assistance provider: the WB provided technical assistance to the General Directorate  of Insurance in establishing TCIP and ensuring sound management of the pool for the first 5 years.                                                                                                           ","Initiator: Government of Turkey                                                                                                                                                                                                                                                       Reinsurance: the Turkish Government covers losses that would exceed the overall claims paying capacity of the TCIP (reinsurer of last resort).                                                                                                                                                                                                                                                                Management: TCIP was founded as the executive company of the Compulsory Earthquake Insurance, and subordinated to the Under-secretariat of Treasury.  The Board of Directors that administers the TCIP is constituted by representatives of both the public sector (Prime Ministry, Under-secretariat of the Treasury, Ministry of Public Works and Settlement) and the private sector.  The TCIP retains the first US$80 million of losses through its reserves.                                                                                                                                                                                                                                            Regulator: Decree Law No. 587 is the legislation that laid the legal foundation for creation of the TCIP. To encourage homeowners to comply with the decree law’s requirement to buy earthquake insurance coverage, the\nGovernment amended Disaster Law No. 7269 to eliminate its legal\nobligation to replace destroyed urban dwellings through provision of heavily\nsubsidized reconstruction loans, thus putting much of the responsibility back on homeowners. The aim was to focus government relief funds on low income residents. Those required to carry earthquake insurance and fail to do so are not eligible to receive compensation from the government in the form of housing credits or reconstruction in the event of an earthquake.                                                                                                                                   Information/ technical assistance provider: TCIP receives strategic guidance from the Turkish Treasury (separate state-owned legal entity, managed by a Council).                                                                                                                                      ","Reinsurance: international reinsurance markets provide reinsurance for TCIP, including Munich Re, Swiss Re, Amlin, etc.                                                                                                 ","Insurance: currently 29 accredited insurance companies and their agents are providing Compulsory Earthquake Insurance in the name and on behalf of TCIP.                                                                                                                                                                                                                     Management: the Board of Directors administers the TCIP, and is constituted by representatives of both the public sector and the private sector (Association of Insurance and Reinsurance companies of Turkey, Capital Markets Board of Turkey, the General Manager of the Pool Management Company). The TCIP is managed as a private insurance company (Milli Reinsurance Company from 2000 to 2005 and Garanti Insurance Company since August 2005), which undertakes all technical tasks in the TCIP’s daily operations.                                                                                                                                                                                                                                               Sold/ marketed: the policies are marketed and sold by private insurance companies who are paid a standard commission. Marketing and distribution of policies have been facilitated by a state-of-the-art Internet-based information system that has produced significant cost efficiencies in underwriting new policies.                                                                                                     ","Management: the Board of Directors administers the TCIP is also formed by a representative of the Middle East Technical University. ","Physical risk reduction or incentives: premium rates are actuarially sound, not subsidized, and vary with construction type and property location. This aims to encourage standard building practices. In addition to the legal framework of TCIP, a new code on building inspection was enacted by the Parliament in 2000. Turkey encourages compliance with building codes by insuring only structures that have construction licenses. Because the TCIP is a tool for promoting construction of safe housing through compliance with building codes and construction standards, it cannot insure recently built buildings that do not comply with building codes.                                                               \nAwareness raising /capacity building: the World Bank took the lead in technical assistance to the Turkish Treasury’s General Directorate of Insurance (GDI) to design a catastrophe insurance pool for Turkey. The TCIP has invested heavily in public education and marketing, initiating many projects to increase public awareness and understanding of its presence.                                                                                                                      Disaster risk reduction legislation/ frameworks/projects: the MEER (Marmara Earthquake Reconstruction) project was the first World Bank project to have components of financial risk management, disaster mitigation and planning, emergency preparedness, reconstruction of damaged infrastructure and buildings and social and economic recovery.                                          ","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington                                    Global assessment report on disaster risk reduction. United Nations International Strategy for Disaster Reduction Secretariat, 2009","Natural Catastrophes Insurance Cover. A Diversity of Systems. Consorcio de Compensacion de Seguros: http://www.wfcatprogrammes.com/c/document_library/get_file?folderId=13442&name=DLFE-553.pdf             TCIP annual reports (2003-2009): http://www.tcip.gov.tr/150.html                         Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/","TCIP: http://www.tcip.gov.tr/"]
[103,"Romanian  Catastrophe Insurance Pool (PAID)","Property Catastrophe Risk Insurance Pool","weather & other","earthquake, flood, landslide","non-agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","no","operational","Europe & Central Asia","Romania","Upper middle income","Operational","Implemented in 2010","National","Expansion of an existing market.                                        The present program insures new peris and also expands an existing market. Until 1995 there was a compulsory scheme for insurance of dwellings against earthquakes. Few dwellings insured agains nat cat; in fact less than 5% had fire insurance. Commercial properties are usually insured.","Number insured: 780,000 policies sold as of August 2011                                          ","Cat risk   ","Property insurance: residential property.                                                                              Insurance product: it covers buildings damage only against earthquakes, floods and landslides.","Homeowners.                                     It is a compulsory earthquake insurance system for all residential buildings. ","Indemnity-based","Financial assistance: the initial capacity building was funded under a World Bank investment loan.","Reinsurance: the Government provides guarantee to the scheme as a lender of last resort.                                                                                                                                                                                                                                                       Financial subsidy: the Government helps funding reinsurance premiums in early years. It also subsidizes premiums for low-income householders.                                                                                                          Regulator: local governments assist with enforcing the duty to insure.                                                                                                                                 ","Reinsurance: PAID reinsures all the risk and transfers it to international reinsurance markets. ","Insurance: insurers, members of PAID                                                                                                                                                                                                                     Management: PAID is a joint stock company owned by qualifying insurers, and  is the entity that operates the scheme.                                                                                                                                                                                                                                                         Sold/ marketed: members of the Catastrophe Insurance Pool. They also assess and settle claims.                                                                                                                                                                                                                                                                                                               ",null,null,"Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. ",null,"http://www.paidromania.ro/"]
[104,"Catastrophe Insurance Pool in Bulgaria (BCII)","Property Catastrophe Risk Insurance Pool","weather & other","natural disasters","non-agricultural","sovereign & individuals","multi-hazard","Upper middle income",null,"yes",null,"proposed","Europe & Central Asia","Bulgaria","Upper middle income","Proposed/ Under preparation                      ","Worshop held on May 27, 2008 to present the findings and recommendations from a feasibility study for the establishment of a national catastrophe insurance program in Bulgaria.","National","Expansion of an existing market.                                                               Despite a very significant exposure of most of the country’s territory to natural disasters, only a small fraction of residences – about 2-3% - are insured against catastrophic perils. Local insurers  are prepared in principle to provide quake cover on buildings/contents, but only to selective buildings.",null,"Cat risk   ","Property insurance: residential, commercial ands public (envisaged).                                                               Insurance product: envisaged coverage includes residential properties and their contents, office premises and business equipment of SMEs, and potentially government-owned housing and small community facilities; against natural disasters.","Homeowners, SMEs (small and medium enterprises) and government property.","Indemnity-based","Financial assistance: the scheme is receiving funding for technical assistance from the ProVention Consortium.                                 Information/ technical assistance provider: the World Bank supports the efforts of the BCII (Bulgarian Catastrophe Insurance Initiative) and the Bulgarian government in examining the options for catastrophe risk transfer available to Bulgaria and possible structure of a catastrophe pool (feasibility study); and a consultation with government, insurance industry and civil society in this regard.                                                                ","Initiator: the Bulgarian Goverment forms part of the partnership",null,"Initiator: the insurance industry forms part of the partnership","Initiator: the Bulgarian Initiative for Catastrophe Risk Management (BICRM) is an NGO formed by representatives of the Bulgarian insurance industry, academia, construction industry, and disaster risk reduction specialists.                          Information/ technical assistance provider: BICRM contributed to the fesibility study.","Disaster risk reduction legislation/ frameworks/ projects: BICRM was formed in 2007 to create a national catastrophe insurance pool, reduce the seismic vulnerability of housing stock to earthquakes, limit the government fiscal exposure to the impact of natural hazards, and strengthen risk awareness at the national level.               ",null,null,"ProVention consortium: http://www.preventionweb.net"]
[105,"Algerian Catastrophe Insurance Pool (ACIP)","Property Catastrophe Risk Insurance Pool","weather & other","earthquake, flood, storm, landslide","non-agricultural","individuals","multi-hazard","Upper middle income","public & private","no","no","operational","Middle East & North Africa","Algeria","Upper middle income","Operational","Pool formed in October 2003; started operations in September 2004.","National","Creation of a new market (in development). The precursor for the initiative was the 2003 Boumerdes earthquake in Algeria, where approximately 2,266 people were killed and 10,261 injured. Reports indicate more than 1,243 buildings were completely or partially destroyed, and nearly 150,000 people became homeless. As a consequence, in october 2003 the Algerian Government passed a law that made compulsory natural disaster insurance, and formed the ACIP. The Algerian Parliament passed legislation that all property owners must insure against natural catastrophes.  ","Estimated profit: since its effective date in 2004, the program has recorded one claim, occurred in 2008 in Ghardaia (Southern of Algeria), and of which the damage valuation stands at 234 million DA (Algerian dinars).\nValue of insurance premia: from 745 million AD  (year 2008) to 892 million AD  (year 2009), showing  a progression of 20% \nNumber insured: 193,000 insurance policies purchased in year 2010.                                                                                                 Sum insured: in 2009, the capacity of the program amounted to 146 million dollars, with a priority of 4 million USD.\nPenetration: the share of insurance against natural disasters (CAT-NAT) does not exceed 2% of the total turnover of the insurance industry, and only 10% of the housing in Algeria is insured against natural disasters (year 2010)","Cat risk.                                                     Deductible: 10% for commercial and industrial risks; 2% for dwellings.","Property insurance: residential, commercial and industrial.                                          Insurance product: it covers buildings and contents, against  earthquake, flood, tempests and landslides. ","Homeowners, commerces, industries.                                                      It is a compulsory insurance against natural disasters. The  \"mandatory\" character of this insurance, however,  is only for those who must sell or lease their properties.","Indemnity-based.                                                                              The State has to declare the situation of natural catastrophe.",null,"Initiator: Government of Algeria                                                                                          Financial subsidy: Government has provided for exemption from tax (VAT) for CAT -NAT insurance contracts                                                                                                                                                                                                                        Regulator: Government of Algeria and Parliament of Algeria                                                                                                                Information/ technical assistance provider: Government of Algeria has conducted awareness campaigns                                                                                               Reinsurance: CCR is the government owned, state reinsurer, and has been entrusted the reinsurance management of this program. It has a 70% share of total losses (quota share with insurers). CCR does not have a reserve fund but Algerian state provides unlimited guarantee to CCR.                                                                                            Other: The Algerian State has to declare the situation of natural catastrophe, and also fixes tariffs.","Reinsurance: CCR purchases reinsurance internationally","Insurance and Sold/ marketed: local insurers are requied to provide insurance cover to property owners. Insurers retain 30% of losses and cede 70% to CCR (quota share)                                                      Information/ technical assistance provider: insurers have conducted awareness campaigns.                                                                                                                                                                                                                                                       ",null,"Awareness raising /capacity building: Government and insurers have conducted awareness campaigns.                                                                                                                                                                                               Other linked disaster risk financing intiatives: In 1990, an indemnization fund (FNC) was created to support victims of natural disasters ","The 21 May 2003 Boumerdes Earthquake: Lessons Learned & Recommendations\nF. Bendimerad.\n2004. 13th World Conference on Earthquake Engineering, Vancouver, B.C., Canada. Risk Management Solutions, Inc., California.\n","Conseil National des Assurances: http://www.cna.dz/               Compagnie Centrale de Réassurance: www.ccr.dz     African reinsurance corporation: http://www.africa-re.com/french/areport/fr_a/2a.pdf","Conseil National des Assurances: http://www.cna.dz/       Compagnie Centrale de Réassurance: www.ccr.dz"]
[106,"Catastrophe Risk Insurance Pool in Morocco","Property Catastrophe Risk Insurance Pool","weather & other","natural disasters","non-agricultural","individuals","multi-hazard","Lower middle income",null,null,null,"proposed","Middle East & North Africa","Morocco","Lower middle income","Proposed                 ",null,"National",null,null,"Cat risk   ","Property insurance: residential, commercial and industrial.                                                    Insurance product: it would cover buildings and contents of residental, commercial and industrial premises, against natural disasters.","Homeowners and commerces.","Indemnity-based",null,"Regulator: the government presented a bill to the parliament in July 2010 that would make natural disaster insurance compulsory for everyone. ",null,null,null,"Other linked disaster risk financing intiatives: the law also envisions the creation of a Disaster Solidarity Fund, aimed at paying compensation to victims of non-insured natural calamities and encouraging the development of disaster risk insurance and reinsurance. "]
[107,"Indonesian  Catastrophe Reinsurance Pool (MAIPARK )","Property Catastrophe Risk Reinsurance Pool","other","earthquake","non-agricultural","meso","single-hazard","Lower middle income","private","no","no","operational","East Asia & Pacific","Indonesia","Lower middle income","Operational",2003,"National","Expansion of an existing market.                                       Deregulation of the financial sector in the late 1980’s led to a drop of premium rates to levels similar to countries without cat risk exposure. Due to excessive competition it became market practice to provide earthquake insurance without charging risk adequate premiums. As a result, there was an increasing concern whether insurers could meet their obligations towards\npolicyholders in the event of a large earthquake.","Value of insurance premia: 1,078,506,738,952 IDR (127 million USD) in year 2008 (national gross premium income).\nNumber insured: 65,421 policies in year 2008.                                                                                            Sum insured: 871,896,569,061,728 IDR (1,026 million USD) in year 2008 (national aggregate).\n","Cat risk   ","Property insurance                                          Insurance product: earthquake reinsurance","All insurance and reinsurance companies licensed to operate in the Republic of Indonesia are re-insured by MAIPARK.                                               There is no state requirement that consumers purchase earthquake insurance or that mortgage lenders require it, though.","Indemnity-based",null,"Initiator: Government of Indonesia (GoI)                                                                                                                                                                                                                                                        Regulator: GoI required all licensed general insurance and reinsurance companies operating in Indonesia to cooperate in insuring special risks through a joint undertaking of all companies, known as the Indonesian Reinsurance Pool (MAIPARK).  Participating in the pool was made compulsory for all general insurance and reinsurance companies. At the same time, a compulsory earthquake tariff was introduced and endorsed by the government.                                                                                                                                                                                         ","Reinsurance: both local and international reinsurers, to whom most catastrophe risk is transferred.","Reinsurance: both local and international reinsurers, to whom most catastrophe risk is transferred.                                                                                                                                                                                                                                                   Management: MAIPARK is a joint undertaking of the Indonesian General Insurance Industry. All insurance and reinsurance companies licensed to operate in the Republic of Indonesia are shareholders of the company. MAIPARK was established as a Special Risk Reinsurance Company with the objective to become the National Reinsurer for catastrophic risks.                                                                                                                                                                                                                                                          ",null,"Awareness raising /capacity building: besides its function as a reinsurer MAIPARK engages in research support, education of the public about natural disaster, risk mitigation and more stringent and safer construction standards and building codes.",null,"http://www.maipark.com/docs/download/statistical-reports/statistic-report-2008","Maipark: www.maipark.com"]
[108,"Southeast Europe and the Caucasus Catastrophe Risk Insurance Facility (SEEC CRIF)","Property and business interruption insurance ","weather & other","earthquake, flood, temperature, excess rainfall","non-agricultural","sovereign & individuals","multi-hazard","Upper middle income, Lower middle income","public & private","yes","yes","proposed","Europe & Central Asia","Countries of South East Europe and the Caucasus (SEEC): Albania, Armenia, Bosnia and Herzegovina, Georgia, Macedonia former Yugoslav Republic, Serbia","Upper middle income, Lower middle income","Proposed/ Under preparation (design of the facility started in 2008).                                                  Identified challenges: although this effort stalled during the global financial crisis, South Eastern European countries have returned to the idea and are ready to move forward.",null,"Multi-national",null,null,"Cat risk and more frequent risk","Property and business interruption insurance                              Insurance products: the main insurance products will be: (i) parametric index-based weather insurance coverage for climate-related hazards (excessive temperature or rainfall) to protect buyers against business interruption due to adverse weather; and (ii) cat insurance coverage for damages caused to property and contents by earthquake and flood. ","Potentially, homeowners, farmers, SMEs and government organizations. The objective is to increase the number of insured against weather-related risks and geo-hazards.","Indemnity-based and parametric (index-based weather risk hedging contracts). ","Financial assistance: GFDRR (Global Facility for Disaster Reduction and Recovery) will support SEEC countries’ efforts to join Europa Re by financing their shareholder contributions to the Facility. This component is proposed to be financed by IBRD financing (for Serbia and FYR Macedonia) and IDA funding (for Armenia, Georgia, and possibly Bosnia and Herzegovina).                                                            Information/ technical assistance provider: GFDRR will enable Europa\nRe to procure the necessary technical expertise out of its own funds, and will also play a catalytic role in raising donor funding for the technical work required for the launch of cat insurance products in member states.","Initiator:  Governments of South East Europe and Caucasus countries, which will own the reinsurance facility.                                                                                           Reinsurance: through EUROPA Reinsurance Facility Limited (Europa RE); a catastrophe risk reinsurance company owned by countries of South East Europe and Caucasus.  ",null,"Insurance/ Sold-marketed:  all catastrophe insurance products would be sold through local private insurance companies and their agents.",null,"Disaster risk reduction legislation/ frameworks/ projects: within the context of the GFDRR the World Bank and UN/ISDR secretariat have initiated a South Eastern Europe Disaster Risk Mitigation and Adaptation Program (SEEDRMAP).                                                                                                                                                          Adaptation to climate change: climate change is considered by the initiative.",null,"ReliefWeb report: South East Europe and Caucasus Catastrophe Risk\nInsurance Facility Project — http://reliefweb.int/node/372537","Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/"]
[109,"Multi-Window Mechanism to Address Loss and Damage from Climate Change Impacts, proposed by AOSIS (Alliance of Small Island States)","Sovereign Disaster Risk Financing","weather","weather events, extreme weather events, hurricane, tropical storm, flood, drought","agricultural & non-agricultural","sovereign","multi-hazard","Low income, middle income",null,null,"yes","proposed","Latin America & Caribbean","AOSIS member states; Small Island Developing States (SIDS) in the Atlantic Ocean and connected seas, Indian Ocean and Pacific Ocean","Low income, middle income","Proposed                                                                                         Identified challenges:                                                                                        - Funding from a number of institutions is being sought.",null,"Multi-national",null,null,"Cat risk and more frequent risk","Sector to be defined                                             Insurance product: tecnical assistance is being sought on potential instruments and risk transfer arrangements (e.g., risk\npooling arrangements; indexed\ninsurance mechanisms such as\ncatastrophe bonds, weather\nderivatives; reinsurance schemes;\npublic private partnerships etc.)  Cover would be against frequent and severe extreme weather events; e.g. hurricanes, tropical storms, floods and droughts.","Governments","Parametric. Proposed indexes might be based on rainfall, wind speed, storm surge.",null,"Initiator: AOSIS (Alliance of Small Island States), an intergovernmental organization of low-lying coastal and small Island countries.  AOSIS has proposed a Multi-Window Mechanism to Address Loss and Damage from Climate Change Impacts in SIDS and other developing countries, as part of its call for an International Insurance Mechanism.",null,null,null,"Risk assessment activities and disaster risk reduction legislation/ frameworks/ projects: the proposed mechanism includes a Risk Management Component to support and promote risk assessment and risk management tools.                                                                                                                                             Adaptation to climate change: the proposed mechanism includes a rehabilitation / compensatory component to address progressive negative impacts of climate change which result in loss and damage ",null,"Background paper for insurance as an adaptation option under UNFCCC. INFRAS, IRI & Swiss Re, 2010","Alliance of Small Island States:\naosis.info/"]
[110,"Index weather crop insurance in Mexico/ PACC (Programa de Atención a Contingencias Climatológicas)","Sovereign Disaster Risk Financing & Agricultural insurance (index-based)","weather","drought, flood","agricultural","sovereign","multi-hazard","Upper middle income","public & private","yes","no","operational","Latin America & Caribbean","Mexico","Upper middle income","Operational                                                                        Identified challenges:                                                           - Basis risk: there were some cases in 2005 where triggers caused payouts when farmers had not actually experienced crop damage; while the opposite occurred in 2006, when some farmers experienced crop losses but no payments were triggered.                                                                                - - Further scaling-up has been constrained by the limited number of weather stations producing useable data, and by limited technical capacity. Only half of the country’s functioning 1200 weather stations have good enough real-time or semi-real-time data to build and monitor effective indices. The lack of historical data is also being addressed so that the program can continue to expand.                                                                                    - - Agroasemex is investigating expanding the program by marketing insurance to individual farmers, although delivery channels are likely to be a challenge. As a first step, microfinance institutions may serve as an intermediary.",2002,"Multi-regional ","Creation of a new market (in development).                                                       Mexico’s subsistence farmers are vulnerable to both excess and lack of rainfall, as 78% of the country’s arable land is non-irrigated, depending exclusively on the seasonal rains from May to November.                                                                              PACC (Programa de Atención a Contingencias Climatológicas) are federal assistance funds that support low-income farmers after weather-related catastrophe events that affects their productive activity. The program intends to help restore their activity as soon as possible. Both the federal and state governments co-finance the program, and funds are derived from tax revenue. As a result, PACC is a costly and unsustainable attempt to manage risk after a disaster event. In the view of this, the Mexican Government piloted in year 2002 an index insurance program that effectively insures federal and state governments’ budgets by increasing PACC’s capabilities and protecting financial deviations that may occur as a result of climatic contingencies that affect agriculture. In other words, the insurance serves as a budget risk management tool since it allows annual budget planning minimizing the risk of catastrophic expenditure should severe droughts occur.","Value of insurance premia: 22 million USD (year 2008); up from 0.4 million USD (year 2003).\nNumber insured: in 2008, some 800,000 low-income farmers were covered by the scheme.                                                                                           Sum insured: 135.1 million USD (year 2008); up from 3.9 million USD (year 2003).\nSurface insured: 1,888,924 ha (year 2008); up from 107,621 ha (year 2003).                                                                                              Number of weather stations: 24 (year 2008); up from 6 (year 2003).  ","Cat risk   ","Agricultural insurance: crops (maize, sorghum, barley, and black beans).                                                                     Insurance product: the purpose of this cover is to improve PACC by increasing the efficiency and timeliness of distribution of federal funds to farmers, following climate-related crop failure (e.g. drought, flood, frost). The insurance guarantees to pay at least the amounts promised by PACC (at least US$82 per hectare, for up to 5 hectares of land per farmer).","Federal and state governments (insurance exclusively available to them).                                                     The ultimate beneficiaries of the programme are low-income farmers targeted by PACC (farmers who have an income of less than 74 USD per month; none earning more than 222 USD per month). These farmers cannot access commercial crop or livestock insurance, and are often unaware that they are insured by the programme.","Parametric. Rainfall index.                                                        Triggers vary depending on the crop, development stage and region, and are adjusted each year. Rainfall and temperature simulations are used to replace missing data and produce long time series as a basis for estimating probabilities when building indices. Current experiments contemplate use of NDVI based indexes.",null,"Initiator: Government of Mexico                                                                                                                                        Insurance/ Development/ Management/Sold and marketed: Agroasemex, the state reinsurance company, designed and manages the program, and sells the insurance. The Government of Mexico manages the PAAC fund.                                                                                                              Financial subsidy: for municipalities with a high level of marginalization, 90% of the premium is covered by the federal government (SAGARPA; Secretariat of Agriculture, Livestock, Rural Development, Fisheries and Food) and only 10% by the state government; in less marginalized areas, federal funds pay 70% of the premium. In the event that the index insurance trigger fails to respond to a real loss, the government will use contingency funding to cover the loss.                                                                                                     Other: the state government is responsible for distributing the indemnity to the insured farmers (beneficiaries).","Reinsurance: Agroasemex covers itself through reinsurance contracts with the international reinsurance markets (quota share and excess of loss treaties) since year 2004. In year 2008, the purchase of risk transfer instruments represented 61% of the PACC budget. ",null,"Development: Fundación Produce (a rural producers’ association) is  building a network of some 764 automated weather stations. When up and running, these will provide data to supplement those from government-run stations.","Awareness raising /capacity building: there have been efforts to promote an insurance culture among population as well as social awareness of catastrophic risks. These initiatives have improved the level of penetration of the insurance sector in relation to the whole economy providing a basis for a solid and consistent insurance market, as well as protecting the population.                                                                                                         Disaster risk reduction legislation/ frameworks/ projects: Mexico has developed an institutional framework for disaster preparedness involving risk assessment, risk reduction, the promotion of a culture of prevention, and insurance. With these initiatives, Mexico moved from an ex-post response to natural disasters to an ex-ante preparedness approach. Mexico has emergency plans at both the local and federal levels in which collaboration exists between civil, governmental and military institutions, in order to address natural disasters.                                                                                                                  Other linked disaster risk financing intiatives: Mexico has a Natural Disasters Prevention Fund (FOPREDEN) that provides resources for preventive actions, as well as to avoid and reduce the negative impact effects of catastrophic natural disasters.                                                                                                     ","Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.","La Experiencia Mexicana en el Desarrollo y Operación de Seguros Paramétricos Orientados a la Agricultura. Agroasemex, 2006. http://www.agroasemex.gob.mx/index.php/es/atencionclientes/descargas/centrodescargas/Documentos/Recursos-Federales/ContingenciasClimatol%C3%B3gicas/","SAGARPA Mexico: http://www.sagarpa.gob.mx/                  Agroasemex: http://www.agroasemex.gob.mx/"]
[111,"Index livestock insurance in Mexico (“Seguro de Daños en Agostaderos con Base en Sensores Remotos”)/ PACC (Programa de Atención a Contingencias Climatológicas)","Sovereign Disaster Risk Financing & Agricultural insurance (index-based)","weather","drought, extreme weather events","agricultural","sovereign","multi-hazard","Upper middle income","public & private","yes",null,"operational","Latin America & Caribbean","Mexico","Upper middle income","Operational",2007,"Multi-regional ","Creation of a new market (in development).                  Mexico’s subsistence farmers are vulnerable to both excess and lack of rainfall, as 78% of the country’s arable land is non-irrigated, depending exclusively on the seasonal rains from May to November.                                                                              PACC (Programa de Atención a Contingencias Climatológicas) are federal assistance funds that support low-income farmers after weather-related catastrophe events that affects their productive activity. The program intends to help restore their activity as soon as possible. Both the federal and state governments co-finance the program, and funds are derived from tax revenue. As a result, PACC is a costly and unsustainable attempt to manage risk after a disaster event. The livestock parametric insurance cover is an initiative by the Government that aims at improving PACC's efficiency, timeliness and distribution to farmers following climate-related pasture shortages. It is achieved through the take up of catastrophe insurance by federal and state governments, which transfers the risk from the government (and the Mexican tax payer) to the international reinsurance market.","Value of insurance premia: 6.3 million USD (year 2008); up from 1.8 million USD (year 2007).\nNumber insured: 3,881,169 animal units insured (year 2011); up from 928,061 (year 2007).                                                                                           Sum insured: 89.5 million USD (year 2008); up from 22.5  million USD (year 2007).\nSurface insured: 55.3 million ha insured (year 2011); up from 13.1 million ha insured (year 2007). ","Cat risk   ","Agricultural insurance: livestock.                                                                    Insurance product: it covers non-availability of livestock feed, due to climatic events such as drought and other extreme weather events (rainfall availability from  May to November determines availability of livestock feed for the period December- April).","Federal and state governments (insurance exclusively available to them).                                                The ultimate beneficiaries of the programme are low-income cattle farmers targeted by PACC, and who need to face extraordinary expenses to feed their livestock due to adverse climatic effects.","Parametric. NDVI index (based on AVHRR satellite imagery).                                                                          If the index falls below the guaranteed index in a given municipality, an indemnity is payable to cattle farmers. ",null,"Initiator: Government of Mexico                                                                                                                                        Insurance/ Development/ Management/Sold and marketed: Agroasemex, the state reinsurance company, designed and manages the program, and sells the insurance. The Government of Mexico manages the PAAC fund.                                                                                                              Financial subsidy: the scheme is co-financed by the  Government (SAGARPA; Secretariat of Agriculture, Livestock, Rural Development, Fisheries and Food) and and state governments, who pay 100% of the premium. In the event that the index insurance trigger fails to respond to a real loss, the government will use contingency funding to cover the loss.                                                                                                     Other: the state government is responsible for distributing the indemnity to the insured farmers (beneficiaries).","Reinsurance: the program is internationally reinsured with Hannover Re, XL Insurance, Paris Re, Swiss Re, Scor Switzerland, etc.\n",null,null,"Awareness raising /capacity building: there have been efforts to promote an insurance culture among population as well as social awareness of catastrophic risks. These initiatives have improved the level of penetration of the insurance sector in relation to the whole economy providing a basis for a solid and consistent insurance market, as well as protecting the population.                                                                                                   Disaster risk reduction legislation/ frameworks/ projects: Mexico has developed an institutional framework for disaster preparedness involving risk assessment, risk reduction, the promotion of a culture of prevention, and insurance. With these initiatives, Mexico moved from an ex-post response to natural disasters to an ex-ante preparedness approach. Mexico has emergency plans at both the local and federal levels in which collaboration exists between civil, governmental and military institutions, in order to address natural disasters.                                                                                                                  Other linked disaster risk financing intiatives: Mexico has a Natural Disasters Prevention Fund (FOPREDEN) that provides resources for preventive actions, as well as to avoid and reduce the negative impact effects of catastrophic natural disasters.                                                                                                     ","Skees, J.R., B.J. Barnett, and B. Collier. April 2008. Agricultural Insurance: Background and Context for Climate Adaptation Discussions. (OECD) Expert Workshop on Economic Aspects of Adaptation, Paris, France. ","SAGARPA Mexico: http://www.sagarpa.gob.mx/desarrolloRural/Programas/Paginas/ProgramadeAtencionaContingenciasClimatologicasPACC.aspx                http://www.cmdrs.gob.mx/comisiones/copredes/reuniones/2010/8a_ordinaria/seguro.pdf","SAGARPA Mexico: http://www.sagarpa.gob.mx/                  Agroasemex: http://www.agroasemex.gob.mx/"]
[112,"MultiCat catastrophe bond for Mexico","Sovereign Disaster Risk Financing (insurance-linked securities)","weather & other","earthquake, hurricane","non-agricultural","sovereign","multi-hazard","Upper middle income","public & private","no","no","operational","Latin America & Caribbean","Mexico","Upper middle income","Operational                                                                       Identified challenges:                                                         - Basis risk: a couple of events that occurred in 2010 in Mexico (Baja California earthquake occurred on April 4, 2010; Hurricane Alex in July 2010) did not trigger the Cat Bond, despite causing significant damages. These two examples illustrate the importance of the choice of the area to be covered by a Cat Bond and the selection of the trigger.                                                                                 - The transaction is perceived not to cover the types of disasters which cause regular problems in Mexico, and which cause FONDEN to exceed its annual budget (i.e. heavy rainfall and mudslides caused by heavy rains).","2009 (period covered October 2009 to October 2012)","National","Expansion of an existing market. It builds on an earlier programme (US$160 million Mexico Cat Bond, earthquake only, 2006-2009)- the MultiCat Mexico programme covers both earthquake and hurricane risk.                                                                          The Mexican Government (GoM) arranged both risk transfer transactions with the aim of helping smooth the impact of payouts on the national budget, after disaster events. Mexico has been faced with natural perils from storms over the Atlantic and the Pacific to the risk of earthquakes, and has been hit by no less than six major catastrophes since 1985. In the 1990s, GoM identified disaster risk reduction as a national priority, creating the Mexico’s Fund for Natural Disasters (FONDEN) in 1996 to improve its financial preparedness for natural disasters. GoM transfers budgetary funds for disaster relief and reconstruction efforts to FONDEN. MultiCat Mexico (and Mexico Cat Bond earlier) indirectly provide parametric insurance to FONDEN.                                                                              ","Estimated profit: no loss events have triggered the catastrophe bond so far.\nNotional/ principal amount: four-tranche cat bond (totaling US$290 million) with a three-year maturity, comprising of Class A (earthquake, 140 million); Class B (Pacific Hurricane Zone A, 50 million); Class C (Pacific Hurricane Zone B, 50 million); Class D (Atlantic Hurricane; 50 million).                                                                                                  Interest Spread (over U.S. Treasury money market funds): 11.50% (Class A) and 10.25% (Classes B, C, D). ","Cat risk","Sovereign insurance                                           Insurance product: multi-peril catastrophe bond that protects FONDEN (the Mexican Fund for Natural Disasters), therefore ensuring that funds are in place for relief activities for Mexican communities following a disaster. A related benefit is the reduction of pressure on the public budget after the disaster. It covers earthquake risk in three regions around Mexico City and hurricanes on the Atlantic & Pacific coasts.","The insured parte is the Fund for Natural Disasters (FONDEN) of Mexico, established in 2006 by the Mexican Government.  FONDEN transfers budgetary funds for disaster relief and reconstruction efforts; the beneficiaries being Mexican communities affected by a major disaster. ","Parametric. Index for earthquake is based on magnitude, and for hurricane is based on barometric pressure.","Initiator: Multi Cat Mexico issued under the World Bank’s newly established MultiCat Program.                                                                                                                                                        Information/ technical assistance provider: technical assistance provided by the World Bank and the Trust Fund First Initiatives. The World Bank Treasury acted as arranger for the transaction, placing the bond with institutional investors through investment banks (Bermuda, Europe, Japan, and the US). ","Initiator: Government of Mexico                                                                                                                                                                                                                                                                     Insurance: FONDEN (the sponsor) have entered into an insurance contract with Mexican state-owned insurer Agroasemex S.A.                                                                                                                                                                                        Other: the MultiCat is a double-trigger bond in that the physical trigger must be reached and Government of Mexico must declare a state of emergency.                                                                                                                                      \n","Insurance: MultiCat Mexico 2009 Ltd, a Cayman Islands-based SPV (Special Purpose Vehicle), indirectly provides parametric insurance to FONDEN (through a derivative counterparty contract with Swiss Re). The SPV issues floating rate notes (Cat Bonds) to capital markets investors to hedge its obligations to Swiss Re. The SPV invests the proceeds in AAA‐rated assets, which form the source of payouts if a covered event occurs. A separate event payment account is established with a third party bank to allow FONDEN to receive parametric loss payments directly from the SPV, subject to the insurance contract. If no event occurs during the life of the bond, the SPV returns the entire principal to the investor.                                                                                           Reinsurance: Swiss Re (Swiss Re Capital Markets) acts as a counterparty to the deal and reinsures Agroasemex (all of the catastrophe risk is transferred to Swiss Re) to enable them to pay any claims placed by FONDEN for qualifying catastrophes. It does so by entering into a derivative counterparty contract with MultiCat Mexico 2009 Ltd.                                                                                                                                                                           Management: Swiss Re and and Goldman Sachs are co-lead managers on the transactionand joint book runners.                                                                                       Information/ technical assistance provider: AIR Worldwide are providing risk modelling services and acting as calculation agent. Munich Reinsurance Company acted as advisor in the transaction.",null,null,"Risk assessment activities: Mexico’s risk exposures to earthquake, hurricane and hurricane-induced rainfall have been modeled and analyzed.                                                                                                               Disaster risk reduction legislation/ frameworks/ projects: in addition to FONDEN, Mexico has developed an institutional framework for disaster preparedness involving risk assessment, risk reduction, the promotion of a culture of prevention, and insurance. With these initiatives, Mexico has moved from an ex‐post response to natural disasters to an ex‐ante preparedness approach. The federal government also supports selected risk reduction projects across the country (e.g. improvements of public infrastructure). ","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C.   Closing the financial gap.  New partnerships between the public and private sectors to finance disaster risks. Swiss Re 2011                        Michel-Kerjan, E. et al. (2011), “Catastrophe Financing for Governments: Learning from the 2009-2012 MultiCat Program in Mexico”, OECD Working Papers on Finance,\nInsurance and Private Pensions, No. 9, OECD Publishing. \n","Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/                   The World Bank: http://treasury.worldbank.org/bdm/pdf/Mexico_MultiCatBond.pdf                  Artemis blog: http://www.artemis.bm/blog/2010/09/16/fonden-mexicos-disaster-fund-exceeds-its-annual-budget","The World Bank: http://treasury.worldbank.org/cmd/htm/about_capital.html                     Agroasemex: http://www.agroasemex.gob.mx/"]
[113,"Insurance Facility for Emergencies Caused by Catastrophic Natural Disasters in the Dominican Republic","Sovereign Disaster Risk Financing ","weather & other","earthquake, tropical cyclone","non-agricultural","sovereign","multi-hazard","Upper middle income","private","yes","no","operational","Latin America & Caribbean","Dominican Republic","Upper middle income","Operational","Approved  May 18, 2011","National",null,"Sum insured: the purpose of the operation is to finance the launch of insurance coverage of up to 50 million USD per event.","Cat risk   ","Sovereign insurance                                           Insurance product: insurance facility that provides governments with pluriannual (5 years initially) natural disaster coverage against seismic activity and/or tropical cyclones of catastrophic intensity. It aims at covering incremental extraordinary public expenditures that could be incurred during emergencies.","Government of Dominican Republic","Parametric","Financial assistance: the Inter-American Development Bank (IDB) provides a loan that will finance the total premium to be charged by the Facility for the first five years of coverage.            Information/ technical assistance provider: IDB","Initiator: the Government of Dominican Republic requested assistance from IDB for a program to assess and transfer disaster risk (disaster fund, contingent credit, or insurance facility for catastrophic events).","Reinsurance:  the facility may transfer the risk to reinsurance or capital markets.","Development/ management: Seguros Banreservas S.A. will undertake policy design and will manage the SPV  (Special Purpose Vehicle).                                                                                                                                                                                                                                                  ",null,"Disaster risk reduction legislation/ frameworks/ projects: the insurance coverage will complement other measures taken by the Dominican Republic to cover such potential extraordinary expenses, as part of its five-year Integrated Natural Disaster Risk Management Plan.",null,null,"Inter-American Development Bank: www.iadb.org/"]
[114,"National index-based disaster insurance program (weather derivative) for Malawi","Sovereign Disaster Risk Financing (insurance-linked securities)","weather","drought","agricultural ","sovereign","single-hazard","Low income","private","yes","no","operational","Sub-Saharan Africa","Malawi","Low income","Operational                                                                            Identified challenges:                                                                 - Need to make further investments in the Malawi Meteorological Services network and in improving Government’s Maize Yield Assessment Model.                                                           -Need to enhance links with the national early warning system in order to strengthen drought preparedness and planning, and to improve the understanding of the role of weather insurance in Government’s suite of risk management tools.                                              - Concerns about political risk for policy makers (potential backlash if it turns out the risk management product was not needed, i.e. \"wasted\" investment).                                                                           - Capacity of all stakeholders to understand technical and financial issues related to the product.                                                                               - General negative perception of derivative instruments in the context of the current financial crisis and also due to their underlying complexity.\n        ","Implemented in 2008 (pilot). Weather derivative contracts have been purchased by the Government of Malawi in years 2008-09, 2009-10, and 2010-11.","National","Creation of a new market (in development).                                                              Maize feeds Malawi's 13 population and provides them with a vital source of income. Almost all crop production is rain-fed, and since rainfall is highly erratic, drought is a recurring problem. As the Malawian diet is dominated by maize, changes in maize production have a direct impact on food security. This may trigger the need for exceptional food imports and emergency interventions that may lead to increased domestic borrowing. It is also a major factor in keeping productivity low (even in good years farmers are leery of using improved inputs for fear of losing their investment). To help maize producers overcome the hurdle of uncertainty and boost agricultural output, the government of Malawi decided to promote index-based weather insurance as a way to tackle drought risk. Malawi was the first sovereign entity in Africa to introduce such an instrument, as part of innovative approaches towards developing a comprehensive national food security strategy that Government of Malawi has been pursuing. Besides offering support in reducing food insecurity caused by a maize shortage, the contract minimises financial risks for the Government.","Sum insured: maximum pay-out of 4.4 million USD (year 2009-2010); as compared to 5 million USD in year 2008-2009 (pilot transaction)\n","Cat risk   ","Sovereign insurance                                           Insurance product: weather derivative contract to transfer the\nfinancial risk of (severe and catastrophic) national drought that adversely impacts national maize production and the government’s budget. Pay-outs are intended to be used for disaster relief. ","Government of Malawi.                          The ultimate beneficiaries of the programme are farmers affected by severe drought.","Parametric. Rainfall index (Malawi Maize Index; MMI)                                                                                                  The index calculates the value of projected losses if precipitation falls below a certain level, mirroring the high correlation between maize yields and rainfall. Payouts are triggered whenever the index crosses the specified contract threshold. Under the terms of the contract, if maize production drops 10% below the historical average, Malawi will receive a payout up to USD 5 million. Daily rainfall data are acquired from 23 weather stations across the country. ","Financial assistance: donor budget support from DFID, USAID and the European Union has been geared towards premium financing and upgrade of the Malawi weather network.                                                                       Information/ technical assistance provider: the World Bank provided technical assistance (legal, administrative and technical support to the Government of Malawi) and adopted an intermediation role (Government of Malawi purchased a weather derivative contract from the World Bank Treasury, which simultaneously entered into a contract with Swiss Re). The World Bank’s intermediation role is temporary, the goal being to build capacity in Malawi so as to enable future contracts to be negotiated directly between the country and the international financial markets.","Initiator: the Government of Malawi (Ministries of Finance & Agriculture) expressed interest in developing strategies to mitigate the impact of drought on the economy and the federal budget. This included the promotion of index-based weather insurance as a way to tackle drought risk.                                                                                                                     Information/ technical assistance provider: Malawi Meteorological Services (transfer of rainfall data in real-time)","Reinsurance: Swiss Re entered into this transaction as counterparty to the World Bank, and committed to pay out up to USD 5 million to WB, which in turn pays the money to the Malawi Government, if the country’s farmers suffer from a drought-related shortfall in maize production.                                                                                         ",null,null,"Physical risk reduction or incentives: the World Bank and other development partners have been supporting Malawi’s efforts to strengthen food security through agricultural technology, investments in irrigation, and development of grain markets.                                                                                                                         Risk assessment activities: the Malawi Maize Index (MMI) applies Malawi Meteorological Services’ national maize yield assessment model to calculate the value of projected losses if precipitation falls below a certain level.                                                                                      Disaster risk reduction legislation/ frameworks/ projects: the program is part of Malawi’s agricultural risk management\nframework for food security (Agricultural Development Programme, ADP), and complements and enhances price risk management tools that the government uses to financially manage maize production risk, using ex-ante market-based instruments and other investments (e.g., warehouse receipts, etc.). The ADP aims to strengthen local market responses to production and price shocks; this being a critical part of Malawi’s overall risk management and food security strategy.                                                                                                                     Other linked disaster risk financing intiatives: in 2009-10, the GoM agreed to use any payout from the weather derivative contract to lock in the price of maize imports before market prices increase, as a result of poor harvest due to drought. This allows the potential saving of large sums of money if major imports are needed later in the year and prices on the international market rise. With future grain prices capped, the private sector is better placed to respond to domestic shortages by placing orders for commercial imports.                                      ","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C.                                                    Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA                                                    Closing the financial gap.  New partnerships between the public and private sectors to finance disaster risks. Swiss Re 2011",null,"Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/"]
[115,"National index-based disaster insurance program (weather derivative) for Ethiopia ","Sovereign Disaster Risk Financing (insurance-linked securities)","weather","drought","agricultural","sovereign","single-hazard","Low income","private","yes","no","operational","Sub-Saharan Africa","Ethiopia","Low income","Operational; the first phase (pilot) has been completed.                                                                                            Identified challenges:                                                               - The EDI value at the end of the contract period, 31 October 2006, was well below the US$55 million trigger level, so there was no payout. The policy was not renewed in 2007 due to lack of donor support; however, scale-up is now under way, with a US$250 million contract planned for 2010. ","Implemented in 2006","National","Creation of a new market.                                                      The program provided WFP with the world's first insurance contract for humanitarian emergencies","Number insured: the programme protects 60,000\nvulnerable households.                                                                                           ","Cat risk   ","Sovereign insurance                                           Insurance product:weather derivative to secure contingency\nfunding for livelihood-saving emergency relief operations (financing of humanitarian food aid), to protect vulnerable populations in case of severe drought in Ethiopia.                                                                ","Government of Ethiopia (the UN World Food Programme\nsigned the contract on its behalf).","Parametric. Rainfall index (Ethiopia Drought Index; EDI).                                                                                        The EDI was developed using historical rainfall data from the national meteorological agency, and a crop–water balance model. The index had an 80% correlation with the number of food aid\nbeneficiaries from 1994 to 2004. As the 2006 agricultural season progressed, rainfall was monitored daily at 26 weather stations across the country. Remote sensing of rainfall was used to ensure that there was no tampering with station-based rainfall data.","Financial assistance: for the first phase of the project, the premium was paid by USAID (United States Agency for International Development).                                                                         Information/ technical assistance provider: for the first phase of the project, the transaction was arranged by WFP (World Food Programme), with technical assistance from the World Bank. For the second phase of the Ethiopia drought insurance project, WFP and the World Bank have developed a piece of software called LEAP (Livelihoods, Early Assessment and Protection).","Initiator: Government of Ethiopia                                                                                            Information/ technical assistance provider: the national meteorological agency provided historical rainfall data to develop the EDI index.","Reinsurance: AXA Re won the bid to provide the insurance for the pilot project (2006/2007).",null,null,"Risk assessment activities: the LEAP software allows users to quantify and index the drought and excessive rainfall risk in a particular administrative unit in Ethiopia. LEAP can then be used to monitor this risk and to provide proxies for livelihood stress indicators of vulnerable populations. LEAP uses ground and satellite rainfall data to cover the whole of Ethiopia, even areas where weather stations do not exist. \nAwareness raising /capacity building: the pilot project included capacity building with government and local partners and strengthening of the national meteorological reporting network.                  Disaster risk reduction legislation/ frameworks/ projects: part of a comprehensive ex-ante country risk management framework for livelihood security in Ethiopia, which contemplates a linkage to  the World Bank supported Productive Safety Net Project, indexed contingent grants, and the weather risk transfer component.                                                                                                                    ","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA  ",null,"Livelihoods, Early Assessment and Protection (LEAP) project: http://www.wfp.org/disaster-risk-reduction/leap"]
[116,"Caribbean Catastrophe Risk Insurance Facility (CCRIF)","Sovereign Disaster Risk Financing (sovereign catastrophe insurance pool and insurance-linked securities)","weather & other","earthquake, hurricane","non-agricultural","sovereign","multi-hazard","Low income, lower middle income, upper middle income, high income","private","yes","yes","operational","Latin America & Caribbean","16 Caribbean governments: Anguilla, Antigua & Barbuda, Bahamas, Barbados, Belize, Bermuda, Cayman Islands, Dominica, Grenada, Haiti,  Jamaica, St. Kitts and Nevis, Saint Lucia, St. Vincent & the Grenadines, Trinidad & Tobago, Turks & Caicos Islands      ","Low income, lower middle income, upper middle income, high income","Operational                                                                        Identified challenges:                                                         -Issues of basis risk (highlighted after important events). This has often been reflected through criticism in the region’s media.                                     - Need for CCRIF’s increased transparency (operation of CCRIF’s loss model, pricing and scope of its coverage, procedure for constituting its Board, etc.)                                                                         - Concerns by donors regarding  the financial sustainability of the CCRIF model (e.g. participating countries’ fiscal constraints and consequent recourse to donor or CDB finance to assist in the payment of their premiums)                     - Criticism of CCRIF’s technical assistance program by some bilateral donors (cost and benefits to the region, risk of duplication or conflict with DRM support that donnors are already providing in the region).                                    - Need to review the trade-off between funds allocated to financial risk transfer and those allocated to physical investments that would provide a lasting reduction in vulnerability to natural disasters.                                                             -Introduction of the second generation loss model has raised concerns with both the reinsurance community (policies and reinsurance are likely to be underpriced) and some participating countries (large changes in their assessed risk between the first- and second generation models and in the cost and amount of their coverage)                                         ","Implemented in 2007","Multi-national","Creation of a new market (in development).                                                                                        Caribbean countries are highly vulnerable to natural disasters, which have caused them average losses amounting to 2% of GDP since 1970. A pooled re/insurance solution for the Caribbean governments was first called for by CARICOM Working Party on Insurance after Hurricane Andrew (1992), which resulted in US$250 million in damage in Bahamas alone. The initiative was revived after Hurricane Ivan (September 2004) inflicted almost 200% of GDP damage on Grenada and the Cayman Islands. As a result, CARICOM Heads of Government asked the World Bank to assist in designing and implementing a cost- effective risk transfer programme for member governments.                                                                                       ","Value of insurance premia: 21.5 million USD (in 2009/2010); up from 19.5 million USD in 2007/2008 \nNumber insured: 16 insured Governments (in 2009/2010): 29 policies were sold (16 hurricane and 13 earthquake)                            Sum insured: 601.2 million USD aggregate exposure (2009/2010); up from 494.8 million USD in 2007/2008                    Total reserves (from donor contributions, members’ participation fees, accumulated investment income, and retained earnings from premium payments): 71 million USD (in 2009/2010); up from 52,2 million USD in 2007/2008.  \n                                                                                                ","Cat risk. The facility can withstand a series of losses with less than a 1 in 10,000 year chance of occurring (2008-2009 season).                                                      Deductible: policies cover events of a magnitude that would be expected less frequently than once in 20 years; or events that might occur once in 15 years by applying an optional lower deductible. Deductibles can be as high as to cover 1-in-50 years events.","Sovereign insurance                                           Insurance product: CCRIF is a mutual insurance pool that offers parametric insurance to Caribbean governments. It allows member countries to purchase liquidity coverage that provides immediate budget support after a major earthquake or hurricane, giving them time to mobilize additional resources for longer-term reconstruction activities. It covers estimated liquidity needs for the first 3-6 months after a major catastrophe (begin recovery efforts). The limit of total payments to a country in a policy year is agreed with each country individually, although no country can purchase coverage worth more than US$100 million per hazard.","Caribbean governments (Anguilla, Antigua & Barbuda, Bahamas, Barbados, Belize, Bermuda, Cayman Islands, Dominica, Grenada, Haiti, Jamaica, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Trinidad & Tobago, and Turks & Caicos Islands). ","Parametric. For earthquake, indexes are based on USGS data on the location, intensity and likelihood of damage to the member countries. For hurricane, indexes are based on data from the US National Hurricane Center on hurricane paths and wind intensity. Payouts are proportional to the estimated impact of an event on each country’s budget, which is derived from a probabilistic catastrophe risk model developed specifically for the Facility.","Financial assistance: the technical assistance for the design of the programme was financed by the Word Bank, a Japanese trust fund (PHRD) and the Caribbean Development Bank.                                                                                              Provision of capital: Bermuda, Canada, France, Ireland, the United Kingdom, the Caribbean Development Bank (CDB), the European Union (EU), and the World Bank have contributed approximately $67.4 million to a Multi-donor Trust Fund to support CCRIF’s initial capital and operating costs (as of April 2010)                                                                                                  Information/ technical assistance provider: the WB Treasury assisted CCRIF in transacting a risk swap with the financial market                ","Initiator: Heads of Government of the Caribbean Common Market and Community (CARICOM) asked for World Bank (WB) assistance in designing and implementing a cost- effective risk transfer programme for member governments.                                                                                                                       Provision of capital: CCRIF was initially capitalized by the participating countries (through membership fee (c. 22 million USD), with support from donor partners, to form a joint reserve mechanism.                                                                                                         Management: CCRIF is controlled by participating governments.                                                                                                                                                                                                                            Development: the Caribbean Institute for Meteorology and Hydrology (CIMH) is involved in development of catastrophe risk models                                                                                                                                    ","Reinsurance: The CCRIF transfers the risks it cannot retain by purchasing reinsurance (Munich Re, Paris Re, Partner Re, Hiscox and Swiss Re) and catastrophe swaps placed in the capital market .                                                                                         Development: Kinetic Analysis Corporation (USA) is involved in development of catastrophe risk models ","Insurance: CCRIF is a not-for-profit Cayman Islands-registered insurance company owned by a Special Purpose Trust, with the participating countries as beneficiaries of the Trust. It is a joint reserve mechanism or mutual insurance company.  A portion of the pooled risks is retained  by CCRIF through reserves.                                                                                                                                                                                Development: CCRIF is involved in catastrophe risk model development, and is responsible for policy design.                                                                                                           Management: Caribbean Risk Managers (CaribRM) act as CCRIF’s Facility Supervisor.CCRIF is involved in management of the programme                                                                                                                                                                                                                                                        Sold/ marketed: CCRIF sells the insurance policies to the countries                                                                                                     Information/ technical assistance provider: development of a technical assistance programme   ",null,"Risk assessment activities: development of refined risk models, including a Second Generation (2G) model (based on modeled losses rather than a parametric index formula) for use in 2010–2011, and models for potential additional perils (such as excess rainfall and flooding).\nAwareness raising /capacity building: Provision of scholarships at University of West Indies, support for professional development of Caribbean disaster professionals, contribution to key regional and international events and publications related to disaster risk management, regional knowledge building activities - including partnerships with regional institutions.                                                                                                                        Disaster risk reduction legislation/ frameworks: CCRIF supports its members in the development and implementation of strategies for disaster risk management, building on existing mechanisms, institutions, tools and capacities. It also leads the Implementation of a technical assistance initiative for Haiti post-earthquake recovery (provision of practical information to locate and manage refugee camps and to guide the reconstruction of infrastructure). It has developed a Real-Time Forecasting System (TAOS-RTFS) that provides CCRIF members with real-time hurricane hazard and impact information, of great value in disaster management.                                                                                                                           Other linked disaster risk financing intiatives: CCRIF’s support has been sought for strengthening Windward Islands Crop Insurance, Ltd. (WINCROP).                                                                                                 Adaptation to climate change: In February  2010 CCRIF launched a study for the Caribbean region based on the Economics of Climate Adaptation (ECA) methodology to enable the development of a quantitative fact base for developing sound climate change adaptation strategies. This project aimed to provide the facts and tools required to develop quantitative climate change adaptation strategies that could receive international funding. ","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C.                            Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA                                           Global assessment report on disaster risk reduction. United Nations International Strategy for Disaster Reduction Secretariat , 2009                                    Closing the financial gap.  New partnerships between the public and private sectors to finance disaster risks. Swiss Re 2011                   Catastrophe Insurance: Ghesquiere, F., Mahul, O., Forni, M. and Gartley, R. 2006. Caribbean Catastrophe Risk Insurance Facility: A solution to the short-term liquidity needs of small island states in the aftermath of natural disasters","CCRIF operational reviews (first and second seasons): http://www.worldbank.org/                  Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/                   The Caribbean Catastrophe Risk Insurance Facility: http://www.ccrif.org/","The Caribbean Catastrophe Risk Insurance Facility: http://www.ccrif.org/         Interested persons can access additional information on CCRIF by contacting pr@ccrif.org."]
[117,"Pacific Catastrophic Risk Insurance Pool ","Sovereign Disaster Risk Financing (sovereign catastrophe insurance pool)","weather & other","earthquake, tropical cyclone","non-agricultural","sovereign","multi-hazard","Low income, middle income",null,"yes",null,"proposed","East Asia & Pacific","South Pacific\nIslands (15 Pacific Island Countries' PICs). Cook Islands, Fiji, Kiribati, Marshall Islands, Micronesia FS, Nauru, Niue Islands, Palau, Papua New Guinea, Samoa, Solomon Islands, Timor-Leste, Tonga, Tuvalu, Vanuatu","Low income, middle income","Proposed/ Under preparation                                                    Identified challenges:                                                                - Regional exposure database and country-specific catastrophe hazard and risk models are being developed. ",null,"Multi-national",null,null,"Cat risk                                                     ","Sovereign insurance                                           Insurance product: collective reserve fund backed by reinsurance against catastrophe losses (earthquake, tropical cyclon).","Governments of Pacific Island Countries ",null,"Financial assistance: technical assistance funded by GFDRR (Global Facility for Disaster Reduction and Recovery).                                                                       Information/ technical assistance provider: technical assistance (feasibility study) provided by the World Bank.",null,null,null,null,null,"Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. ",null,"Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/"]
[118,"Central America Catastrophic Risk Insurance Pool","Sovereign Disaster Risk Financing (sovereign catastrophe insurance pool)","weather & other","natural disasters","non-agricultural","sovereign","multi-hazard","Low income, middle income",null,"yes",null,"proposed","Latin America & Caribbean","Central American\ncountries","Low income, middle income","Proposed",null,"Multi-national",null,null,"Cat risk                                                     ","Sovereign insurance                                           Insurance product: collective reserve fund backed by reinsurance against catastrophe losses caused by natural disasters.","Governments of Central American countries",null,"Financial assistance: technical assistance funded by GFDRR (Global Facility for Disaster Reduction and Recovery).                                                                       Information/ technical assistance provider: technical assistance (feasibility study) provided by the World Bank.",null,null,null,null,null,"Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. ",null,"Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/"]
[119,"Natural Disasters Regional Insurance Facility for Central America ( RIFCA) ","Sovereign Disaster Risk Financing (sovereign catastrophe insurance pool)","weather & other","earthquake, hurricane, hurricane-related secondary perils","agricultural & non-agricultural","sovereign","multi-hazard","Low income, middle income","private","yes","no","proposed","Latin America & Caribbean","countries in Central America and Dominican Republic","Low income, middle income","Proposed/ Under preparation (as of 2010).                                                       Identified challenges:                                                            - RIFCA will seek new donors to provide the financial support needed to achieve the necessary strong initial capitalization at an affordable cost for the beneficiary countries.",null,"Multi-country design, but country - based operation",null,"Value of insurance premia: preliminary estimates, under current market conditions, are that the average annual cost per country, for the countries being initially considered in the region, would be about 2.5 million USD per peril. \nSum insured: 50 million USD coverage to be triggered by events affecting more than 5% of the country’s population. \n","Cat risk                                                     ","Sovereign insurance                                           Insurance product: individual country insurance facilities that allow\ngovernments to acquire pluriannual (5 years) reinstatable natural disaster coverage for one or more perils; typically earthquake and/or hurricane and hurricane-induced risks (e.g. landslides). It aims at providing cash resources immediately after a disaster, to finance emergency relief and reconstruction. The Facility can be broadened to insure other risks such as climate and weather related risks that impact the agricultural sector and food production, or pandemic and epidemic risks that destabilise health care budgets.","Participating governments of countries in Central America and Dominican Republic (insured parties are country-specific captive insurance companies).","Parametric. Indeces for earthquake and hurricane risk are based on  physical events intensity parameters and modeling of exposed population. Triggers are set in relation to the size of population nominally affected by a disaster, which correlates well to the true expenses a government may face after a disaster. The hurricane index is based on a comprehensive hurricane model (wind, rainfall floods and landsides). ","Financial assistance: the Inter-American Development Bank (IDB) would grant financing for the design and structuring of the individual country facilities.                                                                        Information/ technical assistance provider: IDB will provide technical advice to the participating countries.","Management: each individual country facility will be solely and fully owned by the country (country-specific policies). The central difference with CCRIF is that CCRIF operates as a mutual insurance company, with the countries collectively controlling one captive and one reinsurance policy, while the RIFCA will operate with individual captives and risk transfer programs for each sponsor. ","Reinsurance: the captives, owned by each\ngovernment, are supported by the international\nreinsurance and capital markets. The facility design allows the countries to set up collective arrangements that would enable them to benefit from a joint reinsurance placement.                                                                                                                                                                                 Development/ Information-technical assistance provider: Swiss Re will undertake the design and implementation of captive insurance vehicle structures, hurricane models and a risk transfer structure using reinsurance and capital markets products, acting as structurer and placement agent.",null,null,"Disaster risk reduction legislation/ frameworks/ projects: IDB has developed an integrated disaster risk management approach to support the countries, comprising of national risk evaluation, prevention and mitigation measures, national and local institutional strengthing and risk retention and risk transfer financing mechanisms.                                                                 Other linked disaster risk financing intiatives: the IDB is making available new financial instruments to countries that commit to advance the development of all the four components of  integrated disaster risk management approach, therefore creating a powerful incentive to reduce the natural disaster risks in the prevention phase.                                                                                                                       ",null,"Natural Disasters Insurance Facility\nfor Central America and the Caribbean: http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=35128760 ","Inter-American Development Bank: www.iadb.org/"]
[120,"Global Climate Insurance Pool","Sovereign Disaster Risk Financing (sovereign catastrophe insurance pool)","weather","extreme weather events","agricultural & non-agricultural","sovereign","multi-hazard","Low income, middle income","public & private","yes","yes","proposed","World",null,"Low income, middle income","Proposed                                                     ",null,"Multi-national",null,null,"Cat risk                                                     ","Sovereign insurance                                           Insurance product: insurance facility that provides countries with cover against extreme climate-related disasters that go beyond their capacity to respond and recover.","Governments of countries participating in the insurance program.",null,"Financial assistance: the Climate Insurance Pool (CIP) would receive a fixed annual allocation from a multilateral adaptation fund based on the expected climate change related losses. This fund would fully cover the premium payments: some recent proposals are based on criteria such as capability (ability to pay) and responsibility (polluter pays).",null,"Initiator: initiative put forward by MCII (Munich Climate Insurance Initiative), as part of its proposal to include disaster risk reduction and insurance in the Copenhagen Agreed Outcome.                                                                   Reinsurance: the CIP would be reinsured against extreme loss years in the global reinsurance market.                                Management: CIP operations would be managed by a dedicated professional insurance team responsible for risk pricing, loss evaluation and indemnity payments, as well as placing reinsurance.",null,null,"Disaster risk reduction legislation/ frameworks/ projects: the first part of the programme is a Prevention Pillar emphasizing risk reduction.                                                                                                                     Other linked disaster risk financing intiatives: the second part of the programme is an Insurance Pillar. The first tier of the Insurance Pillar takes the form of a Climate Insurance Pool (CIP) that would absorb a pre-defined proportion of high-level risks of disaster losses. The second tier of the Insurance Pillar addresses middle-level risk and facilitates public safety nets and public-private insurance solutions.                                      Adaptation to climate change: climate change is considered by the initiative.",null,"MCII (Munich Climate-Insurance Initiative) 5th submission: http://unfccc.int/resource/docs/2009/smsn/ngo/132.pdf","MCII (Munich Climate-Insurance Initiative): www.climate-insurance.org/"]
[121," Global Index Reinsurance Facility (GIRIF)","Sector to be determined; index-based in all cases","weather & other","weather events, natural disasters","agricultural & non-agricultural","sovereign & individuals","multi-hazard",null,"private","yes","no","proposed","World - focus on  Africa, the\nCaribbean and the Pacific",null,null,"Proposed, under preparation (as of 2007)",null,"Multi-national",null,null,"Cat risk and more frequent risk","Sector to be defined (could include both agriculture and non-agriculture sectors).                                                                    Insurance product: index-based insurance covering weather events and natural disasters.","Potential clients include Governments and private sector and public enterprises. ","Parametric","Financial assistance: a MDTF (multi-donor trust fund), managed by  the World Bank, will finance capacity building activities (public awareness of index insurance, strengthening of regulatory systems, improving data availability and cat risk modeling, development of commercial capacity) and premium subsidies to specific index insurance agreements. The fund includes 25 million EUR from the European Union for ACP countries for technical assistance and premium subsidies. The fund is also supported by Japan's Ministry of Finance with an initial grant of 2 million USD, and the Dutch Ministry of Foreign Affairs.",null,"Reinsurance: the MDTF is linked with a proposed specialized index-based reinsurance company, which will promote index-based insurance in developing markets (Index Re).                                                                                                                                                                        Information/ technical assistance provider: Swiss Re Corporate Solutions will provide technical services to the Global Index Reinsurance Facility projects and support strategic objectives in developing risk transfer solutions for emerging markets. Partner Re is also involved in the partnership. ",null,null,"Awareness raising /capacity building: the MDTF (multi-donor trust fund) will finance capacity building activities including public awareness of index insurance, strengthening of regulatory systems, improving data availability and cat risk modeling, development of commercial capacity, etc.","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C.  ",null,"World Bank Group\nwww.worldbank.org/"]
[122,"Water supply index insurance in Philippines (metro Manila)","Business Interruption Insurance","weather","deficit rainfall, drought","non-agricultural","meso","single-hazard","Lower middle income",null,null,null,"proposed","East Asia & Pacific","Philippines","Lower middle income","Proposed",null,"Local (Manila)",null,null,"More frequent risk","Business interruption insurance                                                  Insurance product: it covers water supply against low rainfall/ drought. It is part of a mechanism for smoothing variable costs associated with water market provision.","Urban water supplier","Parametric. Index based on reservoir levels.",null,null,null,null,null,null,"Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.                                       Brown and Carriquiry (2007). Managing hydroclimatological risk to water supply with option contracts and reservoir index insurance. Water Resources Research, Volume 43, Issue 11 (2007)"]
[123,"Flood Index (ENSO)  insurance in Peru","Business Interruption Insurance","weather","flood, excess rainfall, other","non-agricultural","sovereign & meso","multi-hazard","Upper middle income","private","no","yes","pilot","Latin America & Caribbean","Peru","Upper middle income","Pilot","The insurance product is being offered in year 2011 for the first time (pilot)","Regional                                         (Northern Peru - in years of extreme El Niño events, areas in northern Peru experience catastrophic flooding)",null,null,"Cat risk   ","Business interruption insurance (contingency insurance).                                                 Insurance product: index insurance that protects policyholders against a variety of consequences associated with a specific event (i.e. extreme weather events such as flood and torrential rainfall from El Niño). These consequences can include loss of assets, losses in normal business revenues, and increased costs associated with addressing the event.","Rural financial institutions, firms and institutions that serve households that are highly exposed to El Niño. Generically, risk aggregators (groups or institutions that aggregate the risk of households either through the services they provide or through informal risk-sharing arrangements). ENSO insurance is also being offered to local and regional governments to provide ready cash to mitigate some problems associated with catastrophic flooding.","Parametric. Index based on temperature.                                                  The index uses sea surface temperature (ENSO anomalies in the Pacific Ocean) as the proxy for catastrophic losses, specifically, the monthly sea surface temperature for ENSO Region 1.2 (0–10° South, 80–90° West), measured and reported by the NOAA Climate Prediction Center. The basis for payment is the average of two months—November and December. Three contracts are available with three different thresholds where payments begin (23.4, 24.0, and 24.5 degrees Celsius); each of these contracts reaches a maximum when the measure reaches 27 degrees. The payout function is linear.",null,null,"Reinsurance: a major global reinsurer carries most of the risk.","Insurance: sold by La Positiva, a Peruvian insurance company",null,"Physical risk reduction or incentives: farmers’ associations in remote regions of Piura have expressed an interest in using the funds to clear drainage systems.                                                          Awareness raising /capacity building: since the ENSO insurance pays before the catastrophe, educational efforts have focused on helping people in the target markets understand how to use the extra cash to mitigate the impending crisis. ","Christopher B. Barrett, Barry J. Barnett, Michael R. Carter, Sommarat Chantarat, James W. Hansen, Andrew G. Mude, Daniel E. Osgood, Jerry R. Skees, Calum G. Turvey and M. Neil Ward. “Poverty Traps and Climate Risk: Limitations and Opportunities of Index-Based Risk Financing.” IRI Technical Report 07-03, The International Research Institute for Climate and Society, Columbia University, September 2007                Skees, Jerry R.\nCollier, Benjamin, 2010. New approaches for index insurance\nENSO insurance in Peru. International Food Policy Research Institute (IFPRI) 18(11)\nKhalil, A. F., H.-H. Kwon, U.Lall, M. J. Miranda, and J. Skees, 2007: El Niño – Southern Oscillation – based index insurance for floods: Statistical risk analyses and application to Peru. Water Resources Res., 43, doi:10.1029/2006WR005281.\n\n\n",null,"La Positiva Seguros\nwww.lapositiva.com.pe/"]

{"sheet":"Compendium_All","index":2,"n_rows":128,"n_cols":34,"rows_kept":128,"cut":false,"hidden":false,"merged":[[3,31,3,33],[3,1,3,2],[3,13,3,15],[3,16,3,17],[3,3,3,12],[3,18,3,20],[3,21,3,24],[3,25,3,29]]}
[]
[null,"FULL COMPENDIUM (all schemes)"]
[]
["Index","SCHEME",null,"KEY WORDS",null,null,null,null,null,null,null,null,null,"GEOPOLITICAL CONTEXT",null,null,"STATUS",null,"SCALE OF THE SCHEME",null,null,"SCHEME COVERAGE",null,null,null,"OPERATIONAL DETAILS",null,null,null,null,"RISK REDUCTION AND ADAPTATION","INFORMATION SOURCES"]
[null,"Name of scheme","Type of scheme","weather/ other","perils","agricultural/ non-agricultural","who is insured (individual/ sovereign/ meso (community, etc))","single or multi-hazard","Development classification","who insures (private/ public/ public-private)","another role for public?","adaptation and risk reduction (formal)","status (proposed, operational, pilot project etc)","World region ","Country","Development classification","Current status                                                                        ( e.g. in preparation, pilot stage, operational; ended in 2008 due to falling demand etc)","Start-date / End-date","Geographical reach                  (e.g. regional, national, local etc)","Prior market status                                         (state of insurance in country prior to  initiative, e.g. was initiative to create  new market  or to expand an existing market)","Volume of insurance                                                                (i.e. total number of insureds, total premium volume, total insured value etc)","Extent of risk covered (e.g. cat risk/more frequent events; deductible applied)","Type of insurance                              (e.g. peril/sector/insurance provided) and extent of coverage (e.g. private property, public infrastructure, crops, loan default)","Who is insured?                (e.g. high-income property owners, poor farmers, government, business, co-operatives)","Type of trigger?                                                   (e.g. parametric trigger vs. loss occurrance, local weather station vs. satellite data)","Non-local public sector involvement - who and how?                                                    (e.g. World Bank, ADB - involvement in subsidising premiums, start-up funds, technical assistance?)","Local public sector involvement - who and how?         (involvement of local government and public bodies; e.g. initially requested assistance and provides backing; setting up regulatory structures, establishing distribution networks, liaison, public information)","Non-local private sector involvement - who and how?                                                                                               (e.g. involvement of global (re)insurance industry; providing cover, underwriting, providing reinsurance, technical assistance, providing funding)","Local private sector involvement - who and how?              (e.g. use of local distribution channels, links with local micro-finance initiatives, local actors and insurers such as MicroEnsure)","Involvement of other bodies - who and how?                              (e.g. NGOs, universities, funding organisations, charities, community groups)","Stages of risk management involved in initiative             (e.g. risk assessment activities, risk management capacity building, physical risk reduction or incentives, long-term adaptation including climate change adaptation,etc.)","Information sources (articles, reports, etc)","Web pages/ web documents","Web sites and contacts for further information"]
[1,"Agricultural insurance in South Africa","Agricultural insurance (indemnity-based)","weather & other","hail, frost, other","agricultural","individuals","multi-hazard","Upper middle income","private","no","no","operational","Sub-Saharan Africa","South Africa","Upper middle income","Operational","Implemented in early 1900s","National",null,"Number insured: 18,000 crop insurance policies were issued in year 2007.                                                                                           \nPenetration: 25% of farmers and 25% of the national crop area (1.3 million ha) were insured in year 2007.                                                                                           ","More frequent risk","Agricultural insurance: crops (cereals, maize, tobacco, table grapes, pipfruits, and citrus fruits), livestock (racehorses, wildlife in parks), forestry.                                                                Insurance products:                                        Crops: multi-peril crop insurance (MPCI) and hail/frost insurance.                                                                                                      ","Farmers (commercial)","Indemnity-based",null,null,"Insurance: Lloyd’s is licensed to write direct insurance in South Africa (forestry and crops)                                                                                         Reinsurance:  insurers in South Africa take up quota-share and stop-loss reinsurance.                                                                                                                 ","Insurance: one private sector insurer underwrites crop and livestock business; four offer crop insurance only, and two offer livestock only.                                                                             Sold/marketed:  insurance brokers, insurers’ own agents, banks, and producer associations and cooperatives.                                                                                                 ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[{"$f":"A6+1","v":2},"Index-Based Livestock Insurance Project  (IBLIP) in Mongolia","Agricultural insurance (index-based)","weather","extreme weather conditions","agricultural","individuals","multi-hazard","Lower middle income","public & private","yes","no","operational","East Asia & Pacific"," Mongolia  ","Lower middle income","Operational                                                                                      Identified challenges:                                                                     - Among the most significant challenges\nfor IBLI is to make it a sustainable program with a system for data collection and analysis, product delivery and contract administration that can be paid from herder premiums.                                              - Delivering insurance products to herders in the vast expanses of rural Mongolia is proving to be costly. Linking the products to herder loans will be an important next step, reducing delivery cost.","In 2005, the Government of Mongolia entered into a credit agreement with the World Bank to begin a pilot program on Index-Based Livestock Insurance. The first sales season was in 2006.","Multi-regional                                      As of 2009, the IBLI program was being piloted in four provinces: Bayankhongor, Khentii, Uvs and Sukhbaatar.  For the 2010-2011 season, coverage has been extended to nine provinces. By 2012, it is expected that the insurance will be available in all 21 provinces.","Expansion of an existing market.                                                   Weak insurance companies used to default on payments to herders during the winters of 2000, 2001 and 2002. As a consequence, a national debate was initiated regarding the introduction of mandatory livestock insurance.","Value of insurance premia: 110,000 USD (year 2007).\nNumber insured:  7,000 policies sold for the 2010-2011 season; up from 2400 policies sold in year 2006.                                                                                            Penetration: 14% of herders in the pilot provinces were covered in year 2008 (corresponding to 4100 policies).                                                                                                                                                                                          ","Cat risk                                                       Deductible: herders bear the cost of small losses (less than 6% livestock mortality rate) that do not affect the viability of their business. the rational is that smaller, individual livestock mortality risks are deemed to be better addressed through appropriate household-level risk management strategies.","Agricultural insurance: livestock (cattle, camels, horses, sheep, and goats).                                              Insurance products:                                             Two voluntary commercial insurance products: the Base Insurance Product (BIP), designed to cover the commercial exposure (layer between 6% and 30% mortality), and the Disaster Response Product (DRP), designed to compensate herders when major livestock losses occur, over 30% (social component).  Herders can obtain the DRP product for a small fee, whether or not they purchase the BIP policy.     \nThe insurance covers catastrophic livestock mortality events within a region, due to extreme weather conditions (e.g. Dzud; sudden-onset winter storms that can create ice that prevents livestock from foraging).                                                                     ","Herders (Mongolian nomadic herders)                                                    Participation is voluntary.","Parametric. Based on an area livestock mortality rate index (mortality by species and county), compiled and maintained by the Mongolian National Statistics Office. Mongolia had been conducting a census of animals every December since the early 1920s, which provided estimates of mortality rates of animals by species and by  county. ","Financial assistance: the technical assistance financed by WB, Japanese grant (PHRD) and the Trust Fund First Initiatives                                                                        Information/ technical assistance provider: technical assistance provided by the WB.                                                                                 Other: the WB has provided a contingent credit line (5 million USD) that the Government can call upon if  the LIIP (Livestock Insurance Indemnity Pool) is exhausted in a disaster year. ","Initiator: Government of Mongolia (GoM) approached the World Bank and donors for assistance in developing an improved risk management framework, including livestock insurance.                                                                                                                                                                                                                                                                      Insurance: losses between 6-30% are covered through a reserve fund, the Livestock Insurance Indemnity Pool (LIIP), established under the Ministry of Finance to  to pool losses and pays claims, thereby guaranteing indemnity payments. The LIIP account is owned by the government, to ensure that herders will be paid even if an insurance company goes bankrupt.                                                                                                                  Reinsurance: GoM acts as reinsurer for the LIIP.  The most extreme events (above 30% mortality), which are costly to insure against,  are completely financed by GoM.                                                                                                                                                                                                                                                                         Information/ technical assistance provider: the Mongolian National Statistic Office, a public entity, performs the annual livestock census, which is used for the calculation of the livestock mortality index.                                                                ","Reinsurance: a reinsurance treaty between participating insurance companies and French reinsurer SCOR is in place (year 2011).","Insurance: domestic insurance companies. Insurance companies pay reinsurance premiums to the government.                                                                                                                                                                                                                                                                                                                                                                   Sold/ marketed:  livestock insurance policies are delivered through companies’ own insurance agent networks. Banks and MFIs are the other insurance delivery channels.                                                                                                      ",null,"Disaster risk reduction legislation/ frameworks/ projects: the World Bank is actively involved in Mongolia developing a Sustainable Livelihoods Program that emphasizes pastoral risk management, including improved early warning systems and risk preparedness actions, access to supplementary feed and grazing reserves, coordination of pasture-land use, and conflict management. Investments in basic infrastructure, identified as priorities by communities, are also encouraged. Taken together, these complementary interventions strengthen the wider risk management framework, thereby reducing herders’ vulnerability to climate and non-climate hazards.                                                                                                                      Other linked disaster risk financing intiatives:  the above measures were combined with efforts to extend the outreach of microfinance services to herders. The GoM also has access to a contingent credit line from the World Bank, which it can call upon if the LIIP (Livestock Insurance Indemnity Pool) is exhausted.  It is a $5 million contingent facility (IDA credit) to be triggered if the LIIP reserves are insufficient to pay all claims in a disaster year.                                      ","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C.  Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.",null,"IBLIP: http://www.iblip.mn"]
[{"$f":"A7+1","v":3},"Index weather crop insurance  in Thailand","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Lower middle income","private","yes","no","operational","East Asia & Pacific","Thailand","Lower middle income","Operational                                                                                     Identified challenges:                                                             - The primary constraint to expansion is the lack of local capacity to design index insurance contracts (current lack of a local agro-meteorological team to work with the insurance team).                                                                                           - Continued investment in weather stations, and ongoing cooperation between the insurance sector, BAAC (Bank for Agriculture and Agricultural Cooperatives) and the government are also important for expansion.                                      - The program overheads are not yet economically sustainable from the premium generated.","Pilot mplemented in 2007 ","Multi-regional                                                    The pilot project was implemented in the Pak Chong district of Nakorn Ratchasrima province; in 2008 it has been adapted and expanded into five provinces.","Creation of a new market.                                                      Despite earlier efforts by the government to introduce it, agricultural insurance had\nfailed to find a market in Thailand. Thailand has a relatively developed, commercially oriented agricultural sector and a strong agricultural bank with extensive outreach activities, which facilitated project development and implementation. Market, especially for flood risk, is expected to grow rapidly due to large BAAC client outreach and stakeholder interest.","Value of insurance premia: 3,000 USD (year 2007).\nNumber insured: 388 farmers insured in year 2008                                                                                           Sum insured: 300,000 USD in year 2008; up from 42,000 USD in year 2007. \n","More frequent risk","Agricultural insurance: crops (maize for the pilot project).                            Insurance product: covers drought.","Farmers (smallholder\nmaize farmers who are borrowers of the Bank for Agriculture and Agricultural Cooperatives (BAAC)).                                   Insurance has not been made a pre-condition for access to loans by BAAC (it was introduced as a voluntary unsubsidized product, not bundled with credit). ","Parametric. Rainfall index.","Financial assistance: the WB funded and provided guidance for designing the index for the prototype insurance contract for Pak Chong.                                                                       Information/ technical assistance provider: the WB provided non-lending technical assistance to General Insurance Association, Thai Re and BAAC (Bank for Agriculture and Agricultural Cooperatives). The WB is also carrying out product development research for flood index insurance for rice.","Regulator: the Department of Insurance is involved as regulator.","Reinsurance: this program is too small at present to need a specific reinsurance program.","Insurance: nine national insurance companies and the Thai reinsurance company formed a coinsurance pool to jointly underwrite and price the contracts, under the coordination of the country’s General Insurance Association.                                                                                                                                                                                                                 Management: BAAC                                                                                                                                                                                                                                                       Sold/ marketed: BAAC was the operational partner in the pilot, and it  carried out marketing and sales of insurance contracts, collected and transferred premiums to insurers, distributed insurance certificates, and created databases of participating farmers. It also acted as agent/intermediary for the insurance companies.                                                                                                      Information/ technical assistance provider: BAAC led fieldwork and data collection, conducted farmer education sessions (jointly with the companies), and distributed daily rainfall information to insured farmers during the period of insurance coverage. ",null,"Risk assessment activities: in order to expand the geographical coverage within the Pak Chong district, the insurers funded the installation of a new automatic weather station. The project has developed a product that reflects feedback from clients and continues to be adjusted to  suit local risk characteristics in new areas as the pilot expands. \nAwareness raising /capacity building: the project has also laid  the foundations for further market expansion by building capacity, raising awareness at  different levels, and engaging the government in dialogue over policy needs. BAAC has been involved in many extension activities to educate and enroll farmers on the weather index program.                                                                                                                          Disaster risk reduction legislation/ frameworks/ projects:  farmers stated motivations for purchasing insurance included risk management, experimentation and word-of-mouth from peers, and trust in BAAC.       \n","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.                                     Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Bank for Agriculture and Agricultural Cooperatives: http://www.baac.or.th/baac_en/"]
[4,"Index weather crop insurance in Bangladesh","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Low income",null,null,null,"proposed","East Asia & Pacific","Bangladesh","Low income","Proposed/ under preparation","Pilot planned for 2008 (as of year 2007) ",null,null,null,"More frequent risk","Agriculture insurance: crops                      Insurance product: covers drought, and is linked to lending.","Farmers (rice smallholders)","Parametric. Rainfall index.",null,null,null,null,null,null,"Skees, J.R., B.J. Barnett, and B. Collier. April 2008. Agricultural Insurance: Background and Context for Climate Adaptation Discussions. (OECD) Expert Workshop on Economic Aspects of Adaptation, Paris, France. "]
[5,"Index weather crop insurance in China (Shanghai)","Agricultural insurance (index-based)","weather","deficit rainfall","agricultural","individuals","single-hazard","Lower middle income",null,"yes",null,"pilot","East Asia & Pacific","China ","Lower middle income","Pilot                                                                                                    Identified challenges:                                                                  - The program aims to gradually extend to more open field vegetables.","Pilot to be implemented in June 2007 (as of year 2007)","Local (Shanghai only)",null,null,"More frequent risk","Agriculture insurance: crops                      Insurance product: covers weather risk (low, intermitent rainfall).","Farmers","Parametric. Index based on rainfall and storm day count.",null,"Financial subsidy: a 40% premium subsidy is provided by the government.                                                                                                                                                                                                                                         Information/technical assistance provider: the programme intends to strengthen cooperation with the Meteorological Department.                                                                     ",null,null,null,null,"Skees, J.R., B.J. Barnett, and B. Collier. April 2008. Agricultural Insurance: Background and Context for Climate Adaptation Discussions. (OECD) Expert Workshop on Economic Aspects of Adaptation, Paris, France. "]
[6,"Typhoon index crop insurance in Philippines","Agricultural insurance (index-based)","weather","typhoon","agricultural","individuals","single-hazard","Lower middle income","private","no","no","pilot","East Asia & Pacific","Philippines","Lower middle income","Pilot","Pilot launched in spring 2009","Local ",null,"Number insured: 1000 farmers in year 2009 (pilot year). Estimations by MicroEnsure are in the range of up to 3.5 million joining over the next three years.                                                                                            ","Cat risk  ","Agriculture insurance: crops (rice)                                                                     Insurance product: covers typhoon.","Farmers (rice farmers)","Parametric. Payment is triggered if their farm lies within the path of the typhoon. The sum paid out depends upon three factors: coverage, distance from the typhoon path and wind speed.","Information/ technical assistance provider:  the Japan Meteorological Agency  provides data for the index.",null,"Reinsurance: Paris Re","Insurance:Malayan Insurance Co.  acts as underwriter.                                                                                                                                                                                                                                            Development: MicroEnsure, a microinsurance agent, has led the development of the product.                                                                                                                                                                                                                                                                                                                                                               Sold/ marketed: the product is marketed by MicroEnsure. Banks, MFIs, Cooperatives and farm suppliers sell the policies.                                                           ",null,null,"Lloyd’s 360 Risk Insight report: “Insurance in Developing Countries: Exploring Opportunities in Microinsurance” 2009, Lloyd’s & MicroInsurance Centre",null,"MicroEnsure: \nwww.microensure.com/"]
[7,"Yield index crop insurance in Philippines","Agricultural insurance (index-based)","weather & other","weather events, other","agricultural","individuals","multi-hazard","Lower middle income","public","yes",null,"pilot","East Asia & Pacific","Philippines","Lower middle income","Pilot                                                                                                       Identified challenges:                                                                   - If successful, the scheme will be expanded to more areas in an attempt to increase the amount of farmers with insurance.","Implemented in January 2010","Regional (pilot encompassing 17 municipalities of Leyte and Southern Leyte regions)",null,"Number insured: 5,000 farmers                                                              Penetration: 2% of total rice farmers                                                                                           ","More frequent risk","Agriculture insurance: crops (rice)                                                                     Insurance product: covers weather events, other","Farmers (low-income rice farmers)","Parametric. Area Based Yield Index Insurance (ARBY), which compares the current rice yield of an entire irrigation system with the average yield of the last 15 years. Farmers will receive payouts once the yield falls below the 15 year average.","Initiator: German Agency for Technical Cooperation (GTZ) , which is introducing the insurance product through its Enhancement of Food Security in the Visayas (EFOS) project.                                                                                 ","Insurance: the Philippine Crop Insurance Corporation (PCIC) provides insurance.                                                                                                                                    Management: Irrigators Associations in Leyte and Southern Leyte undertake enrolment of farmers and collection and facilitation of insurance payments when yields are below average.                                                                                                                                                                                                                                                   Information/ technical assistance provider: government agencies like the Department of Agriculture will provide farmers with advanced technologies on rice farming, while the National Irrigation Administration will relay all irrigation-related information.  Irrigators Associations also undertake ARBY advocacy.                                                                      ",null,null,null,"Awareness raising /capacity building: government agencies like the Department of Agriculture (DA) will provide farmers with advanced technologies on rice farming, while the National Irrigation Administration (NIA) will relay all irrigation-related information.                                                                                                                         Disaster risk reduction legislation/ frameworks/ projects: the scheme forms part of the Enhancement of Food Security in the Visayas (EFOS) project by GTZ.                                                                                                                     ",null,"http://www.artemis.bm/blog/2010/11/09/parametric-rice-yield-index-crop-insurance-in-the-philippines/","GTZ: http://www.giz.de/                 The Philippine Crop Insurance Corporation (PCIC): http://pcic.gov.ph/"]
[8,"Flood index crop insurance in Vietnam","Agricultural insurance (index-based)","weather","flood","agricultural","meso","single-hazard","Lower middle income","private","yes","no","operational","East Asia & Pacific","Vietnam","Lower middle income","Operational                                                                                                              Identified challenges:                                                     - A next step in the regulatory process is to investigate whether these forms of index insurance product can serve as a type of credit warranty that reduces the level of required reserves for VBARD (Vietnam Bank of Agricultural and Rural Development).                                                                                     - This is considered to be a first step toward finding workable solutions at the micro-level, since even if the bank is protected, careful thinking is still needed on how to deal with bad debt (rescheduled debt does little to help financially stressed producers – the primary target market of VBARD – recover from a natural disaster).","As of year 2009, a further contract was under consideration by the relevant parties in Vietnam; and VBARD was assessing the option to purchase. ","Local                                                                             Feasibility and product design investigations focused on Dong Thap province of the Mekong Delta.",null,"Sum insured: a contract for a sum insured of 1 million USD was first offered to VBARD in 2008. This represents an insurable loss that is approximately 14% of the maximum possible loss.\n","More frequent risk                         Deductible: a water level of 2.8 meters is the lower thershold for indemnity payments. It is empirically estimated to occur approximately 1 in 7 years.","Agriculture insurance: crops (rice).                                                                     Insurance product: covers loan default (it is designed to hedge the crop loan portfolio of the agricultural bank VBARD against early flood-induced business interruption losses, when flooding creates problems for farmers in repaying loans).","Vietnam Bank of Agricultural and Rural Development (VBARD). Beneficiaries: smallholder rice farmers.","Parametric. Flood index.                                                              The prototype index insurance contract is underwritten against recorded water levels (it uses river gauge data as a proxy for flood damage). Indemnities are paid for each centimeter of water once the river level index reaches the 2.8 meter threshold, with maximum payout occurring when the index reaches 3.5 meters.","Financial assistance: the investigation project on index-based solutions to agricultural risks received financial support from the Asian Development Bank,  the World Bank and the Ford Foundation.                                                                       ","Provision of capital: VBARD (the insured party) is still partially publicly supported and can be recapitalized by the government in case of portfolio and business interruption losses.                                                                                                                                                                                                                                               Financial subsidy: no subsidies were involved in the price for underwriting.                                                                                                                       Regulator: the contract  has been approved by the Vietnam regulatory authority.                                                                                                                                  ","Reinsurance: Bao Minh Insurance Corporation reinsures with Paris Re.                                                                                        Development: index insurance market development in Vietnam is led by GlobalAgRisk, Inc.                                                                                       Information/ technical assistance provider: Government of Vietnam requested GlobalAgRisk, Inc. investigation of index-based solutions to agricultural risks. ","Insurance: the product was fully priced and loaded by a Vietnamese insurance company, Bao Minh Insurance Corporation ",null,"Risk assessment activities: risk assessment by GlobalAgRisk and local stakeholders (flood risk modeling and mapping).\n","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. ","http://www.microfinanceopportunities.org/docs/Vietnam_Agricultural_Insurance_Study_2008.pdfhttp://www.globalagrisk.com/Pubs/2009_GlobalAgRisk_Market_Development_Model_Handbook.pdf","Vietnam Bank of Agricultural and Rural Development: http://www.vbard.com/english.aspx"]
[9,"Yield index crop insurance in Vietnam","Agricultural insurance (index-based)","weather & other","drought, flood, typhoon, pest, crop disease","agricultural","meso ","multi-hazard","Lower middle income","private","no","no","operational","East Asia & Pacific","Vietnam","Lower middle income","Operational","Implemented in 2010","Multi-regional (up to ten provinces of Vietnam in 2011, with the potential to extend the scheme to the entire country)",null,"Number insured: some 500,000 rice farming households.","Cat risk and more frequent risk","Agricultural (re)insurance: crops (rice).                                          Insurance product: covers loan default loan default (bank insured against inability of its rice-farming clients to make loan repayments due to low crop yields) . Covered perils: drought, flood, typhoon, pest and disease. ","Agribank (a leading, stateowned provider of agriculture loans). Beneficiaries: rice farmers  who take up loans from the bank.","Parametric. Area-yield index, which triggers if the rice yields drop below the historical average due to a natural peril, pest or disease.  The index draws on data from Vietnam’s Bureau of Statistics. ",null,"Information/ technical assistance provider: Vietnam’s Bureau of Statistics provides data for the area yield index. ","Reinsurance: Swiss Re is one of the reinsurers that ABIC uses.","Insurance: Agribank Insurance Joint Stock Company (ABIC)                                                                                                            Reinsurance: Vina Re (Vietnam National Reinsurance Corporation; Vietnam’s national reinsurer) also reinsures the program. ",null,null,"Closing the financial gap.  New partnerships between the public and private sectors to finance disaster risks. Swiss Re 2011","http://www.smu.edu.sg/news_room/smu_in_the_news/2011/sources/EIU_20110726_1.pdf","Agriculture Bank Insurance Joint Stock Corporation (ABIC)\nwww.agribank.com.vn"]
[10,"Index weather crop insurance in Indonesia","Agricultural insurance (index-based)","weather","weather events","agricultural",null,null,"Lower middle income",null,"yes",null,"proposed","East Asia & Pacific","Indonesia","Lower middle income","Proposed/ under preparation",null,null,null,null,"More frequent risk","Agriculture insurance: crops (rice).                                                                     Insurance product: covers weather events.",null,"Parametric. Weather-based index.","Financial assistance: technical assistance financed by GFDRR.                                                                       Information/ technical assistance provider: technical assistance provided by the WB","Initiator: Government of Indonesia, who requested technical assistance\n",null,null,null,null,"Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. ",null,"Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/                                      "]
[11,"Index weather crop insurance in Ukraine","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Lower middle income","private","no","no","discontinued","Europe & Central Asia","Ukraine","Lower middle income","Discontinued due to low uptake                                           Identified challenges:                                                                   - Local insurance sector not sufficiently engaged. - Insurance companies cited lack of funds for the development of new products, and a desire to focus on the government’s subsidized crop insurance program.                                                                  - Regulations in Ukraine mean that only primary producers of agricultural commodities can purchase index insurance; the product could not, therefore, be marketed to input suppliers, processors or loan providers to insure their agricultural portfolio. There may, however, be a role for index insurance in the future in Ukraine, particularly as farmers move towards growing more high-value crops.","2005/2006 (pilot project)","Local  (pilot site was chosen around two weather stations, at Kherson and Behtery)","Expansion of an existing market.                                            The index product was competing with a subsidized multi-peril crop insurance\nprogram, led by  the government.","Number insured: 2 contracts in year 2005","More frequent risk","Agriculture insurance: grain crop production.                                                             Insurance product: covers drought.","Farmers (grain crops smallholder).","Parametric. Rainfall index.                                                            Weather data were provided by the Ukrainian Hydrometeorological Center (UHC), which maintains 187 weather stations across Ukraine. Historical weather data were available for the past 30 years. UHC also provided a vegetation and risk-sensitivity report for grain crops (wheat, rye and barley). ","Initiator/ technical assistance provider: World Bank’s CRMG and IFC (International Finance Corporation)","Information/ technical assistance provider: weather data were provided by the Ukrainian Hydrometeorological Center (UHC).",null,"Insurance: the pilot project team consulted six insurance companies, but only one (Credo-Classic) agreed to join the project, and registered the product. ",null,"Awareness raising /capacity building: the pilot project included consultations with farmers, local officials and scientists.","Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.",null,"World Bank Group\nwww.worldbank.org/"]
[12,"Index weather crop insurancet in Kazakhstan; linked to MPCI program ","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Upper middle income",null,"no",null,"proposed","Europe & Central Asia","Kazakhstan","Upper middle income","Proposed/ under preparation  (as of 2007)",null,null,null,null,"More frequent risk","Agriculture insurance: crops                                           Insurance product: it covers drought, and complements the MPCI (multi peril crop insurance) program.","Farmers (medium and large)","Parametric. Rainfall index.","Initiator: World Bank",null,null,null,null,null,"Christopher B. Barrett, Barry J. Barnett, Michael R. Carter, Sommarat Chantarat, James W. Hansen, Andrew G. Mude, Daniel E. Osgood, Jerry R. Skees, Calum G. Turvey and M. Neil Ward. “Poverty Traps and Climate Risk: Limitations and Opportunities of Index-Based Risk Financing.” IRI Technical Report 07-03, The International Research Institute for Climate and Society, Columbia University, September 2007",null,"World Bank Group\nwww.worldbank.org/"]
[13,"Index weather crop insurancet in Romania","Agricultural insurance (index-based)","weather","weather events","agricultural","individuals","multi-hazard","Upper middle income","private","no","no","operational","Europe & Central Asia","Romania","Upper middle income","Operational",null,null,null,null,"More frequent risk","Agriculture insurance: crops                                                Insurance product: it covers weather events.  The insurance coverage is equal to the cost of production of agricultural commodities per area unit (ha), and compensates a fixed amount. Fixed amount of sum insured per ha is 180 USD.  ","Farmers (smallholders; i.e. 1 to 5 ha)","Parametric. Weather-based index.",null,null,null,"Insurance: AGRAS is insurance company that introduced the product.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[14,"Index weather crop insurance  in Central America","Agricultural insurance (index-based)","weather","drought, excess rainfall","agricultural","individuals","multi-hazard","Lower middle income","public & private","yes","no","pilot","Latin America & Caribbean","Guatemala, Honduras, Nicaragua","Lower middle income","Pilot                                                                                                                 Identified challenges:                                                             - According to INISER’s opinion, the main constraint they face is that they cannot find enough international reinsurers interested in supporting weather index products.","First implemented in 2007.                                        Pilot index insurance projects have been launched in Nicaragua and Honduras. In Nicaragua, the project team worked from 2005 to 2007, laying the foundations for the pilots. The Nicaraguan pilot began selling contracts in 2007, while the Honduras pilot is still at the development stage.","Local; across several countries (it involves cooperation among several central-american countries)",null,"Number insured: INISER (Instituto Nicaraguense de Seguros y Reaseguros) sold 12 contracts for groundnuts and four contracts for rainfed rice in year 2008. Expectations for year 2009 were around 400 policies.                                                                                            Sum insured: 1.7 million USD in year 2008. Expectations for year 2009 were around 10 million USD.        \nPenetration: total insured area of 1,774 hectares (1% of total national cropped area) in year 2008. Expectations for year 2009 were around 16,000 hectares.                                                                                             ","More frequent risk                                 ","Agriculture insurance: crops (peanuts, rice, soy, sorghum, maize).            Insurance product:  it covers drought, excess  of rainfall.","Farmers (initially targeted at medium and large-scale farmers to quickly build a commercial product that can later be extended to a wider clientele, including small-scale farmers).                                                         ","Parametric. Rainfall index.","Financial assistance:  non-lending technical assistance was cofinanced by Inter- American Development Bank (IADB), Central American Bank for Economic Integration (CABEI), and the World Bank (CRMG).                                                                      ","Insurance/ sold/ marketed: the public insurer Instituto Nicaraguense de Seguros y Reaseguros (INISER) agreed to be the implementing partner (markerting and underwriting) and begun selling contracts under the program in 2007.                                                                                                                                                                                                                                                                                                  Development:  in Nicaragua, the project has attracted interest from the Ministry of Agriculture and the Fondo de Credito Rural (FCR).  FCR plans to work with INSER to bring index insurance to some of its small-scale farmer clients.                                                                                                                                                                                                                                     Financial assistance: the Nicaraguan government  financed R&D and start-up costs of pilot programs to develop a weather index insurance scheme for corn, rice, and beans targeted to small farmers.                                                                                                              Regulator: the Nicaraguan government had an active participation in the formulation of the agricultural insurance regulatory framework.                                                                                                                                  Information/ technical assistance provider: the National Weather Service in Nicaragua provided data for the indices and invested in improving the national weather station network.                                                                      ","Reinsurance: in Nicaragua the program has support from international reinsurers on a quota-share basis. ","Initiator/ management: the project is led by the Latin American Federation of Insurance Companies (FIDES), with the participation of insurers associations in each country.                                                                                                                   Insurance: local insurance companies involved are Seguros LAFISE in Nicaragua and Seguros Atlantida and Seguros Equidad in Honduras.                                                                                                           Sold/ marketed:  the most important delivery channel in Nicaragua is the insurance company’s own agent network.                                                                                                   Information/ technical assistance provider","Information/ technical assistance provider: International Research Institute for Climate and Society (IRI), Columbia University worked on technical aspects of the contracts.","Awareness raising /capacity building: activities included training, work on regulatory issues, efforts to improve access to reliable weather data.","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C.  Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.                                        Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Instituto Nicaragüense de Seguros y Reaseguros\nwww.iniser.com.ni             FIDES (Latin American Federation of Insurance Companies)\nwww.fideseguros.com"]
[15,"Fondo de Mitigacion del Riesgo Agrario (FMRA) in Bolivia","Agricultural insurance (index-based)","weather","drought, excess rainfall, hail, frost","agricultural","individuals","multi-hazard","Lower middle income","third sector","no","yes","pilot","Latin America & Caribbean","Bolivia","Lower middle income","Pilot","Pliot implemented in 2006-2007","Multi-regional                                  (it is being piloted in four provinces in the North and Central Altiplano regions of Bolivia)",null,"Number insured: 143 policies","More frequent risk","Agriculture insurance: crops (peanuts, rice, soy, sorghum, maize).            Insurance product:  it covers drought, excess rainfall, hailstorms, frost.","Farmers","Parametric. Index based on the “production levels of reference plots of farmland in areas that are geographically similar in terms of temperature, precipitation, humidity and soil type\". The reference farmer´s land becomes the reference plot, the yields from which serve as an indicator of whether production levels have been adversely affected by environmental factors (triggering an insurance payout), or by other factors within the farmer’s control.",null,null,null,null,"Initiator: Fundación PROFIN has developed the FMRA.                                                             Provision of capital:  Fundación PROFIN  has provided funds and financial technical assistance. Programa de Suka Kollus (PROSUKO) and Unión de Asociaciones Productivas del Altiplano (UNAPA) also form part of the partnership, and provided start-up funds.                                                                                               Management/ Information- technical assistance provider: Programa de Suka Kollus (PROSUKO) provided technical and administrative assistance. It also administers the fund.","Physical risk reduction or incentives: the scheme combines incentives for proactive risk reduction and a flexible, people-centered index mechanism.                                                                  Awareness raising /capacity: the reference farmers also serve as technical assistance agents to promote ideas for increasing yields and reducing disaster risks and impacts.                                 Adaptation: the system encourages other farmers to match the reference farmers in implementing mitigation efforts to reduce the effects of drought, excess rainfall, hailstorms and frost because those farmers run the risk that their own plots will be significantly affected while the reference farmers’ plots will be less affected.","Global assessment report on disaster risk reduction. United Nations International Strategy for Disaster Reduction Secretariat , 2009;                                                 Adaptation to climate change: linking disaster risk reduction and insurance.  Munich Climate Insurance Initiative (MCII); United Nations International Strategy for Disaster Reduction Secretariat (UNISDR), 2009","http://www.fundacion-profin.org/pdf/seguro-agricola.pdf","Fundacion Profin: http://www.fundacion-profin.org/Profin/index.html"]
[16,"Yield index insurance for disaster relief in Brazil ","Agricultural insurance (index-based)","weather & other","weather events, other","agricultural","individuals","multi-hazard","Upper middle income","private","yes","no","discontinued ","Latin America & Caribbean","Brazil","Upper middle income","Discontinued (was not renewed in 2008/09)                                                                  Identified challenges:                                                                 - There are barriers that need to be addressed if the scheme is to be scaled up and to prove sustainable in the longer term. The main one is that the scheme currently uses the seed program as its only delivery channel; this means it is dependent on the seed program and the government’s support.                                                      - When the harvest fails the government loses money; therefore repeated failure might render the program no longer viable.","2001 - 2008","Regional                                             (Rio Grande do Sul region; one of Brazil’s biggest producers and exporters of grains)",null,"Number insured: between 15,000 and 46,000 households took out the insurance each season for years 2001-2008.            Penetration: about 170,000 low-income farmers are eligible for the insurance (those that belong to the government's seed program). ","Cat risk and more frequent risk","Agriculture insurance: crops (hybrid maize seed).                                                                    Insurance product: it covers any risk that decreases the average yield for a defined area; mainly weather risks related to the El Niño phenomenon and its sister effect, La Niña.                         ","Farmers (all those who are eligible for the government's seed program). Its adoption is voluntary. ","Parametric. Area-yield index. Triggers were originallt set at 10% deviation from average regional yield for the first year of operation, but changed in the following years to a 20% deviation.",null,"Financial subsidy: the premium paid by farmers is subsidized by about 90%. The government pays the entire premium directly to the insurers at the beginning of the season, and collects the cost of the insurance minus the subsidy, together with payment for the seeds, from the farmers after the harvest.                                                                                                                                       Sold/ marketed: to deliver the product, the insurance providers took advantage of the government's established seed program and its more than 600 seed distribution points.  ","Reinsurance: provided for this scheme.","Initiator/ development:  AgroBrasil, a private agricultural risk management agency, proposed an area–yield index-based product that it had already developed.                                                                        Insurance:  several private insurance companies such as Nobre Seguros provide cover to farmers using an adapted version of this product.                                                                                                           Information/ technical assistance provider: AgroBrasil also promoted the insurance via radio and other media.                     .  ",null,"Awareness raising /capacity building: a cartoon booklet was developed to explain the insurance to farmers. More than 60,000 booklets were distributed during the first year of the scheme. AgroBrasil also promoted the insurance via radio and other media.  A new software program called AgroNet was developed to keep track of contract sales, sums insured and farmers’ details. The software was installed at seed distribution points so that data could easily be collected. The data are used to produce a daily report, which is made available on the Internet and can be accessed by the marketing team, insurers and reinsurers. This makes for a relatively high level of transparency, although the system does depend on the release of official yield data by the government.                                                                                                                    Disaster risk reduction legislation/ frameworks/ projects: this program complements the Governments' seed distribution program that supplies farmers with certified maize seed, and allows payment for the seed to be delayed until after the harvest.                                                                                                                     ","Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.",null,"AgroBrasil\nwww.seguroagricola.com.br/"]
[17,"Yield index crop insurance for cotton farmers in Peru ","Agricultural insurance (index-based)","weather","drought, excess rainfall, hail, storm, frost, flood","agricultural","individuals","multi-hazard","Upper middle income","private","yes","no","pilot","Latin America & Caribbean","Peru","Upper middle income","Pilot","Pilot implemented in 2008","Local                                            (selected valleys of the Peruvian coast; Ica Valley was the pilot site)",null,"Number insured: the number of farmers purchasing insurance has risen from 56 (year 2008-2009) to 120 (year 2009-2010) and to 204 (year 2010-2011).                                                                                      Insured area: approximately 700 ha have been secured in the 2010-2011 season. ","More frequent risk","Agriculture insurance: crops (cotton).                                                                           Insurance product: it covers drought, excess rainfall, hail, wind, frost, flood.  The insurance product is called \"Agro-Positiva\", and is packaged as an add-on to working capital crop loans offered by rural Cajas, the type of financial institution most active in the agricultural loan market. ","Farmers (small and medium sized  cotton producers).","Parametric. Area-yield production index. Insurance payouts will be based on aggregate (valley-wide) yields. Indemnities proceeds when the actual average yield for the insured crop over the whole insured unit (the municipality or district where the insured is located) is below the agreed guaranteed yield. In such cases, the insured farmers all receive an indemnity equal to the proportion of shortfall below the guaranteed yield, times the sum insured.","Information/ technical assistance provider: the World Bank","Initiator/ management: the Peruvian Ministry of Agriculture evaluated the feasibility of weather-indexed insurance in several valleys.                                                                                                                                                                                                                                                                                                                                        Financial subsidy: the Government  has set up a Fund of 14 million  USD for the development of crop insurance in the country, and which is utilized to subsidize agricultural insurance premiums (30% premium subsidy).                                                                                                                                                                                                                                                Information/ technical assistance provider: the Peruvian Ministry of Agriculture has provided time series of average yield data stretching back as many as 50 years for the primary crops grown in coastal valleys.                                                                       ","Reinsurance: HanoverRe provides reinsurance to La Positiva","Insurance: the insurance product is offered by Peruvian insurance company La Positiva.                                                                                                           Sold/ marketed: the insurance is sold by the Caja Rural Señor de Luren, a locally-based rural bank and the largest formal lender to agriculture in the region. The Caja is essentially an agent of the insurance company; collecting a small commission\nfor each policy sold.  The Cajas will recover insurance premiums by charging extra interest points on the loans of those farmers who purchase coverage.                                                                                                    ",null,"Other linked disaster risk financing intiatives:  the insurance program should lead the Cajas to reduce the risk premium currently incorporated into their interest rate charges, further lessening the net cost of the insurance to farmers (and increasing demand).","Christopher B. Barrett, Barry J. Barnett, Michael R. Carter, Sommarat Chantarat, James W. Hansen, Andrew G. Mude, Daniel E. Osgood, Jerry R. Skees, Calum G. Turvey and M. Neil Ward. “Poverty Traps and Climate Risk: Limitations and Opportunities of Index-Based Risk Financing.” IRI Technical Report 07-03, The International Research Institute for Climate and Society, Columbia University, September 2007                        Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E","http://i4.ucdavis.edu/projects/pilots/area-based-yield-insurance-peru/files/carter-concept-note.pdf                http://agecon.ucdavis.edu/people/grad_students/conner-mullally/papers/idb_oursection.pdf             ","La Positiva Seguros\nwww.lapositiva.com.pe/"]
[18,"Index weather crop insurance for the coffee industry in Jamaica","Agricultural insurance (index-based)","weather","extreme weather events","agricultural","individuals","multi-hazard","Upper middle income",null,"yes",null,"proposed","Latin America & Caribbean","Jamaica","Upper middle income","Proposed/ under preparation","A risk model has been developed in 2010, and discussions are underway in 2011 regarding the design of the insurance scheme.","Regional                                                     (feasibility study focuses on the Blue Mountain region)","Expansion of an existing market.                                             Coffee production used to be covered under the Coffee Industry Board (CIB) scheme for twenty years before it was discontinued after Hurricane Ivan in 2004. Currently the CIB is working to create the environment with the reinsurance market to again seek and obtain cover.",null,"Cat risk  ","Agriculture insurance: crops                             Insurance product: it covers  extreme weather events.","Farmers (coffee producers)","Parametric. Weather-based index.","Financial assistance: the pilot/ feasibility study was financed by the World Bank, through a grant from the European Union’s ACP (Agricultural Commodities Program).                                                                        ","Initiator: the Government of jamaica approached the World Bank for support in designing a country strategy to manage weather-risk within the sector.",null,null,null,"Risk assessment activities: a risk model has been developed as part of the feasibility study of this scheme.","http://web.worldbank.org/WBSITE/EXTERNAL/NEWS/0,,contentMDK:22452879~pagePK:34370~piPK:34424~theSitePK:4607,00.html",null,"World Bank Group\nwww.worldbank.org/"]
[19,"Index weather crop insurance in Bolivia","Agricultural insurance (index-based)","weather","excess rainfall","agricultural","individuals","single-hazard","Lower middle income","private","yes","no","discontinued ","Latin America & Caribbean","Bolivia","Lower middle income","Discontinued due to lack of demand","Implemented in 2006","Local (Santa Cruz Province)","Creation of a new market.                                                             Several previous programs intended to introduce agricultural insurance in the country had failed (since 1979) due to diverse issues such as dis-continuing of external funding, lack of reinsurance, and occurrence of severe wheather events that discouraged the insurance industry from offering the products. ",null,"More frequent risk","Agriculture insurance: crops                             Insurance product: it covers excess rainfall, and has been developed to protect the farmers’ input costs. ","Farmers","Parametric. Rainfall index.","Financial/ technical assistance: it was supported by USAID (United States Agency for International Development). Other international donors provide financial and technical assistance to develop pilot crop insurance projects.","Initiator: the government of Bolivia and several regional governments expressed interest in supporting the development of weather-based crop insurance, especially as a means to reduce income variability to small farmers.                                                                                                                                                      ",null,"Management: BISA Seguros y Reaseguros S.A",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Bisa Seguros y Reaseguros S.A.\nwww.bisaseguros.com/"]
[20,"Index weather crop insurance in Colombia","Agricultural insurance (index-based)","weather","rainfall","agricultural","individuals","single-hazard","Upper middle income","private","no","no","discontinued","Latin America & Caribbean","Colombia","Upper middle income","Discontinued","Implemented in 2006-2007",null,null,null,"More frequent risk","Agriculture insurance: crops (rice, cotton and maize).                             Insurance product: it covers inadequate rainfall.","Farmers","Parametric. Rainfall index.",null,null,null,"Development: La Previsora insurance company",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"La Previsora SA, Compañía de Seguros: http://www.previsora.gov.co/html/i_portals/index.php"]
[21,"Index insurance for insufficient irrigation supply in Rio Mayo, Mexico","Agricultural insurance (index-based)","weather","drought","agricultural","meso","single-hazard","Upper middle income",null,"yes",null,"proposed","Latin America & Caribbean","Mexico (Rio Mayo)","Upper middle income","Proposed/ under preparation (as of 2005)",null,"Local",null,null,"More frequent risk","Agriculture insurance                                              Insurance product: it covers irrigation risk (drought-induced income shocks and water allocation problems). It therefore facilitates water markets in the Rio Mayo irrigation district.","Water user groups in the Rio Mayo area - farmers in the Mayo Valley are organized in a water user association known as SRL, which stands for Sociedad de Responsabilidad Limitada).","Parametric. Index based on water levels.","Financial assistance: the Inter-American Development Bank funded the feasibility study",null,null,null,null,null,"Skees, J.R., B.J. Barnett, and B. Collier. April 2008. Agricultural Insurance: Background and Context for Climate Adaptation Discussions. (OECD) Expert Workshop on Economic Aspects of Adaptation, Paris, France. ",null,"Inter-American Development Bank: www.iadb.org/"]
[22,"Index weather crop insurance in Morocco","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Lower middle income",null,"yes",null,"discontinued ","Middle East & North Africa","Morocco","Lower middle income","Not implemented  due to no interest from the market, in the face of declining trend in rainfall.",null,null,null,null,"More frequent risk","Agriculture insurance: crops.                                               Insurance product: it covers drought. It is linked to lending, and complements the indemnity-based drought insurance scheme.","Farmers (borrowing smallholders)","Parametric. Rainfall index.","Financial/ technical assistance: World Bank",null,null,null,null,null,"Christopher B. Barrett, Barry J. Barnett, Michael R. Carter, Sommarat Chantarat, James W. Hansen, Andrew G. Mude, Daniel E. Osgood, Jerry R. Skees, Calum G. Turvey and M. Neil Ward. “Poverty Traps and Climate Risk: Limitations and Opportunities of Index-Based Risk Financing.” IRI Technical Report 07-03, The International Research Institute for Climate and Society, Columbia University, September 2007",null,"World Bank Group\nwww.worldbank.org/"]
[23,"Agricultural insurance in Iran","Agricultural insurance (index-based)","weather & other","animal disease, other","agricultural","individuals","multi-hazard","Upper middle income","public","yes","no","operational","Middle East & North Africa","Iran","Upper middle income","Operational                                                                               Identified challenges:                                                                                         - The government expects weather index products to be introduced in near future. ","Crop insurance was first introduced in 1984, and livestock insurance in 1993.","National",null,"Value of insurance premia: 230 million USD in year 2007. \nPenetration: about 35% of farmers purchased crop insurance policies in year 2006-2007. Before that, the participation rate was below 30%. Farmers insure 35% to 40% of the crop area. Less than 10% of the cow and sheep/goat herd is insured. The insurance rate for poultry is much higher with approximately 68% being insured in 2007.                                                                                               ","More frequent risk","Agriculture insurance: crops, greenhouses, livestock, forestry.                  Insurance products: the state institution offers multi-peril crop insurance (MPCI), crop income insurance, greenhouse insurance, and forestry insurance products.  Livestock insurance is available against accident and mortality from epidemic disease.","Farmers","Parametric. Area-yield index.                                                 Weather (rainfall) index insurance is currently in the research stage. The research teams have been working for the last three years in 50 pilot locations.",null,"Initiator: Government of Iran                                                                                                                                                                                                                                                                  Insurance/ management: agricultural insurance in Iran is administered by the government-owned Agricultural Insurance Fund.  It offers insurance on an exclusive basis.                                                                                                                   Reinsurance: crop and livestock insurance programs are reinsured by the Government.                                                                                                                                           Financial subsidy: the government supports agricultural insurance through premium subsidies (60%) that are available for both crop and livestock insurance programs. Agricultural insurance premiums are exempt from sales taxes.                                                                                                            Regulator: there is agricultural insurance legislation and regulation.                                                                                                                                  ",null,"Sold/ marketed: agricultural insurance is delivered primarily through insurance agents. Financial institutions are the second most important delivery channel for crop insurance. Producer organizations are the second important delivery channel for livestock insurance. Insurance brokers play only a minor role in agricultural insurance practice in Iran.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[24,"Subsidized agricultural insurance in Morocco ","Agricultural insurance (indemnity-based)","weather","drought","agricultural","individuals","single-hazard","Lower middle income","public & private","yes","no","operational","Middle East & North Africa","Morocco","Lower middle income","Operational                                                                                                     Identified challenges:                                                          - The drought insurance scheme has proved operationally challenging, especially in relation to loss adjustment.","Implemented in 1994.","Multi-regional (available in defined areas of the country)",null,"Insured area: the actual area insured (averaged over three years 2003/04 to 2005/06) was 117,096 ha. The maximum area which can be insured under the drought insurance program is 300,000 ha annually.                                    Penetration: when compared to the total area planted for the three crops insured under the program of 5.1 million ha (year 2004/05), the penetration level of the drought program compared to the national crop area is 2.3%.","More frequent risk","Agriculture insurance: crops (main cereals; i.e. hard wheat, soft wheat, and barley).                                                                                                        Insurance product: it covers drought. It is linked to lending. ","Farmers.                                    Insurance is compulsory for borrowing farmers in whose areas the program operates. It may also be purchased voluntarily by farmers within the program areas.","Indemnity-based. Yield-based insurance.                                   Smaller farmers with limited technology are enrolled into Category 1, where claims are assessed on an area-yield basis, and all farmers within defined areas are compensated based on the area-yield assessments. Category 2 and 3 farmers are those conforming to higher technology levels, who receive higher yield guarantees and whose claims are adjusted on an individual farmer basis.",null,"Initiator: Ministère de l'Agriculture and Ministère des Finances.                              Reinsurance: the drought program is structured so that the government carries the primary layer of risk.                                                                                                                                                     Financial subsidy/ other: the drought insurance program is subsidized (50% premium subsidy).  Government officials are involved in the loss assessment process for the drought program, and these officials are paid by government.","Reinsurance: reinsurers protect the portfolio above approximately 30% of the total original sums insured, on a  non-proportional basis.","Insurance: Insurer Mutuelle Agricole Marocaine D’Assurances (MAMDA) is the sole provider of agricultural insurance in Morocco and is structured as a mutual .                                Sold/ marketed: distribution has been through two routes: first by linkage to loans made by Crédit Agricole and second by direct marketing of the offices and agents of MAMDA.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[25,"Insurance for Asian Megacities","Sectors to be determined; based on needs assessment (risk profiling and city selection studies)",null,null,"non-agricultural",null,null,"Lower middle income",null,"yes",null,"proposed","East Asia & Pacific","Indonesia, Philippines, Viet Nam ","Lower middle income","Proposed/ under preparation                                                   ",null,"Local (two cities, to be determined, in each target country)",null,null,null,"Sector to be defined (mainly urban risks, will likely include sovereign disaster liquidity insurance).                                            Insurance products: based on the cities selected (according to demand, feasibility, availability of hazard data, and commercial market acceptance), the project will identify key needs for disaster rik financing, review relevant options, and finally undertake product design and risk modeling to develop market ready solutions that each of the cities could take forward into capital or insurance markets. The specific disaster rik financing solutions have not yet been identified and will be chosen in collaboration with city and national partners. Preliminary scoping activities have suggested options for potential DRF products: (i) insurance programs; (ii) sovereign disaster liquidity insurance; (iii) standby emergency credit programs; (iv) a catastrophe bond program; or (v) an innovative combination of these approaches.",null,null,"Initiator: ADB (Asian Development Bank)                                                             Financial assistance: Japan Fund for Poverty Reduction                                                                       Information/ technical assistance provider: ADB is currently initiating technical assistance projects to support the design of the scheme. Each technical assisstance project will last for 3 years and will start with an inception phase for risk profiling and city selection. ","Development: Governments expected to participate in the design and implementation of solutions","Development: Commercial market participants expected to participate in the design and implementation of solutions","Development: Commercial market participants expected to participate in the design and implementation of solutions","Development: Civil society organizations and academic institutions expected to participate in the design and implementation of solutions","Awareness raising /capacity building: awareness raising through consultation, training, and dissemination are planned as part of the TA projects. Throughout the inception and implementation of the TA, planning workshops and training courses will be held to engage a wide range of stakeholders coming from national and local government agencies, civil society organizations, academic institutions, and the private sector.",null,"http://www.adb.org/Documents/TARs/REG/43553-01-reg-tar.pdf","Public Management, Governance and Participation Division (RSGP)\nRegional and Sustainable Development Department\nAsian Development Bank                http://www.adb.org/default.asp\n\n"]
[26,"State-subsidized index weather crop insurance in India","Agricultural insurance (index-based)","weather","deficit rainfall, excess rainfall, temperature, fog, humidity, crop disease ","agricultural","individuals","multi-hazard","Lower middle income","private","yes","yes","operational","South Asia","India","Lower middle income","Operational","Implemented in 2003.","Multi-regional                                                      Iffco- Tokio, specifically, has offered weather products in 15 states: Punjab, Rajasthan, Haryana, Himachal Pradesh, Uttarakhand, Uttar Pradesh, Madhya Pradesh, Chhattisgarh, West Bengal, Karnataka, Gujarat, Andhra Pradesh, Maharashtra, Orissa & Tamil Nadu.",null,"Number insured: around 150,000 farmers annually (in general). ICICI Lombard covered around 45,000 farmers in year 2008. Iffco- Tokio covered over 46,000 farmers in year 2009.                                      ","More frequent risk","Agriculture insurance: crops (paddy, soyabean, maize, cotton, groundnut, bajra, pulses, wheat, mustard, potato, gram, barley, cumin,turmeric, etc.)                                                     Insurance products: cover  deficit and excess rainfall, extreme temperature, weather-linked crop diseases, fog, humidity.  Iffco- Tokio, specifically, has offered two weather insurance products: Barish Bima Yojna (for Kharif/ Summer crops) & Mausam Bima Yojna (for Rabi/ Winter crops).","Farmers (small, medium and\nlarge)","Parametric. Index based on temperature, rainfall, humidity.                                                                                         Products are designed on the basis of historical weather data as obtained from IMD or any other reliable source. The calculation of a claim is done on the basis of weather data recorded by a neutral third party weather monitoring agency. Some innovative products based on satellite images (for example, NDVI) have been piloted in small areas.","Information/ technical assistance provider: Non-lending technical assistance from the World Bank.\n","Initiator: in 2001 Government of India opened up the insurance sector to private insurance companies.                                                                                                        Financial subsidy: in 2007 a few state governments began subsidizing index insurance products offered by private insurance companies, paying 40–50% of the premium (to enable low-income farmers to access insurance; this applied only to products bought by farmers voluntarily and not to products bundled with loans). In 2008 the Government of India also began making subsidies available to private weather index insurers. AIC (Agriculture Insurance Company of India)  is the nodal agency  that routes Central and State Government subsidies to the private insurance companies.                                                                                                                          Information/ technical assistance provider: historical weather data are provided by the India Meteorological Department (IMD).                                                                                                       ","Reinsurance:  Swiss Re, Tokio Marine, Endurance Re and SIRIUS Re as well as hedge funds have been all participating in the market.","Insurance: private insurers (e.g., ICICI Lombard, IFCO Tokyo, HDFC-Chubb) sell weather index insurance. IFCCO-Tokio, a joint venture insurance company between the Indian Farmers Fertilizer Co-operative (IFFCO) and Tokio Marine and Nichido Fire Group, launched several insurance products in 2004.                                                                                                             Sold/ marketed:  ICICI Lombard has expanded through partnership with the Indian conglomerate ITC Ltd, which allowed it to sell policies through ITC’s e-choupals (internet kiosks).  ICICI Lombard is also working with contract farming operations to take advantage of their well established distribution networks. IFCCO-Tokio sells the bulk of its policies through the cooperative network of its parent company, IFFCO\nFertilizers. Distribution of policies is also undertaken by cooperative banks, cooperative societies and Micro Insurance Agents .                                                                                                  Information/ technical assistance provider:  private data providers have set up over 500 automatic weather stations on behalf of insurance companies, across the country.",null,"Physical risk reduction or incentives: the premium to be paid by the farmer depends upon the factors like type of crop cultivated, type of risk coverage (rainfall/ temperature/ humidity) and geographical location of the farm.","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.",null,"Iffco Tokio - General Insurance\nwww.iffcotokio.co.in/            ICICI Lombard: www.icicilombard.com         Agriculture Insurance Company of India Ltd.: http://www.aicofindia.com"]
[27,"PepsiCo's index weather insurance for potato contract farmers in India","Agricultural insurance (index-based)","weather","crop disease","agricultural","individuals","single-hazard","Lower middle income","private","no","no","operational","South Asia","India","Lower middle income","Operational                                                                             Identified challenges:                                                                              - Expanding the limited target market. In this regard, challenges include overcoming the lack of  historical data, which presents a real obstacle to scaling up the program, installing a denser weather station network, securing delivery channels for product distribution and overcoming the limited participation of reinsurers. Another existing limitation to scaling up is that farmers who borrow from state banks are required to take out government insurance (NAIS)in many of the Indian states.                                                                   - Since coverage is voluntary, the number of enrolled farmers may vary significantly from one season to the next, representing a small share of total premium in the insurance market.                                                                         - Designing products that balance good coverage with an affordable premium.                                             - Basis risk: the 2007 season revealed a certain level of basis risk. Increasing the number of weather stations will allow ameliorating this problem.                                                                                   - Creating new indices that blend index insurance and area-based insurance.                                                  - Using technology that more accurately captures weather events and trends, such as NDVI.","Implemented in 2007.","Multi-regional (Punjab, Uttar Pradesh, Bihar, West Bengal, Himachal Pradesh, Maharashtra, Tamil Nadu and Karnataka)","Expansion of an existing market                                          In 1995 PepsiCo started a contract farming program in India to secure its supply of potatoes for potato chips. The program provides farmers with potato seeds, access to fertilizers and pesticides, and offers technical advice on production practices. A voluntary insurance product was introduced by PepsiCo in year 2007, to be offered as part of the farming program. Motivations of the insurance scheme include limiting farmers’ weather-related risk, which increases farmers'  economic stability and benefits PepsiCo by ensuring the long-term stability of potato production, and establishing longer term relationships with farmers. This scheme intended to provide an alternative to the national area-yield insurance product provided by NAIS in India, which was not considered sufficiently transparent. ","Value of insurance premia: 186,494 USD in 2008; up from 167,716 in 2007.\nNumber insured: 4575 farmers in 2008; 4250 farmers in 2007                                                                                            Sum insured: 3,811,865 USD in 2008; up from 3,289,270 in 2007.\nPenetration: 4575 farmers (out of 10,000 farmers covered by the farming program) in 2008.                                                                                              ","More frequent risk                                Deductible: farmers bear losses up to 40% of yield losses. ","Agriculture insurance: crops (potatoes).                                                                                  Insurance product: it covers late blight (fungal disease linked to temperature and humidity). The product is designed to cover yield losses above 40%, and the maximum payout is designed to be equal to the cost of production plus a bit more to include family farm wages and opportunity costs.","Farmers (potato growers contracted by PepsiCo; approximately 50% of insured farmers insured are smallholders, owning less than 5 acres (2.025 ha) of land).","Parametric. Index based on temperature and humidity. The insurance pays out based on the number of consecutive days of average relative humidity greater than 90% and/or average temperatures between 10°C and 20°C.                                                              WRMS had installed 250 weather stations by the end of 2008, and aims to operate a total of 400 weather stations by year-end 2009.",null,"Information/ technical assistance provider: the Indian Meteorological Department provides latest weather reports and historical meteorological charts (at the request of ICICI Lombard).                                                                    ","Reinsurance: there is a limited participation of reinsurers in the program, due to the difficulty of estimating risk exposure. This represents a constraint to scaling up.                                                                                         Development/ management: Weather Risk Management Services (WRMS), a private consultancy firm, has designed the insurance product, installed weather stations and manages the insurance aspect of the programme, charging PepsiCo a commission of 5% of the premiums.                                   Information/ technical assistance provider: WRMS also sends weather advisory messages and information on how to prevent crop loss directly to farmers via mobile phone. ","Initiator: Pepsi India Ltd.                                                                                                                 Insurance: ICICI Lombard, the largest private sector general insurance company in India.                                                                                   Management: Pepsi India Ltd. runs the potato contract farming programme, and ochestrates the associated crop insurance scheme.                                                                                                                              ",null,"Physical risk reduction or incentives: farmers are offered price incentives: PepsiCo sets a base buyback price at the beginning of the season (which insulates farmers from open market price fluctuations) and offers per kilo increments according to the quality of potatoes, the use of fertilizers and pesticides, and the purchase of index insurance.                                                                                                     \nAwareness raising /capacity building:  PepsiCo has systematically educated farmers about the insurance product, conducting numerous training sessions and meetings for the various actors involved. It also offers farmers technical advice on production practices through a network of agronomists, extension workers and local facilitators. WRMS also sends weather advisory messages and information on how to prevent crop loss directly to farmers via mobile phone.                                                                                                                       Disaster risk reduction legislation/ frameworks/ projects: the insurance scheme is part of PepsiCo’s 360-degree farmer connect program, which includes supply of high quality planting material and agricultural implements, provision of technical know-how developed in collaboration with leading agri-input companies, offering of soft loans through a national level tie-up with State Bank of India (helping farmers get credit at a lower rate of interest), etc. In addition to SBI, smaller- to medium scale farmers can access loans from cold-storage facilities, where they will often store their potatoes after harvest.                                                                                                                       ","Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.                                                    The Potential for Scale and Sustainability in Weather Index Insurance for Agriculture and Rural Livelihoods 31 Mar 2010, Hazell, P., Anderson, J., Balzer, N., Clemmensen, A., Hess, U. & Rispoli, F.                          A Case Study on the PepsiCo Frito-Lay Potato Outgrower Program in India. In: Facilitating the Development of Outgrowing Operations. Action for Enterprise, 2009.","Agroinsurance (agricultural insurance portal) case study: http://www.agroinsurance.com/en/products/weather_index/?pid=14033&print=1","PepsiCo: http://pepsicoindia.co.in                                                   "]
[28,"Index-based agriculture insurance in Nepal","Agricultural insurance (index-based)","weather","weather events","agricultural","individuals","multi-hazard","Low income",null,"yes",null,"proposed","South Asia","Nepal","Low income","Proposed/under preparation                                                  Identified challenges:                                                            - A Steering Committee to progress with pilots was formed by Nepalese stakeholders in December, 2009, and requested technical assistance from the World Bank. However, as of September 2010, no funds have been mobilized to support this project.",null,null,null,null,"More frequent risk","Agriculture insurance: crops and livestock.                                                                    Insurance product: it covers weather events. ","Farmers (small and marginal)","Parametric. The feasibility study found that area-yield index insurance and weather based crop insurance are both suitable in certain Nepalese districts.","Financial assistance: technical assistance was funded by GFDRR (Global Facility for Disaster Reduction and Recovery).                                                                       Information/ technical assistance provider: technical assistance was provided by the World Bank.","Initiator:  Government of Nepal requested technical assistance",null,null,null,null,"Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. ","http://www.gfdrr.org/gfdrr/sites/gfdrr.org/files/documents/DRFI_Nepal_AgInsrReport_09.pdf","Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/ "]
[29,"Index-based crop insurance in Bangladesh","Agricultural insurance (index-based)","weather","flood, other","agricultural","individuals","multi-hazard","Low income",null,"yes",null,"proposed","South Asia","Bangladesh","Low income","Proposed/ under preparation (as of 2006)",null,null,null,null,"More frequent risk","Agriculture insurance: crops          Insurance product: it covers flood and other perils.",null,"Parametric","Financial assistance: technical assistance was funded by GFDRR (Global Facility for Disaster Reduction and Recovery).                                                                       Information/ technical assistance provider: technical assistance was provided by the World Bank.","Initiator:  Government of Nepal requested technical assistance",null,null,null,null,"Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. ",null,"Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/ "]
[30,"National Agricultural Insurance Scheme (NAIS) and the modified NAIS (mNAIS) project in India","Agricultural insurance (index-based)","weather & other","fire, lightning, storm, hail, cyclone, typhoon, tempest, hurricane, tornado, flood, landslide, drought, pest, crop disease. ","agricultural","individuals","multi-hazard","Lower middle income","public & private","yes","yes","operational","South Asia","India","Lower middle income","Operational.                                                                                       Identified challenges:                                                                                                                                                                                                             - Basis risk (NAIS insurance unit being too large). mNAIS intends to ameliorarte this issue with a smaller insurance unit.                                                                              - Despite being the world’s largest scheme with 25 million farmers insured, 85 million farmer households are not covered. This low coverage may be explained by delays in claims settlements (due to delays in receiving yield estimates).                                                                                                             - Huge infrastructure and manpower required to estimate yields (irrespective of yield loss).                        - NAIS rates are capped well below the commercial rates that would need to be levied in order to cover expected claims and acquisition and administration costs. It also means that individual farmer MPCI insurance cannot be offerd, area-yield index being the only viable option. mNAIS is actuarially rated, though.                                                                                - Non-coverage of pre-sowing and post-harvest losses (which will be covered by mNAIS).                                                                                      - NAIS is funded by post-disaster government contributions, entailing an open-ended and highly variable fiscal exposure for the government.                                                                                             - The Ministry of Agriculture has recommended that some states replace the NAIS product with index insurance in select locations, as a result.","Crop insurance began in 1972 in India on a pilot basis. The present NAIS scheme (area-yield-based insurance) was set up in 1999-2000. A modified NAIS (mNAIS) program has been introduced on a pilot basis during 2010-11.","National ","Creation of a new market (in development)                        With a high degree of dependence on rain-fed cultivation, India needs a well-developed and widely used agriculture insurance program. Crop insurance began in 1972 in India on a pilot basis. India has implemented subsidized public-sector “area-yield index” multi-peril crop insurance (MPCI) since 1979. In 1985 the Comprehensive Crop Insurance Scheme (CCIS) was introduced by the General Insurance Corporation of India (GIC), the national insurer. The CCIS was replaced by the National Agricultural Insurance Scheme (NAIS) in 1999-2000. Government of India gave mandate to Agriculture Insurance Company of India Limited (AIC), a specialist public sector crop insurance company created in year 2002, to implement the NAIS area-yield index scheme and to develop new options in addition to NAIS. The mNAIS programme has been piloted in 2010-2011.","Estimated profit: loss ratio of 291%  (year 2007); down from 566% in year 2003.\nValue of insurance premia: 132.2 million USD (year 2007); up from 72.5 million USD in year 2003.  \nNumber insured: NAIS is the world’s largest crop insurance program, and in 2010 sold a total of 25 million policies (up from 20 million policies in 2007).                                                                                           Sum insured: 4 billion USD (year 2007); up from 2.3 billion USD (year 2003).\nPenetration: the penetration rate in year 2007 was equivalent to about 15% of all Indian farmers (up from 10% in year 2003). The insured area has been very stable over the past five years at about 192 million ha or 14% of total gross cropped area.                                                                      * A modified NAIS (mNAIS) has been piloted in 32 Indian districts during the fall of 2010, being available to 10 million farmers, of which possibly 3 million may participate in the first year. Plans are that NAIS will be withdrawn for those area(s)/crop(s) of districts in which mNAIS will be implemented.                                                                                                                                          ","Cat risk and more frequent risk","Agriculture insurance: crops (food crops such as cereals, millets and pulses, oil seeds, horticultural, and commercial crops).                               Insurance product: traditionally, AIC has only insured a single product, an area-yield index MPCI Insurance policy under the NAIS.  The policy insures against yield loss due to non-preventable risks including: (a) natural fire and lightning, (b) storm, hailstorm, cyclone, typhoon, tempest, hurricane, tornado, etc., (c) floods, inundation and landslides, (d) drought, dry spells, and (e) pests/diseases.   The mNAIS product insures prevented sowing / planting risks and post harvest losses, against the same perils.   ","Farmers (small, medium and\nlarge).                                                    Linked to lending: public sector crop insurance through AIC is compulsory for all farmers who access seasonal crop production credit from lending institutions (e.g. loanee farmers), however, it is voluntary for non-loanee farmers.","Parametric. The NAIS original insurance product is area-yield-based. The index used is the crop yield of a defined area called an insurance unit (IU).  The actual yield of the insured crop, measured by crop-cutting experiments in the IU, is compared to historical yields. If the former is lower than the latter, all insured farmers in the IU are eligible for the same rate of indemnity payout. For the mNAIS, the unit area of insurance for major crops is the village (lowered from the block level to the village level to reduce basis risk), and the threshold yield is based on average yield of the past seven years, excluding up to two years if declared natural calamity by the State.","Financial assistance: the Swiss Development and Cooperation Agency funded Phase 1 of the World Bank project (year 2005) to engage a dialogue with the GoI on agricultural insurance. The Global Facility for Disaster Reduction and Recovery funded Phase 3 of the project (year 2008-2010), where prototype actuarial software was developed and technical capacity building was provided for the mNAIS.                                                                      Information/ technical assistance provider: the World Bank was asked by GoI to provide technical assistance in developing an actuarially sound rating methodology that would improve the design of NAIS and reduce delays in claims settlement (mNAIS).","Initiator:  Government of India                                                                                                                                                                                                                                                                     Insurance: Agriculture Insurance Company of India (AIC), a specialist public sector crop insurance company, was set up by GoI to underwrite the risks covered under NAIS and mNAIS policies.                                                                                                                   Reinsurance: the government provides XL reinsurance on NAIS (a national Catastrophic Fund covers extraordinary losses incurred by NAIS, contributed by the federal and the state governments on 50:50 bases).                                                                                                                                                                                                                                                             Management: ACI. It has responsibility for implementation of the NAIS scheme, receives premiums (from farmer collections and premium subsidies from the government), and is responsible for managing the scheme's liability through risk transfer and risk retention through its reserves. Besides, AIC’s mandate is to develop new options in addition to NAIS.                                                                                                                                Financial subsidy: NAIS area-yield index scheme is heavily subsidized by federal and state governments (shared on a 50%:50% basis), and includes affordable premium rates, subsidies on premiums paid by small and marginal farmers, subsidies on AIC’s administration and operating expenses .                                                                                                             Sold/ marketed: NAIS is marketed exclusively by state banks on behalf of AIC in each state, and receive a fee from AIC in exchange.                                                                                                                                                                                                                                                     Information/ technical assistance provider: free loss assessments by  state governments, which are used to indemnify area-yield losses at insured unit level. Concerned departments/agencies at state and district levels are requested to give wide publicity to the schemes for creating awareness amongst farmers. ","Reinsurance: reinsurers working with the public sector in India include international companies Paris Re, Scor Re, Endurance Re and Swiss Re. GIC, the national reinsurance company, does not reinsure the NAIS.                                                                                     ","Insurance: private sector insurers with adequate infrastructure and experience are permitted to implement mNAIS.",null,"Physical risk reduction or incentives: the mNAIS scheme aims at encouraging the farmers to adopt progressive farming practices, high value in-puts and better technology in agriculture. In particular, premium structure is worked out with a discount provision on the premium in respect of a unit area where all farmers have adopted better water conservation and sustainable farming practices for better risk mitigation.                                                                                          Risk assessment activities: the mNAIS is based on an actuarially sound rating methodology. \nAwareness raising /capacity building: pamphlets, posters, radio\nadvertisements and short films have been used to raise awareness among farmers about available insurance products.                                                                                                                       ","Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA                                                Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E                                       Kolli N Rao, Index based Crop Insurance, Agriculture and Agricultural Science Procedia, Volume 1, 2010, Pages 193-203",null,"Agriculture Insurance Company of India Ltd.: http://www.aicofindia.com"]
[31,"Rainfall Insurance Scheme for Coffee Growers (RISC) in India","Agricultural insurance (index-based)","weather","deficit rainfall, excess rainfall","agricultural","individuals","multi-hazard","Lower middle income","public & private","yes","no","operational","South Asia","India","Lower middle income","Operational                                                                              Identified challenges:                                                        - Low density of weather stations, which makes it difficult to assess compensations                               - From the farmers' perspective, the management of the scheme is not well organized and believe that they are not being adequately compensated. They consider that the conditions that have to be fulfilled to receive compensation are unreasonable.                                                                    - Industry insiders consider that coffee growers do not understand the insurance scheme in its totality.","2005/","Multi-regional (Karnataka, Kerala,  Tamilnadu)","Expansion of an existing market                                         Government of India gave mandate to Agriculture Insurance Company of India Limited (AIC), a specialist public sector crop insurance company, to develop new options in addition to NAIS. The initiation of RISC by AIC is part of this mandate.","Number insured: 8,400 farmers (year 2008), down from 12,300 farmers (year 2007).                                                                                            ","More frequent risk","Agriculture insurance: crop (coffee).                                                                         Insurance product: the policy compensates the insured against diminished coffee output / yield, caused by deficit and excess rainfall (inadequate rainfall during the rain phases of ‘blossom showers’ and ‘backing showers’, and excess rainfall during ‘monsoon showers’). ","Farmers (coffee growers cultivating the Robusta / Arabica varieties of coffee)","Parametric. Payouts were based on a combination of aggregate rainfall using information from IMD stations at district headquarters, and average coffee yields based on estimates from the Coffee Board.",null,"Initiator/insurance/ development: Agriculture Insurance Company of India (AIC) led the project, as part of its mandate to develop new options in addition to NAIS. It developed and underwrites the insurance product.                                                                                                                                                                                                                                                                                                                                                                                          Financial subsidy: the Coffee Board of India, an autonomous body under the Ministry of Commerce and Industry of Government of India, offers a 50% subsidy on premiums for this product for small scale growers, who own an average of 0.75 ha.                                                                                                                                                                                                                                            Information/ technical assistance provider: the Coffee Board and Central Coffee Research Institute provided technical inputs for the development of the product. Aggregate rainfall using information from India Meteorological Department stations.                                    ","Reinsurance: reinsurers working with the public sector in India include the national company GIC Re and the international companies Paris Re, Scor Re, Endurance Re and Swiss Re. About 50% of the total coverage is placed in the international market.",null,"Information/ technical assistance provider: the insurance product was developed in consultation with the coffee growers of concerned states. ",null,"Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA. ","RISC programme in Karnatka: http://www1.indiacoffee.org/userfiles/RISC%202011%20Karnataka1.pdf ","Agriculture Insurance Company of India Ltd.: http://www.aicofindia.com                                           Coffee Board of India: http://indiacoffee.org/default.php"]
[32,"Weather Based Crop Insurance Scheme (WBCIS)  in India ","Agricultural insurance (index-based)","weather","deficit rainfall, excess rainfall, frost, high temperature, humidity   ","agricultural","individuals","multi-hazard","Lower middle income","public & private ","yes","yes","operational","South Asia","India","Lower middle income","Operational                                                                    Indentified challenges. The Indian Ministry of Agriculture has recommended that some states replace the NAIS product with index insurance in select locations. This is a major step towards mainstreaming index insurance in India; however, expanding coverage still faces data and other challenges:                                                                            - Limitations in historical weather data (significant gaps in datasets).                                         - Limitations in current weather data: lack of real-time data (which leads to delayed claim payments) and low density of weather stations (which entails high basis risk).                                                                      - Limitations to scaling up: geographic spread has been limited, as many states are not convinced that a weather index can be superior to a yield index, as the latter is almost ‘all-risk’ insurance.                                                                                           - Explaining how insurance works (one of the most important reasons for low take-up of weather insurance is that the product is too complex and/or is not properly understood by stakeholders, especially farmers).","In 2004,  Agriculture Insurance Company of India Limited (AIC) launched a pilot weather index insurance scheme (covering rainfall deficit).  The Weather Based Crop Insurance Scheme (WBCIS) was launched in 2007, and built upon small-scale weather-based insurance pilot programs conducted in India with World Bank technical assistance since 2003.                                                                 ","National ","Expansion of an existing market. Government of India gave mandate to Agriculture Insurance Company of India Limited (AIC), a specialist public sector crop insurance company, to develop new options in addition to NAIS, including the proposal, design and ratemaking of new weather index insurance products.","Estimated profit: loss ratio of 73% in year 2008.\nValue of insurance premia: 33.1 million USD in year 2008.\nNumber insured: 711,012 in year 2008; up from 1,050 farmers in year 2005.                                                                                           Sum insured: 412.4 million USD in year 2008.                                         Insured area: 1,135,186 ha insured in year 2008; up from 2,200 ha in year 2005. \n","More frequent risk","Agriculture insurance: crops (rice, sorghum, pearl millet, groundnut, soy, sunflower, cotton, wheat, mustard, chickpea, potato, cumin, coriander, etc.)                                                          Insurance product: it covers deficit and excess rainfall, frost, high temperatures, humidity, other risks.                                                     ","Farmers","Parametric.                                                                                     Kharif season coverage is based on a rainfall index, while rabi season coverage uses composite index insurance as a substitute for area-yield insurance. Triggers vary depending on the month and crop development stage. It is also location-specific (based on subdistricts) and crop-specific.                                                                              The insurance product was designed using an innovative ‘tripod’ for capturing data:\n• Cleaning of historical weather data, and extending them to 100 years through simulation;\n• A crop-growth simulation model to capture the yield/weather relationship and establish\ntriggers and payout rates; and\n• A dense network of automatic stations to measure current weather.                                                      ","Financial assistance: the Global Facility for Disaster Reduction and Recovery funded Phase 3 of the World Bank's technical assistance project (year 2008-2010).                                                                         Information/ technical assistance provider: the World Bank was asked by GoI to to provide technical assistance in the design and ratemaking of new weather index insurance products under the WBCIS. This built on small-scale weather-based insurance pilot programs conducted in India with World Bank technical assistance since 2003.         ","Initiator: Government of India                                                                                                                                                                                                                                                                         Insurance: state-owned insurer Agriculture Insurance Company of India (AIC)                                                                                                                   Management: AIC                                                                                                                                      Financial subsidy: since 2006/07, AIC’s weather index program has attracted government premium subsidies. State governments have also begun investing in automatic weather stations; for example, the state of Tamil Nadu is investing about US$5 million in the installation of 225 stations.                                                                                                                                                                                                                                        Sold/ marketed: AIC                                                                                                                         Information/ technical assistance provider: historical and current weather data are provided by the India Meteorological Department (IMD).                                                                        ","Reinsurance: AIC’s crop weather index program is reinsured on a proportional (quota-share) treaty basis partly by GIC Re under a program of compulsory cessions, and partly by international reinsurers. International reinsurers Paris Re, Scor Re, Endurance Re and Swiss Re.                                                                                        ","Reinsurance: AIC’s crop weather index program is reinsured on a proportional (quota-share) treaty basis partly by GIC Re under a program of compulsory cessions, and partly by international reinsurers.                                                                                                                         Sold/ marketed: as part of scaling up efforts, AIC’s crop weather index insurance program has been distributed by insurance brokers, corporate agents, micro-insurance agents, cooperatives, and NGOs.                                                                                                    Other: some private companies have set up weather station and rain gauges where these were lacking and they sell data to AIC.",null,"Physical risk reduction or incentives: crop weather insurance in India is priced at the full and actuarially determined commercial premium rate.                                                                                                                                   Risk assessment activities: the WBCIS has focused on cleaning and simulation of historical weather data, development of crop growth simulation models to capture the yield–weather relationship, and on expanding the network of weather stations. Since 2004/05, AIC has conducted major research and development into crop weather index insurance and applications of Remote Sensing (NSVI/RS) insurance to agriculture. The programme aims to use the best scientific and technical inputs available to develop products that are less prone to basis risk.\n","Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.                                              The Potential for Scale and Sustainability in Weather Index Insurance for Agriculture and Rural Livelihoods 31 Mar 2010, Hazell, P., Anderson, J., Balzer, N., Clemmensen, A., Hess, U. & Rispoli, F.",null,"Agriculture Insurance Company of India Ltd.: http://www.aicofindia.com                                             Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/                                      "]
[33,"BASIX index-based crop insurance in India","Agricultural insurance (index-based)","weather","drought, other","agricultural","individuals","multi-hazard","Lower middle income","private","no","no","operational","South Asia","India","Lower middle income","Operational","Started in 2003; pilot project implemented in 2006","Local                                          (Mahbugnar district of Andhra Pradesh)",null,"Number insured: 11,500 policies were sold in year 2006; up from 154 groundnut and 76 castor policies sold in year 2004. In 2007 the minimum SI was increased to reduce the number of very small contracts and costs. This also reduced the number of farmers reached, but made the program more sustainable. More than 9000 contracts were sold in year 2008.                                                                                           ","More frequent risk","Agriculture insurance: crops (groundnut, castor, cotton).                                                 Insurance product: it covers frequent and slow-onset weather events, such as droughts. It is linked to lending.","Farmers (groundnut and castor growers; i.e. higher-income farmers who insure their cash crops).                                 Eligibility is limited to farmers with crop loans issued by KBS.","Parametric; rainfall index. A payout is triggered if cumulative rainfall during the Khariff (major monsoon) falls below the\nhistorical average for the last 30 years, as measured by the district collectorate.","Information/ technical assistance provider: the commodity risk management group (CRMG) and IFC of the World Bank contributed technical assistance for setting up the scheme   ","Financial subsidy: unsubsidized programme","Reinsurance: ICICI Lombard transfers part of its risk to an international reinsurer (ACE Group)","Initiator: the programme was launched by BASIX (Hyderabad-based microfinance group that aims to promote sustainable rural livelihoods through financial and technical services).                                                                                                                   Insurance: insured by the Indian insurer ICICI Lombard                                                                                                            Sold/ marketed: product marketed by the rural bank Krishna Bhima Samruddi (KBS).                                                                                                    ",null,"Awareness raising /capacity building: the pilot was characterized\nby intensive interactions with clients, both to help them understand the product and to get detailed feedback from them after the first season, in order to improve the product.","Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006                                        Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.","http://www.slideshare.net/MIFacility/weather-index-insurance-in-practice-insurers-experience","Basix India - Basix\nwww.basixindia.com/"]
[34,"Deficit Rainfall Insurance Programme of Development of Humane Action (DHAN) Foundation  in India","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Lower middle income","private","no","no","pilot","South Asia","India","Lower middle income","Pilot",2004,"Local                                                (Vellore and Madurai districts)",null,"Number insured: 272 farmers in the first year of implementation. Subsequently, around 500 farmers per year have insured their crops.","More frequent risk","Agriculture insurance: crops (groundnut, cotton, black gram).                   Insurance product: it covers drought.                   ","Farmers (suitable for those who cultivate rainfed crops in the 30 km radius of a rain index meter that has a minimum of 20-30 years of historical data)","Parametric. Rainfall index. It uses weigthed and capped rainfall during different stages of the crop period, as a proxy to assess the rainfed crop yield loss.",null,null,"Reinsurance: ICICI Lombard transfers part of its risk to an international reinsurer","Initiator: the programme was launched by the DHAN foundation.                                                                                                                     Insurance: insured by the Indian insurer ICICI Lombard",null,null,"Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006// http://dhan.org/cpp/pdf/policybrief5.pdf// http://www.munichre-foundation.org/NR/rdonlyres/3EC7824D-D049-4BDA-8209-A29B607CFE53/0/kandeDRFI_DF.pdf","http://www.microinsurancefacility.org/en/learning-journey/evolving-climatic-adaptation-through-crop-insurance","DHAN Foundation\nwww.dhan.org/"]
[35,"Index weather crop insurance in Ethiopia: the Horn of Africa Risk Transfer for Adaptation (HARITA) program.           ","Agricultural insurance (index-based)","weather","drought","agricultural ","individuals","single-hazard","Low income","private ","yes","yes","operational","Sub-Saharan Africa","Ethiopia","Low income","Operational                                                                         Identified challenges:                                                                 - Scaling up of the program.                                                             - Education and building awareness of farmers on insurance and insurance products. ",2009,"Local                                                           Pilot project site: village of Adi Ha.  In 2010, the scheme expanded to the villages of Hadus Adi, Awet Bikalsi, Geneta and Hade Alga (all in the region of Tigray)","Creation of a new market (in development).                                        In Ethiopia’s northern highlands, including the Tigray region, a significant proportion of the population is chronically food insecure. Farmers are highly reliant on seasonal rains for agriculture, their main source of income and food. Traditionally, farmers’ primary risk management strategy has been to invest any extra income in livestock, which is sold in rains fail. Although this practice ensures immediate survival, the loss of savings and productive assets undermines farmers' future ability to build sustainable livelihoods.                                                                      In the face of this, Oxfam America convened Ethiopian farmers, Swiss Re, the Relief Society of Tigray (REST), the International Research Institute for Climate and Society (IRI), Nyala Insurance, Dedebit Credit and Savings Institution (DECSI), Mekelle University, the Rockefeller Foundation and other organizations to launch an innovative climate change resiliency project called Horn of Africa Risk Transfer for Adaptation (HARITA).                                                                                   ","Estimated profit: no losses were triggered during the first two years of operation\nValue of insurance premia: in year 2009, farmers paid (in cash or labor) an average of 138 Ethiopian Birr in premiums (roughly US $12.22)\nNumber insured: 1308 policies sold in year 2010, up from 200 sold in year 2009 (a policy corresponds to a household)                                                                                           Penetration: between 6% and 36 % across five villages, with an average of 19%                                                                                                              ","More frequent risk","Agriculture insurance: crops (teff, others).                                                                  Insurance product: it covers drought.                                                                              ","Farmers (those enrolled in the PSNP, Ethiopia’s social protection scheme).                                          ","Parametric. Rainfall index.                                                       IRI (International Research Institute for Climate and Society ) has led the exploration of new techniques to enhance sparse local datasets through a combination of satellite data, rainfall simulators and statistical tools that interpolate data from stations nearby. Satellite data will also be used to improve understanding of the correlation between rain gauge data and actual losses on farms.","Initiator: World Food Programme (WFP)                  Financial assistance: Rockefeller Foundation                                               ","Information/ technical assistance provider: The National Meteorological Agency (NMA) offers technical support in weather and climate data analysis. It collects meteorological data in Adi Ha, aided by a new weather station purchased by Oxfam America and installed by NMA in August 2008.                                                                                ","Financial assistance: Swiss Re provided funding for the project.                                                                                                   Information/ technical assistance provider: Swiss Re provides technical expertise, by reviewing and adapting weather index insurance contracts for commercial viability and conformity to market standards                                                                                                   Other: Goulston & Storrs, and Weil, Gotshal & Manges. Law firms providing pro bono legal expertise.                                              ","Insurance: Nyala Insurance Share Company and Africa Insurance Company.                                                                                                             Sold/ marketed: Dedebit Credit and Savings Institution (DECSI), the second largest microfinance institution in Ethiopia, acts as the insurance agent, delivering insurance on behalf of Nyala.                                                                                                                                                                                                                                                                                                                                                                                                                                             ","Initiator: Oxfam America (OA).                                               Development: Local communities: were central participants in the design of the pilot. OA contracted International Research Institute for Climate and Society (IRI) to draft a prototype weather index microinsurance contract.                                                                                                                        Management: Oxfam America-the lead project manager; convenes global and local stakeholders and facilitates a holistic risk management model. The Relief Society of Tigray (REST), the largest nongovernmental organization in Ethiopia, is the local project manager, responsible for operating the Productive Safety Net Program (PSNP) in in Tigray. It coordinates the programme.                                                                                 Information/ technical assistance provider: Index Insurance Innovation Initiative (I4) at University of California has also provided expertise. Mekelle University and Institute for Sustainable Development (ISD) provide agronomic expertise and research.                 ","Physical risk reduction or incentives: working to integrate index insurance with other risk reduction activities such as small-scale water harvesting, improved agronomic practices, conservation measures, and seasonal and daily weather forecasting.                                                                                                                   Risk assessment activities: seasonal and daily weather forecasting.\nAwareness raising /capacity building: HARITA makes efforts to engage farmers as partners in index insurance design. A team of five community members from Adi Ha was recruited to join the HARITA project management team. The project has conducted workshops with farmers to build their financial literacy. Recently, it carried out experimental economic risk simulations (‘games’) to understand farmer's preferences for key parts of the insurance contract, such as coverage and frequency of payout. Through participatory vulnerability assessments, HARITA farmers identify critically needed risk reduction activities for their community. A series of trainings were conducted by IRI on weather index insurance design for national insurance companies and NGOs in Ethiopia, as well as for the local partners who will be directly involved with the development of weather index insurance for expansion villages.                                                                                                                                                                                                                                              Disaster risk reduction legislation/ frameworks/ projects:  HARITA adresses the needs of smallholder producers through an unusual mix of risk reduction (improved resource management), smart risk taking (microcredit), risk transfer (drought insurance), and risk reserves (savings).                                                                                           Other linked disaster risk financing intiatives: An innovation consists on allowing cash-constrained farmers to pay for premiums with their labor (complementing Ethiopia’s innovative social protection scheme, the PSNP). The PSNP provides payments to participating households in exchange for labor to build community assets such as water harvesting structures. HARITA is exploring ways to build upon the PSNP model by enabling farmers to pay insurance premiums in kind rather than in cash.                                                                           Adaptation to climate change: HARITA aims at facilitating adaptation to climate change. ","Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.","Oxfam America Research Reports:  http://www.oxfamamerica.org/publications/aggregator/research","Kenya Financial Sector Deepening programme : http://www.fsdkenya.org/                                            Oxfam America: http://www.oxfamamerica.org/"]
[36,"Index weather crop insurance in Malawi: the  National Smallholder Farmers’ Association of Malawi (NASFAM) program ","Agricultural insurance (index-based)","weather","drought","agricultural","meso & individuals","single-hazard","Low income","private","yes","no","operational","Sub-Saharan Africa"," Malawi  ","Low income","Operational                                                                         Identified challenges:                                                                 - The 2005/2006 groundnut pilot year faced problems related to input quality, product communication, and loan repayment. It also demonstrated difficulty educating farmers about index‐based weather insurance (due to general lack of knowledge of insurance). Besides, many farmers had never before accessed credit from a formal financial source.                                                                                                                                                  - Due to supply chain issues (difficulty in strengthening contractual relationships, since farmers engaged in \"side selling\" and purposively defaulted on loans to the bank even though rainfall conditions were good for groundnut production), the scheme changed to support the stronger tobacco system (commodity sector with stronger supply chains) in year 2007/08.                                                                                                                                                         - The low density of automated rainfall stations in the country is a limitation to scaling up the programe.                                                                                 - Availability of reinsurance is not considered a constraint to expansion of index insurance in Malawi.                                                                                           ","Implemented in 2005 (groundnut pilot).                                During the 2007–08 season, the initial groundnut program was discontinued and the program moved to the tobacco sector.","Local (Mchinji, Kasungu, Nhkotakota, Lilongwe North, Chitedze)","Creation of a new market (in development).                                     Prior to 2005, only 50,000 of the millions of smallholder farming households in Malawi were able to secure credit from formal financial institutions. Without access to loans, farmers could not purchase high quality seeds that would increase productivity and raise their living standards. The National Association of Small Farmers of Malawi (NASFAM), an agricultural marketing firm, initiated the project in an effort to make farmers more creditworthy and give them the access to finance necessary to purchase certified seed. The original motivation for this insurance scheme, therefore, was that smallholder farmers in Malawi were excluded from obtaining credit for purchasing inputs such as fertilizer and seeds owing to lenders’ concerns over drought. In fact, smallholder loan defaults have typically reached high levels in years where major growing areas have experienced drought. Traditional multiple peril crop insurance had been tried unsuccessfully on a small scale in Malawi, and Malawian insurers were apprehensive about offering agricultural insurance, and interested in seeing how an alternative to traditional multiple\nperil coverage would work. ","Estimated profit: main payout amounts are 102,000 USD (year 2006/2007).\nValue of insurance premia: 13,500 USD (year 2007/08); up from 8,720 USD (year 2006/07).\nNumber insured: 2,606 tobacco farmers (year 2008/09); up from 892 groundnut farmers in year 2005/06.                                                                                                             Sum insured (made up of the cost of the seed, the cost of insurance and the interest payable): 2,543,345 USD (year 2008/09); up from 37,000 USD (year 2005/06).\nNumber of weather stations: 8 (year 2008/09); up from 4 (year 2005/06)","More frequent risk","Agriculture insurance: crops (groundnut, maize, tobacco).                             Insurance product: the insurance contract is bundled with loans to farmers that cover the cost of high-quality seeds (coupling microlending with mandatory crop insurance, in the form of a packaged loan and index-based microinsurance product). The insurance pays off part or the entire loan in case of severe drought. The sum insured is the loan amount and interest payable.                                      , The insurance covered the value of the crop input loan (groundnut, maize) for individual farmers during years 2005-2006/ 2006-2007; and a portfolio of loans for tobacco and maize inputs (cover against loan default) during years 2007-2008/ 2008-2009.                                                                                                 ","Farmers (smallholders under NASFAM) have been either directly insured, or have been beneficiaries under a meso-level insurance contract.                                          During years 2005-2006/ 2006-2007, individual groundnut and maize farmers under NASFAM were insured directly.                                                  During years 2007-2008/ 2008-2009; the tobacco processing/trading company, Alliance One, and a bank, OIBM, have been insured (the insurance covered a portfolio of loans jointly held by Alliance One and OIBM). Tobacco farmers taking up loans and inputs from the earlier organizations are automatically enrolled in the insurance when entering the contract to grow the crop (linkage of insurance to finance and inputs).                  Banks require the uptake of insurance as a condition for extending loans or savings arrangements to clients.                                                  ","Parametric. Rainfall index.                                                                                  In case of severe drought, it is assumed that all farmers within a 20-30 kilometer radius will be similarly affected. Models for estimating rainfall in areas where there is no station will need to be developed and calibrated, making use of satellite imagery, data interpolation, and data blending. At the same time, the country will need to invest in a denser network of automatic weather recording stations.","Financial assistance: a government program supported by the World Bank and Norway, the Agricultural Development Project-Support Program (ADP-SP), is currently investing in new weather stations and infrastructure.                                                                    Information/ technical assistance provider: the World Bank has provided technical assistance in developing rainfall indices, contracts, and administrative procedures for programs, monitoring the pilot, and supporting the full array of operational partnerships. ","Information/ technical assistance provider: the Malawi government has been actively involved through the participation of the national meteorological service (Malawi Meteorological Services Department; MMSD), which is the source of the climate- and weather-related data, and expertise essential for the design and implementation of the insurance scheme.                                                                                                         ","Reinsurance: a portion of the risk was reinsured by  the Insurance Association of Malawi on the international risk markets in late 2007 (Swiss-Re and Paris-Re). Although the transaction size was small, it was of interest to international reinsurers.                                                                                         ","Insurance: nine insurance companies work together (as a coinsurance pool) to underwrite the risk under the Insurance Association of Malawi (IAM). Insurance companies operate individually, in competition with one another.                                                                                                           Sold/ marketed: the key delivery channels for the insurance are MFIs, local banks, and contract farming companies (e.g. Opportunity International Bank of Malawi (OIBM), Malawi Rural Finance Corporation (MRFC), Alliance One, Limbe Leaf, Cheetah). OIBM and MRFC agreed to lend farmers the money necessary to purchase certified seed, if the farmers agreed to buy weather insurance.                                                                                                       Information/ technical assistance provider:  MicroEnsure (jointly with the WB) acted as a catalyst in developing weather insurance products.                                                                                                                ","Initiator: NASFAM (umbrella association embracing about 40 local farmers’ associations)                                                                                                  Information/ technical assistance provider: NASFAM contributed to development of the insurance products. IRI (International Research Institute for Climate and Society, Columbia University) and Opportunity International provided technical support to the WB in its work with private-sector partners to design and evaluate the insurance product.                                                         Other: NASFAM provided access to seed inputs and bought members’ harvests. It also ensures loan recovery by deducting the loan, adjusted for any insurance payout, from the cash payment.                             ","Physical risk reduction or incentives: an objective of the insurance is to facilitate access to credit by farmers, which allows linking the insurance to improved production capacity through the use of improved seeds and practices. Therefore, credit has allowed farmers to invest in higher yield, higher return activities (seeds and other inputs necessary for higher-yield crops). \nAwareness raising /capacity building: an important component of the successful implementation was to hold training sessions for the field, insurance, and operations staff of the institutions involved.                                                                                                          Disaster risk reduction legislation/ frameworks/ projects:  farmers who work within tobacco contract farming supply chains also receive extension services, quality inputs, and access to output markets. Maize seed and fertilizer are also included in the package so that farmers can also grow a food crop for consumption.                                                                                                                                                                                                      ","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C.         Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006                                                                              Hellmuth, M.E., Moorhead, A., Thomson, M.C., and Williams, J. (eds) 2007. Climate Risk Management in Africa: Learning from Practice. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.                                          Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.                                                International Food Policy research institute  Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E","Innovations In Insuring the Poor: Experience with Weather Index-based Insurance in India and Malawi. Focus 17, brief 7, December 2009. http://www.ifpri.org/sites/default/files/publications/focus17_04.pdf","NASFAM: http://www.nasfam.org/       Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/                                         MicroEnsure: http://www.microensure.com/"]
[37,"Index weather crop insurance in Ethiopia","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Low income","public ","yes","no","discontinued ","Sub-Saharan Africa","Ethiopia","Low income","Discontinued due to low uptake.                                       Identified challenges:                                                            - Product under revision; may be offered again.                  - Ethiopia has some 600 weather stations, which are controlled and monitored by the National Meteorological Agency (NMA) in Addis Ababa; however, there are a limited number of stations that could be used to develop insurance products for rural communities in Ethiopia.","Started in 2006; implemented in 2007 (small pilot as part of feasibility study)","Local",null,"Number insured: 13 policies in year 2007, down from 28 policies in year 2006.      ","More frequent risk","Agriculture insurance: crop (maize).                                                                           Insurance product: it covers drought.   ","Farmers (small-scale maize growers)","Parametric. Rainfall index.                                                            Weather data, yield data, input from farmers and agronomic information on the crops were used to design a weather index that closely predicted yield losses.","Financial assistance: component of the World Bank's Financial Sector Capacity Building Project/Loan with the government of Ethiopia.                                                                       Information/ technical assistance provider: the  World Bank’s Commodity Risk Management Group (CRMG) undetook a feasibility study.    ","Initiator: EIC (Ethiopian Insurance Corporation; state-owned) had mandate from the  Government of Ethiopia to look for agricultural insurance options.                                                                                                                                                                                                                                                                        Insurance: EIC acted as risk-taker for the programme.                                                                                                                Management: EIC was involved in the development and implemention of pilot.                                                                                                                                           ",null,"Sold/ marketed: agricultural cooperatives were identified as the best option to deliver the product, however. these have varying levels of capacity and, in many cases, would require significant capacity building to offer the product to farmers.",null,"Awareness raising /capacity building: the Financial Sector Capacity Building loan focuses on increasing infrastructure, training, and demand for index-based weather insurance components targeted to farmers. Before the product was offered to farmers, CRMG hosted a number of training sessions with local and national EIC employees and a local agent from the Ministry of Agriculture. These sessions aimed to ‘train the trainers’ on the product and to provide guidance on marketing it to their potential clientele.","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.",null,"Ethiopian Insurance Corporation\nwww.eic.com.et/"]
[38,"Index crop insurance  in Senegal","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Lower middle income",null,"no",null,"proposed","Sub-Saharan Africa","Senegal","Lower middle income","Proposed/ under preparation ",null,"Local",null,null,"More frequent risk","Agriculture insurance: crops (peanuts).                                                                       Insurance product: it covers drought. It is linked to lending (covers loan default).","Farmers (smallholder\nborrowing farmers; peanut producers)","Parametric. Rainfall index linked to an area-yield index product.","Information/ technical assistance provider: the World Bank                                                  ",null,null,null,null,null,"Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. ",null,"World Bank Group\nwww.worldbank.org/"]
[39,"Index weather crop insurance in Kenya","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Low income","private","yes","no","operational","Sub-Saharan Africa","Kenya","Low income","Operational; preliminary stages","Implemented in 2007 (pilot)","Local (Embu and Nakuru districts)",null,"Number insured: 515 farmers in year 2010                                          Insured area: 787 acres of maize in year 2010     ","More frequent risk","Agriculture insurance: crops (maize).                                                                       Insurance product: it covers the cost of agricultural inputs against losses resulting from drought. The final growth stage of the maize is not covered. The next phase is planned to give farmers an opportunity to protect against losses of expected yield income caused by drought or excess rainfall.","Farmers ","Parametric.  Rainfall index.                                                                                                        The Kenya Meteorological Service (KMD) has an invaluable historical record of climate data in Kenya and operates an extensive system of weather monitoring. ","Information/ technical assistance provider: the World Bank and the Rockefeller Foundation","Information/ technical assistance provider: the Kenya Meteorological Service. The project is working closely with KMD to put in place the infrastructure needed to provide reliable weather data for the pilots.",null,"Insurance/ development: Equity Bank and APA Insurance developed pilot products for insuring maize in Embu and Nakuru districts.                                                                                                           Other: other partners are ECLOF Kenya and CIC  (microfinance institutions)                                                                                                   ","Other: another partner is FSD (Kenya Financial Sector Deepening). ",null,"Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. Designing Weather Insurance Contracts For Farmers in Malawi, Tanzania, and Kenya. Final Report to the Commodity Risk Management Group, ARD, World Bank. June 2007. Osgood, D.E, McLaurin, M. Carriquiry, M., Mishra, A., Fiondella, F., Hansen, J., Peterson, N., and Ward, N. IRI Technical Report 07-02. ",null,"Kenya Financial Sector Deepening programme : http://www.fsdkenya.org/"]
[40,"Index weather crop insurance in Burkina Faso, as part of an Integrated Weather Risk Management for Sustained Growth program","Agricultural insurance (index-based)","weather","deficit rainfall, excess rainfall","agricultural","individuals","multi-hazard","Low income",null,"no",null,"proposed","Sub-Saharan Africa","Burkina Faso","Low income","Proposed/ Under preparation (a of 2008-2009).                                                                                Identified challenges:                                                             - An outline for cotton–crop insurance scheme has been developed. Since the completion of the study, there has been an ongoing stakeholder dialogue about possible weather index-based insurance pilot programs in Burkina.",null,null,null,null,"More frequent risk","Agriculture insurance: crops (cotton).                                                                    Insurance product: it covers excess and deficit rainfall.","Farmers (small-holder cotton growers)","Parametric. Rainfall index.                                                                                     The aim is to develop a national rainfall index as a basis for drought risk management contracts and to explore the feasibility of index-based weather insurance for cotton producers.","Information/ technical assistance provider: technical assistance is provided by GFDRR (Global Facility for Disaster Reduction and Recovery), which aims at facilitating technical advice and capacity building to the Government for quantifying and securing budgetary insurance to offset drought shocks. The FAO (Food and Agriculture Organization) and the Forecasting Service and the Permanent Inter-State Committee for the Fight against Desertification in the Sahel are also involved.","Initiator: Government of Burkina Faso requested technical assistance. Information/ technical assistance provider: the National Agricultural Statistics Office is involved.",null,null,null,"Disaster risk reduction legislation/ frameworks/ projects: part of an Integrated Weather Risk Management for Sustained Growth program.","Global Facility for Disaster Reduction and Recovery Review of Disaster Risk Financing & Insurance Projects",null,"Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/ "]
[41,"Index weather crop insurance in Tanzania","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Low income","private","no","no","pilot","Sub-Saharan Africa","Tanzania","Low income","Pilot","Implemented in 2007 (pilot)","Local",null,null,"More frequent risk","Agriculture insurance: crops (maize).                                                                            Insurance product: it covers drought. There are two insurance products, for two different varieties of maize. Contracts do not cover the final growth stage of the maize, since the 3rd phase of the maize growing cycle is not associated with significant yield stress. It is linked to lending. ","Farmers (smallholder maize growers).","Parametric. Rainfall index.                                                             Contracts were designed using the WRSI based model, supporting documents, discussion\nwith agronomists, agrometerologists and feedback obtained in four cooperative design sessions with groups of farmers and local extension experts. In addition, remotely sensed approximations for PET (potential evapotranspiration) were necessary, since local stations did not have the necessary sensors.","Information/ technical assistance provider: the World Bank","Information/ technical assistance provider: Tanzania's meteorological service (Pride Tanzania) provides weather data.",null,"Insurance: provided by local insurance companies ","Development: International Research Institute for Climate and Society (IRI), Columbia University designed and evaluated insurance contracts, supported by discussions with agronomists and agrometerologists, and feedback obtained in four cooperative design sessions with groups of farmers and local extension experts.                                                                             ",null,"Christopher B. Barrett, Barry J. Barnett, Michael R. Carter, Sommarat Chantarat, James W. Hansen, Andrew G. Mude, Daniel E. Osgood, Jerry R. Skees, Calum G. Turvey and M. Neil Ward. “Poverty Traps and Climate Risk: Limitations and Opportunities of Index-Based Risk Financing.” IRI Technical Report 07-03, The International Research Institute for Climate and Society, Columbia University, September 2007",null,"International Research Institute for Climate and Society: portal.iri.columbia.edu"]
[42,"Index weather crop insurance in African villages: the Millennium Villages Project","Agricultural insurance (index-based)","weather","drought","agricultural","meso","single-hazard","Low income, lower middle income","private","yes","no","pilot","Sub-Saharan Africa","12 ‘villages’ across Africa. The sites were\nchosen to be representative of the continent’s\ndiverse agricultural regions.","Low income, lower middle income","Pilot, not repeated in 2008.                                                                       Identified challenges:                                    - Because the MVP is in transition from the initial donor provision of resources towards self-financing of activities, insurance strategies are evolving to reflect the changing structure of the project.                                                                                         - Following this transition, it is likely that the future of insurance in the MVP will be more targeted towards encouraging farmers’ adoption of inputs.","2005 - 2008","Local (across several countries in Africa: Senegal, Mali, Ethiopia, Nigeria, Kenya,Uganda, Rwanda, Tanzania, Malawi, Ghana...). Experimental product was transacted in three MVP villages in Kenya, Ethiopia and Mali in 2007.",null,"Number insured: an insurance policy was sold to Millennium Promise Alliance (a New York registered NGO) in year 2007; beneficiaries of which were 150,000 smallholder farmers in the three village clusters of Sauri (Kenya), Tiby (Mali), and Koraro (Ethiopia).                                                                                           Sum insured: 2 million USD of financial protection in year 2007. \n","Cat risk and more frequent risk                                                     Payouts are tied to two risk levels – a moderate drought (defined by a 1 in 8 year trigger), and catastrophic drought (defined by a 1 in 20 year trigger).","Agriculture insurance: crops (maize).                                            Insurance product: it covers district-level maize production (drought-related food shortages). The aim is to mitigate losses during\ncatastrophic drought years that would otherwise lead to a major redirection of project resources and put the project in jeopardy.  This product aims to keep people from falling back into the poverty traps the project is working to remove.","Millennium Promise Alliance (a New York registered NGO) bought the insurance cover. Beneficiaries: inhabitants of\nvillages in the MVP. ","Parametric. Climate Impact Index (CII): it consists on a combination of rainfall and vegetation remote sensing indexes, chosen to optimally correlate with district-level maize production.                            The remote sensing component of the index (NDVI) is used to diagnose large-scale regional drought, while data from rain gauges identifies more localized drought. ","Financial assistance: the premiums were paid by MVP villages, through donor support. Therefore, the local farmers received a 100% subsidized insurance coverage.",null,"Insurance/ development: insurance experts at Swiss Re developed a customized index, by combining vegetative remote sensing measurements and local rain gauges measurements, and structured the associated weather derivative contracts. Swiss Re committed to \"bring the deals to the commercial financial market\"                                                                                          \n \n",null,"Initiator:  Millennium Promise Alliance (a New York registered NGO) initiated the project, and bought the cover.                                                   Development/ Information- technical assistance provider: IRI (International Research Institute for Climate and Society, Columbia University) conducts research on parametric triggers and indices. ","Disaster risk reduction legislation/ frameworks/ projects: in keeping with the aim to ensure project sustainability, it was specified that payouts from this scheme would be used to support core development interventions, such as subsidizing a school feeding program which provides a market for local farmers and encourages primary school attendance. Insurance payouts would also provide resources to replace agricultural inputs, which the project subsidizes for the local community.                                                                                                 Other: in the villages that had contracts, local project managers were able to operate in a less risk-averse manner and were better able to take advantage of the good rains that were experienced, knowing that their input costs for fertilizer and improved seeds would be covered if a drought did occur.    ","Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.",null,"Millennium Villages\nmillenniumvillages.org/                                         International Research Institute for Climate and Society: portal.iri.columbia.edu"]
[43,"Index-based Livestock Insurance (IBLI) in Kenya","Agricultural insurance (index-based)","weather","drought","agricultural","individuals","single-hazard","Low income","private","yes","no","pilot","Sub-Saharan Africa","Kenya","Low income","Pilot                                                                                              Identified challenges:                                                                  - Prospects for upscaling: the program would be offered to millions of semi-nomadic pastoralists and livestock keepers in other parts of the east African region.",2010,"Local                                            (Marsabit district in the Eastern province)",null,"Number insured: the pilot product was bought by 2,000 pastoralists covering 3,467 cattle, 17,514 goats and 278 camels (year 2010).","More frequent risk                                    Deductible: policies contain a clause akin to a deductible, in which a family would buy coverage that would pay-out when livestock losses are expected to exceed a certain level.","Agriculture insurance: livestock Insurance product: it covers livestock mortality, due to drought events.","Pastoralists and agro-pastoralists","Parametric.                                                                                Index based on satellite data owned by the National Oceanic and Atmospheric Administration (NOAA), which provides an indication of forage availability (NDVI index), and livestock mortality (livestock mortality data was collected by the Arid Lands Resource Management Project (ALRMP), from the year 2000). The index is provided at the division level.                                                                                             The index-based insurance will pay out to policy holders as soon as the predicted livestock mortality exceeds 15 per cent.","Financial assistance: financial support from USAID, the U.K.'s Department for International Development (DFID) and the World Bank.","Management: implementing partners are the Ministry of Development of Northern Kenya and other Arid Lands and the Ministry of Livestock.                                         Information/ technical assistance provider:  Kenya's Meteorological Department.",null,"Insurance: UAP Insurance Company Limited, Equity Insurance Agency","Development/ Information- technical assistance provider: International Livestock Research Institute (IRLI), Cornell University, Index Insurance Innovation\nInitiative (I4), Syracuse University (Maxwell School),\nUniversity of Wisconsin (BASIS Research Program).\nOther: another partner is FSD (Kenya Financial Sector Deepening)","Awareness raising /capacity building: ILRI and its partners have developed an insurance simulation game for local communities to explain the key features of the insurance policy and tested it across the Marsabit District.                                  Other linked disaster risk financing intiatives: a policy could prevent stock losses by providing pastoralists the means to obtain credit for purchasing feed and drugs that would allow animals to survive the tough conditions. Similarly, pastoralists who want to expand their herds to take advantage of Africa’s rising demand for livestock products are likely to find it easier to obtain capital from private creditors now unwilling to lend due to the risks associated with droughts.","MCII second policy brief:  “Solutions for Vulnerable Countries and People” (2010)","http://mahider.ilri.org/bitstream/10568/494/1/IBLI_PROJECT_SUMMARY_0110.pdf","International Livestock Research Institute:\nwww.ilri.org/"]
[44,"The Sugar Insurance Fund Board (SIFB) in Mauritius","Agricultural insurance (indemnity-based)","weather & other","cyclone, drought, excess rainfall, fire","agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","no","operational","Sub-Saharan Africa","Mauritius","Upper middle income","Operational",1946,"National",null,"Insured area: there were 71,500 ha under sugar cultivation, and therefore insured, in year 2006. \nPenetration: since the program is compulsory, participation is 100% in the sugar sector.                                                                                                     ","Cat risk and more frequent risk Deductible: farmers are ranked individually according to claims experience, which determines their deductible levels.","Agriculture insurance: crops (sugar).                                                                           Insurance product: it covers cyclone, drought, excessive rainfall, fire.                   ","Farmers (the majority are small-scale sugar producers). Insurance is compulsory for sugar growers. ","Indemnity-based. Yield loss policies.                                                                     The policy indemnifies growers based on production at the sugar mills, following a declared loss. Compensation is based on yield loss, sugar content, and sugar price obtained by the industry for the crop year concerned.",null,"Insurance: SIFB (Sugar Insurance Fund Board) is the major crop insurer on the island. It is a public sector body,  however it follows established commercial insurance principles and practices and operates under specific legislation.                                                                                                                                                       Financial subsidy: Government subsidies amount to less than 1% of the overall premiums.                                                                                                            Regulator:  Government established the legislation for the operation of SIFB.                                                                                                                                  ","Reinsurance: SIFB purchases non-proportional (excess of loss) reinsurance from the international reinsurance market.","Sold/ marketed: the main delivery channel is the Mauritius Sugar Syndicate, as well as producer associations and cooperatives.",null,"Other linked disaster risk financing intiatives: following a disaster, loans at a discounted rate may be provided by the Development Bank of Mauritius. ","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"SIFB (Sugar Insurance Fund Board): www.sifb.biz/"]
[45,"Yield index crop insurance in Mali","Agricultural insurance (index-based)","weather","drought","agricultural","meso","single-hazard","Low income","private","no","no","pilot","Sub-Saharan Africa","Mali","Low income","Pilot",2011,"Local",null,"Number insured: the target number of households for\nthe pilot is 3000 (about 150 cooperatives).","More frequent risk","Agriculture insurance: crops (cotton).                                                             Insurance product: it covers drought. It is tied to loans that cooperatives take to finance farm inputs.","Cooperatives of cotton farmers (low income farmers).","Parametric. Average area yield index.",null,null,"Insurance/ Sold-marketed: Allianz Africa                                                                                           Reinsurance: Swiss Re                                                                                        ","Management: PlanetGuarantee (an MFI) acts as an intermediary, and will manage the administrative and financial aspects of the insurance product.                                                                                                                                                                                                                                                                                                             ",null,"Other linked disaster risk financing intiatives: cooperatives receive loans from the Compagnie malienne pour le développement des textiles (CMDT). The Banque nationale du développement agricole (BNDA) finances CMDT. ",null,null,"Allianz insurance: https://www.allianz.com/"]
[46,"Agricultural Insurance Pool in Turkey (TARSIM)","Agricultural insurance (indemnity-based)","weather & other","hail, storm, fire, tornado, landslide, earthquake, frost,  animal disease, natural disasters, other","agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","no","operational","Europe & Central Asia","Turkey","Upper middle income","Operational",2005,"National","Expansion of an existing market.                                                 Until 2006 the agricultural crop and livestock insurance in Turkey was underwritten by 15 private commercial insurance companies that competed against each other to underwrite a series of products, including crop hail (plus pilot frost), livestock, poultry, and greenhouse insurance. Each company placed its own reinsurances with the national reinsurer (Milli Re) and/or international reinsurers on a proportional and/or non-proportional basis.","Value of insurance premia: the volume of sales and premiums was nearly 55 million USD in year 2007.\nNumber insured: a total of 207,328 crop policies were issued to 150,000 farmers in year 2007.                                                                          Penetration: estimated coverage of 3% of the national cropped area in year 2007. For livestock, a total of 55,783 dairy cattle were insured, representing about 0.5% of the national population of cattle, in year 2007.                                                                                             ","Cat risk and more frequent risk","Agriculture insurance: crops (fruits, vegetables, field crops, and ornamental plants) and livestock (dairy cattle, poultry).                                           Insurance product: for crops, there is named-peril hail policy, plus an option for additional perils (storm, fire, tornado, landslide, and earthquake). The company does not underwrite multi-peril crop insurance (MPCI) covers.                                                            For livestock:, there is cover for death due to natural and non-natural causes; disease and natural disasters.                                          ","Farmers","Indemnity-based",null,"Reinsurance: the federal government provides excess of loss reinsurance protection, in cases where sufficient reinsurance capacity is not available through commercial reinsurers.                                                                                                                                                                                                                                                             Management: the Ministry of Agriculture forms part of the Pool's management commitee.                                                                                                                Financial subsidy: the federal government provides support in the form of financial subsidies. Agricultural insurance premium subsidies are paid by government directly to the Pool, and are fixed at 50% of the premium cost for both crops and livestock. Subsidies are provided by Government on TARSIM’s administration and operating expenses and on loss adjustment expenses. There are also Agricultural insurance premiums sales tax exemptions.                                                                                                        Regulator: agricultural insurance legislation was enacted in 2005 to create the national Pool Scheme and to define the roles of public and private sectors.                                                                                                                                  ","Reinsurance: TARSIM is also permitted to retrocede business back to international reinsurers (apart from national reinsurers and insurance companies).","Insurance: TARSIM is a  coinsurance pool, and its shareholders/ coinsurers include 16 agricultural insurance companies, each with a 6.25% share. The coinsurers issue TARSIM’s approved and standard insurance policies; and receive an agreed commission for bringing business to the Pool. All risks and premium are 100% ceded to the Pool.                                                                                                            Reinsurance: the company is permitted to retrocede business back to the insurers and/or to reinsure through MilliRe (national reinsurer).                                                                                                                                          Development/ management: the Agricultural Insurance Pool is under the administration of a managing underwriter, TARSIM. TARSIM is responsible for product design, setting standard rates, premium collection, loss assessment, claims settlement and reinsurance arrangements                                                                                                                                                                                                                                                                                                                                                                Sold/ marketed: insurers' agents, financial institutions, input suppliers, producers’ associations, cooperatives.                                                                                                    ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"TARSIM\nwww.tarsim.org.tr/eng/index.php"]
[47,"Stability Fund for Rural Insurance (FESR) in Brazil ","Agricultural insurance (indemnity-based)","weather & other","natural disasters","agricultural","meso","multi-hazard","Upper middle income","public & private","no","no","operational","Latin America & Caribbean","Brazil","Upper middle income","Operational                                                                                   Identified challenges:                                                              - As of 2008, the Government and insurers were studying the possibility of replacing the FESR by another catastrophe reinsurance facility termed the Rural Catastrophe Fund (Fundo do Catástrofe Rural.",1966,"National",null,null,"Cat risk  ","Agriculture (re)insurance                      Insurance product: it is a catastrophe reinsurance fund for agricultural classes of insurance, which provides stop-loss reinsurance.","Agricultural insurance companies. FESR is voluntary and open to all insurance companies that sell agricultural insurance in Brazil, however, only two companies (Aliança do Brasil and AGF Brazil) were using this fund in year 2008.","Indemnity-based",null,"Reinsurance: the FESR has federal government support in the event that the funds are inadequate to settle claims.",null,"Provision of capital:  FESR is funded from a range of sources, including the underwriting profits of the agricultural insurers.                                                                                                                       Management: the IRB (IRB-Brasil Resseguros S.A.), a local reinsurer, manages the FESR.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"IRB-Brasil Re S.A\nwww.irb.gov.br/ "]
[48,"Agricultural insurance in Philipines","Agriculture insurance (indemnity-based)","weather & other","typhoon, flood, drought, pest, crop disease, animal disease, other  ","agricultural","individuals","multi-hazard","Lower middle income","public & private","yes","yes","operational","East Asia & Pacific","Philippines","Lower middle income","Operational","Agricultural crop insurance was introduced in May 1981, and livestock insurance in 1988","National",null,"Number insured: 6,273 livestock farmers were insured in year 2007; down from 6,837 in year 2006.                                                                                        Penetration: it is estimated that only 2% of rice farmers and 1.76% of the national area cropped are now insured by PCIC. The peak penetration of crop insurance was in 1991, when 15% of farmers were insured.                                                                                             ","Cat risk and more frequent risk","Agriculture insurance: crops (rice, corn, abaca, bitter gourd, asparagus, banana, cabbage, carrot, cassava, coffee, commercial trees, cotton, garlic, ginger, mongo, onion, papaya, peanut, pineapple, sugarcane, sweet potato, tobacco, tomato, water melon, white potato, etc.) and livestock (all classes of commercial farm livestock).                                                       Insurance product: for crops, multi-peril crop insurance (MPCI) policies, which cover losses for natural calamities,  pest and disease. Farmers may choose between MPCI or natural disaster cover, the main difference being that the latter does not include pest and disease.                         For livestock, accidental death and  disease are covered. Insurance products are often linked to lending.                                  ","Farmers (the majority of farmer clients of PCIC are small-scale and subsistence producers).                                        Insurance is required by lending institutions such as LBP. The majority of formal seasonal credit for rice and corn production is through LBP, and borrowers are required to insure. Livestock insurance is voluntary.","Indemnity- based.                                                                          Area-based assessment of damage can occur if there are extensive events.",null,"Insurance: the Philippines Crop Insurance Corporation (PCIC) is the sole crop insurance provider in the Philippines. PCIC is 100% owned by government entities.  With regard to livestock, the Government Service Insurance System (GSIS) is part of a pool (the Philippine Livestock Management Services Corporation (PLMSC)) with private insurers. GSIS provides livestock insurance for livestock owned by government institutions.                                                                                                                  Reinsurance: a State Reserve Fund for Catastrophic Losses amounting to P500 million is to be provided by government.                                                                                                                                                                                                                                                          Financial subsidy: Government’s main ongoing support for agricultural insurance is through premium subsidies for PCIC’s main lines of rice and corn insurance (48% to 63%).  Exemption from premium taxes is granted for subsidized rice and corn insurance. Government also financed the start-up costs of PCIC.                                                                                                                                                                            Other: Government extension staff assist with loss assessment activities.  ","Reinsurance: PCIC has been purchasing reinsurance from the private market since the inception of the company. There is no involvement of government in the reinsurance of PCIC.","Insurance: the PLMSC (livestock insurance pool) has 14 participating private insurers.                                                                                                           Sold/ marketed: for livestock insurance, most sales are through cooperatives and producer associations, followed by agricultural banks. For crop insurance, the most important delivery channel is through linkage to agricultural credit for farmers through the Land Bank of the Philippines (LBP). Borrowing farmers benefit from additional subsidies from the lending institution.  Other outlets are through sales to cooperatives, and through brokers.                                                                                                       ",null,"Physical risk reduction or incentives: the farmer pays a variable rate according to the risk zone.","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Philippine Crop Insurance Corporation\npcic.gov.ph/"]
[49,"Subsidized agricultural insurance scheme in China (Beijing)","Agriculture insurance (indemnity-based)","weather & other","animal disease, flood, hail, storm","agricultural","meso","multi-hazard","Lower middle income","public & private","yes","no","operational","East Asia & Pacific","China ","Lower middle income","Operational","July 2009","Local (Beijing)","Expansion of an existing market.                                                  The Chinese government implemented subsidized crop and livestock insurance in 2007 to support the sector and foster production","Number insured: 400,000 farmers","Cat risk and more frequent risk","Agriculture insurance: crops, fruits and livestock.                                                 Insurance products: cover  perils such as animal diseases, flood, hail, wind and rainstorms. ","Local insurance companies are the immediate beneficiaries under the scheme ","Indemnity-based",null,"Initiator: Beijing Municipal Government and China Insurance Regulatory Commission.                                                                                                                                                                                                                                                      Reinsurance: the state-owned reinsurer China Re is one of the reinsurers of the program. Losses over 300% will be covered by the Beijing Municipal Government’s Agricultural Catastrophe Risks Reserve.                                                                                                                                                                                                                                                             Management/ financial subsidy: the Beijing Municipal Government will pool all the agricultural insurance business within Beijing and will provide funding for reinsurance purchase. ","Reinsurance: Swiss Re (and China Re; state-owned) will take up any losses between 160 and 300%.  In the event of catastrophe loss, Swiss Re as the lead reinsurer will settle with the individual insurance companies.","Insurance: local insurance companies. Under the terms of the contract, the insurance companies will be responsible for any losses below 160% of the annual premium. ",null,null,"Closing the financial gap.  New partnerships between the public and private sectors to finance disaster risks. Swiss Re 2011",null,"Swiss Re: \nwww.swissre.com/"]
[50,"Agricultural insurance in Bulgaria","Agriculture insurance (indemnity-based)","weather & other","hail, storm, excess rainfall, fire, frost, flood, snow, freeze, water-logging of the soil, livestock mortality (due to fire, weather events, natural disasters), livestock accident, animal disease, livestock emergency slaughter, other","agricultural","individuals","multi-hazard","Upper middle income","public & private","no","no","operational","Europe & Central Asia","Bulgaria","Upper middle income","Operational",1992,"National","Expansion of an existing market.                                              From 1980 to 1991 agricultural insurance was mandatory for farmers, but the system was abolished after the end of the socialist system (included protection against a wide list of risks numbering approximately 40 perils). In 1992 crop insurance became voluntary, covering a smaller number of perils.","Penetration: the participation rate in year 2005 was 46.8% for crop insurance. In 2005 the farmers insured about 28% of cows (188,160 animals), 15% of sheep and goats (361,500 animals), and 70% of the poultry population (14 million birds). ","Cat risk and more frequent risk","Agriculture insurance: crops, livestock.                                                                Insurance products: for crops, it covers  hail, storm, excess rainfall, fire, frost, flood, snow, freeze, water-logging of the soil. For livestock, it covers mortality due to fire, weather events, natural disasters, livestock accident, animal disease, livestock emergency slaughter, etc. ","Farmers","Indemnity-based","Insurance: perennial plants are insured under SAPARD. SAPARD is the EU Special Accession Programme for Agriculture and Rural Development, which is offered to new members of the EU and supports measures to enhance efficiency and competitiveness in farming and the food industry.","Regulator: premium rates are calculated by actuaries, but subject to approval by the Financial Supervision Commission (specialized government body for regulation and control over different segments of the financial system, including the insurance market). It has a right to revise the premium rates, and in case they are inadequate, sanctions can be applied to the companies using incorrect pricing policies.                                               ","Reinsurance: through private international reinsurance companies","Insurance: seven insurance companies offer crop insurance. The market is dominated by three insurance companies including DZI-Obsto Zastrahovane, Allianz Bulgaria, and Vitosha. Four companies offer livestock insurance (DZI-Obsto zastrahovane, Vitosha, Allianz Bulgaria, and Bulstrad).                                                                                                                                                                                                                                                                                                                                                          Sold/ marketed: insurance agents’ network                                                                                                    ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"SAPARD (Special Accession Programme for Agriculture and Rural Development): http://europa.eu/legislation_summaries/agriculture/enlargement/l60023_en.htm"]
[51,"National agricultural insurance in Kazakhstan","Agriculture insurance (indemnity-based)","weather","hail, frost, drought, flood","agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","no","operational","Europe & Central Asia","Kazakhstan","Upper middle income","Operational                                                                                   Identified challenges:                                                                                - Access to international reinsurance is a major constraint.","Implemented in 1997; became mandatory in 2004","National","Expansion of an existing market.                                          Previoulsy, insurance services for the agricultural sector were provided through private insurance companies on a voluntary basis, and targeted large farms to optimize administrative costs.","Value of insurance premia: annual average premiums of nearly 6 million USD.  \nSum insured: nearly 200 million USD per annum.\nPenetration: the percentage insured area is very high, having risen from 43.5% of total national arable area in year 2005 to 61.2% of area (14.7 million ha) in year 2008.                                                                                                           ","More frequent risk","Agriculture insurance: crops.               Insurance product: multi-peril crop insurance (MPCI)  against weather risks that can cause crop damage or total loss: hail, frost, drought, flood.","Farmers                                        Currently agricultural insurance is mandatory for all crop producers.","Indemnity-based",null,"Reinsurance: Government compensates 50% of losses reported by the participating insurance companies and mutual insurance societies. This is similar to a free quota-share (50%-50%).                                                                                                                                          Management: the subsidized crop insurance system is administered by the state-owned joint-stock company “Fund for Finance Support of Agriculture”, which distributes funds allocated by the government to promote agricultural insurance. The government strictly supervises the enrollment of the farmers under the  program.                                                                                                               Regulator: premium rates are established by the state.                                                                                                                                  ",null,"Insurance:there are eight private insurance companies and 45 mutual insurance companies offering agricultural insurance services under the subsidized program. All agricultural risks are retained by the insurance companies in the country.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Fund for Financial Support of Agriculture: http://www.fad.kz/en "]
[52,"National agricultural insurance in Moldova","Agriculture insurance (indemnity-based)","weather & other","weather events, fire, animal disease, accidental loss, theft, other","agricultural","individuals","multi-hazard","Lower middle income","private","yes","no","operational","Europe & Central Asia","Moldova","Lower middle income","Operational","Implementation of subsidized agricultural insurance in year 2005","National",null,"Number insured: private insurers signed 145 crop insurance contracts under the  subsidized program in year 2007.                                                                                           \nPenetration: the participation rate is low: only 3.7% of the crops (by area), or 72,900 ha, is insured.                                                                                             ","More frequent risk","Agriculture insurance: crops (most crops, fruits, vegetables, and grapes) and livestock.                                          Insurance products: named-peril and multi-peril crop insurance (MPCI) (farmers can choose the perils to be covered by the subsidized MPCI contract). Livestock insurance is a multi-peril product where the client can also choose the perils to be insured (usually weather perils, fire, epidemic diseases, accidental loss, and unlawful actions of third parties  such as theft, robbery, etc.)","Farmers","Indemnity-based",null,"Financial subsidy: the government pays a premium subidy (80% for both crops and livestock) directly to the insurance companies. The insurance premium paid on agricultural insurance contracts is exempt from taxes.                                                                                                                                             Regulator: the law defines the basic features of the subsidized agricultural insurance, including the premium subsidies.                                                                                                                                                                                          ","Reinsurance: both crop and livestock insurance portfolios are reinsured on the private international reinsurance markets. Quota-share reinsurance agreements are signed with reinsurers.","Insurance: subsidized agricultural insurance is offered only by private insurance companies. Currently, four companies participate in the program, but the biggest market share (about 80%) belongs to the Moldasig insurance company.                                     Sold/ marketed: insurance agents are the main delivery channels. Insurance brokers are the second most important delivery channel. Banks and other finance institutions as delivery channels are marginal.                            ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[53,"National agricultural insurance in Romania","Agriculture insurance (indemnity-based)","weather & other","weather events, fire, livestock mortality","agricultural","individuals","multi-hazard","Upper middle income","private","no","no","operational","Europe & Central Asia","Romania","Upper middle income","Operational                                                                                    Identified challenges:                                                           - The agricultural insurance is currently undergoing changes under the leadership of the government.","Mandatory agricultural insurance had been introduced in the Soviet Union in 1969. After 1990 agricultural insurance was reformed and became voluntary.","National",null,"Number insured: 43,003 farms insured in year 2006, out of which 41,818 are crop farms and the rest livestock producers.                                                                                           \nPenetration: about 12% of the arable land is insured in Romania (year 2006). Approximately 18% of commercial farms purchase crop and livestock insurance policies. Considering the total number of farms in Romania is 4.2 million, most of which are small farms with a cultivated area up to 10 ha, the overall participation rate is about 1%.                                                                                             ","More frequent risk                                  Deductible: the standard deductible is 10% for field crops and 15% for fruit trees and grapes.","Agriculture insurance: crops and livestock.                                                        Insurance products: the crop insurance policies are named-peril and can include up to nine weather risks and fire. The risk selection is done by the client. For livestock,  policies cover all mortality risks except for infectious diseases.","Farmers","Indemnity-based",null,"Insurance: the government compensates farmers’ losses caused by infectious diseases, so there is no need for insurance coverage of this risk.                                                                                                                      Financial subsidy: there was no premium subsidy program in Romania, as of 2008. The government decided to stop the agricultural insurance subsidy program.                                                                                                             Regulator: the list of companies participating in the program is approved by the government.                                                                                                                                 ","Reinsurance: insurance companies in Romania reinsure risks with the private international reinsurance companies. They reinsure crop risks mainly through quota-share treaties.","Insurance: ten companies offer crop and livestock insurance services. One company specializes in livestock insurance only. In 2005 about 70% of the market (premiums collected) belonged to three insurance companies – AGRAS, Allianz TIRIAC & ASIROM. Premium rates are set by the private insurance companies individually, without control from the government. Sold/ marketed: the agents’ network, brokers, finance providers (for livestock insurance) and producer associations and cooperatives (for crop insurance).",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[54,"National gricultural insurance in Russia","Agriculture insurance (indemnity-based)","weather & other","drought, excess rainfall, frost, hail, fire, animal disease, livestock mortality, other                                                                              ","agricultural","individuals","multi-hazard","Upper middle income","private","yes","no","operational","Europe & Central Asia","Russia","Upper middle income","Operational.                                                                                   Identified challenges:                                                              - In 2008 the insurance companies proposed to shift crop insurance from voluntary to mandatory, at least for the farmers that receive public agricultural subsidies (e.g. credit).","Mandatory agricultural insurance had been introduced in the Soviet Union in 1969.  Crop insurance was reintroduced in 1991 as a voluntary program after the collapse of the former Soviet Union. The crop insurance subsidy program was introduced in Russia in 2004.","National","Expansion of an existing market.                                           Mandatory agricultural insurance had been introduced in the Soviet Union in 1969.","Number insured: 10,143 farms purchased subsidized crop insurance policies in year 2007. \nPenetration: 3.4% of farms were insured though subsidized crop insurance policies (most purchased by commercial farmers, reported at 47,700 in year 2007). The farmers insured 20.2 million ha of crops in 2007, which amounted to 28.3% of the total agricultural land.                                                                                             ","More frequent risk","Agriculture insurance: crops and livestock.                                                                     Insurance products: multi-peril crop insurance (MPCI), which covers most perils that can cause crop damage or loss, including drought, excessive rainfall, frost, hail, fire, etc.  Livestock products cover most perils including weather perils, epidemic diseases, accidental death, fire, and unlawful actions of third parties. There are some credit-linked insurance products.","Farmers                                                                Livestock insurance is voluntary; crop insurance is compulsory for holders of agricultural credits, mainly provided by two banks. Farmers should purchase agricultural insurance to apply for subsidized credit. ","Indemnity-based",null,"Reinsurance: in 2008 the Federal Agency of the State proposed that 25% of the agricultural risks should be reinsured through the Federal Agency via a special reinsurance facility. This proposal was to be discussed by the market players.                                                                                                                                         Financial subsidy: the federal government subsidies are 40% of the premiums on MPCI products. Regional (local) governments subsidize 10% of premium.  Livestock insurance is not subsidized, and it is voluntary.                                                                                                            Regulator: the Federal Agency is a state institution supervising the subsidized crop insurance program.                                                                                                                                 ","Reinsurance: subsidized crop insurance is reinsured on both national and international reinsurance markets.","Insurance: there were 69 private insurance companies offering subsidized crop insurance in 2007.  Most insurance companies do not offer commercial crop insurance.                                                      Reinsurance: subsidized crop insurance is reinsured on both national and international reinsurance markets.                                             Sold/ marketed: insurance is mainly sold through insurance agents.                                                                                                                                  ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[55,"WINCROP (Windward Islands Crop Insurance program) ","Agriculture insurance (indemnity-based)","weather & other","storm, tropical storm, hurricane, volcanic eruption","agricultural","individuals","multi-hazard","Upper middle income","private","yes","no","operational","Latin America & Caribbean","Dominica, Grenada, St. Vincent, St. Lucia","Upper middle income","Operational                                                                                     Identified challenges:                                                                - Despite its rapid disbursement, growers consider benefits to be relatively low and premiums high, and some growers have argued against compulsory membership of WINCROP.  Raising premiums and thus cover is not seen as a viable option, as exports and profitability of banana crops have been declining.                                    - Widening the pool, e.g. to include other crops, has been discouraged by legislative constraints and the high reinsurance rates quoted for such a multicrop pool.                                                                         - In the absence of subsidies, client have been procrastinating premium payments.",1988,"Multi-national","Expansion of an existing market.                                                    Since the 1950s the Island governments and/or the Banana Growers’ Associations (BGAs), at various times, have attempted to operate mutual insurance schemes against windstorms in bananas. Most of these earlier mutual schemes failed either due to a lack of spread of risk because individual islands elected to insure by themselves as opposed to pooling their risk, or due to the lack of excess of loss reinsurance protection against major hurricane events.","Number insured: WINCROP had 2,767 insured growers in year 2007.                                                                                              Penetration: the above figure represents about 63% of the total export banana growers and 62% of the cultivated area of this crop, in year 2007.","Cat risk and more frequent risk                                                            Deductible: for the past 15 years the policy on all Islands has maintained a standard 20% damage deductible for each and every loss. This high deductible level is required to maintain premium rates at affordable levels for farmers.","Agriculture insurance: crops (banana).                                                                      Insurance product: the policy protects against physical damage by wind (storms, tropical storms and hurricane) and volcanic eruption to the banana plants defined as snapping, toppling, and uprooting of the plant and leaf stripping. Due to high premium rates, the BGAs have traditionally maintained the sums insured at only about 35% of the full production costs for bananas.  In the event of windstorm damage the indemnity amount has therefore only covered the basic re-establishment costs of the banana holding. ","Farmers (the vast majority are smallholders cultivating areas between 0.5 and 5 ha). The scheme is mandatory for members of the marketing organizations in Dominica, Grenada, and St. Vincent, and voluntary in St. Lucia.                                                            ","Indemnity-based","Information/ technical assistance provider: the Caribean Development Bank involved in feasibility study for the scheme.","Provision of capital: start-up capital was provided by the Island governments through the BGAs (Banana Growers’ Associations) to form WINCROP’s paid-up share capital.                                                                                                                                                                                                                                                  Reinsurance: a standby facility for quick claims settling (of 7.5 million USD) was set up by involved governments, to be used as bridge financing until reinsurance proceeds become available.                                                                                                                                                                                                                                                        Financial subsidy: Government subsidies have been demanded but not implemented.                                                                                                            Regulator: WINCROP was established under the special crop insurance legislation of the Banana Insurance Act of 1988, which made windstorm cover in bananas compulsory for all export banana growers on the four Islands. By statute, WINCROP is required to settle claims within 38 days of the storm date.                                                                                                                                        ","Reinsurance: WINCROP has to reinsure a large part of its portfolio (85%) internationally. WINCROP’s banana insurance program has been reinsured with specialist international agricultural reinsurers since inception in 1988. In the early years the company purchased a combination of proportional quota-share and non-proportional excess of loss reinsurance, but as its reserves strengthened, it switched to non-proportional excess of loss reinsurance.","Insurance: WINCROP is the only insurance company in the Windward Islands that offers crop insurance, and is authorized to conduct crop insurance business on the four Islands.  It is constituted as a mutual insurance company owned by the BGAs and their members.  It operates on a commercial basis but does not pay dividends to its shareholders.                                                                                                                                                                                                                                                                                                                                                                Management: premium is deducted at source by the BGAs and paid to WINCROP. Trading surpluses are used to strengthen claims reserves.                                                                                                     ",null,null,"Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006                                              Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[56,"Crop bancassurance program in Brazil","Agriculture insurance (indemnity-based)","weather & other","drought, other","agricultural","individuals","multi-hazard","Upper middle income","private","yes","no","operational","Latin America & Caribbean","Brazil","Upper middle income","Operational.                                                                                  Identified challenges:                                                                  - The program is expanding to include other Brazilian states and other crop types.",2005,"Regional (southern Brazil)",null,null,"More frequent risk","Agriculture insurance: crops (soyabean and corn).                                              Insurance product: MPCI. Linked to lending by Banco do Brazil. ","Farmers (for those acquiring loans from Banco do Brazil; insurance is compulsory).","Indemnity-based",null,"Financial subsidy: the Government subsidizes insurance.             ","Reinsurance: the insurance program is reinsured internationally through the state-owned reinsurer IRB. ","Insurance/ Sold-marketed: Banco do Brazil (rural lender) provides insurance bundled with loans (crop insurance is tied to the farm credit).",null,null,"Insurance solutions for managing the food crisis. CBC and Swiss Re, December 2008","http://siteresources.worldbank.org/FINANCIALSECTOR/Resources/Session4_b_GlaucioToyama.pdf","Banco do Brasil: www.bb.com.br"]
[57,"Crop-Credit Insurance Guarantee Program for Small and Marginal Farmers (SEAF) in Brazil","Agriculture insurance (indemnity-based)","weather & other","drought, excess rainfall, frost, hail, temperature, storm, pest, crop disease","agricultural","individuals","multi-hazard","Upper middle income","public","yes","yes","operational","Latin America & Caribbean","Brazil","Upper middle income","Operational",2004,"National","Expansion of an existing market.                                      Public sector crop insurance in Brazil dates back to 1954 when the federal government of Brazil formed PROAGRO (Guarantee Program for Agriculture and Livestock Activities), a national, individual grower multi-peril crop insurance (MPCI) program linked to crop credit. SEAF stems from PROAGRO. ","Number insured: more than 600,000 smallholders were insured under SEAF in year 2008; up from 543,800 farmers in year 2004/05.                                                                                            Sum insured:  R$ 2.5 billion in year 2004/05.                                                                     \n","Cat risk and more frequent risk                                                           Deductible: losses must exceed 30 % of the expected gross revenue for the crop in order to qualify for an indemnity.","Agriculture insurance: crops (rainfed and irrigated cereals, legumes, oilseeds, fiber crops, root crops (cassava), grapes, and tree fruits).                                                                         Insurance product: multi-peril yield shortfall policy (drought, excess rainfall, frost, hail, excess variation in temperatures, strong winds, cold winds, crop pests, and diseases that are uncontrollable either technically or economically).  The product is called  Insurance for Family Agriculture (Seguro da Agricultura Familiar). It is linked to credit, and covers a maximum of R$2,500 per farmer.","Farmers (smallholders who access seasonal production credit from the National Program for the Strengthening of Family Agriculture/ PRONAF).                                                 SEAF is a compulsory crop credit insurance program for these farmers.","Indemnity-based                                                                               It indemnifies growers by the amount that actual crop revenue falls short of the sum insured.",null,"Initiator:SEAF was developed by the federal government of Brazil.                                                                                                                                                                                                                                                          Management: SEAF is administered by the Secretariat of Family Agriculture (Secretaria de Agricultura Familiar) and the Ministry of Agrarian Development (Ministério do Desenvolvimento Agrário).                                                                                                                Financial subsidy: the government pays a 75 percent premium subsidy on the SEAF program.                                                                                                            ",null,null,null,"Physical risk reduction or incentives: the farmer must commit to use adequate methods and technology.                                                           Awareness raising /capacity building: the government is developing agricultural risk management training and education programs with several universities.","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"SEAF programme: http://www.mda.gov.br/portal/saf/programas/seaf"]
[58,"Subsidized crop insurance programs in several provinces in Argentina","Agriculture insurance (indemnity-based)","weather","hail, storm, freeze, excess rainfall,  drought, other","agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","no","operational","Latin America & Caribbean","Argentina","Upper middle income","Operational                                                                                Identified challenges:                                                             - Local companies can readily access reinsurance capacity for crop hail but, in the case of MPCI coverage, reinsurance capacity is much more restricted. ","Crop hail insurance was first introduced in 1874. ","Multi-regional                                 Subsidized insurance in several provinces: Mendoza (Mendoza Province Fruits and Vineyard Hail Crop Insurance Scheme), Río Negro (Rio Negro Province Fruit-Hail Crop Insurance Scheme), and Chaco (study to implemeny a subsidized cotton insurance scheme)","Expansion of an existing market.                                               Crop hail insurance was being marketed mainly by mutual companies and cooperatives until 1994, when several private insurance companies started to offer crop insurance.","Value of insurance premia: traditional crop hail insurance still accounts for about 95% of the total market premium volume. The estimated volume of premium subsidies for the whole market is USD 5 million.  \nNumber insured: about 130,000 crop insurance policies were issued in year 2007/08.                                                                                           \nPenetration: the insured area reached 16,592,000 ha, representing about 50% of total national cropped area.                                                                                                             ","Cat risk                                                     Deductible: there are different deductible levels depending on the insurance product. The crop hail policy has a 6% damage franchise.","Agriculture insurance: crops                                 Insurance products: MPCI, catastrophic hail events, hail plus additional risk covers like wind, freeze, excess rain at harvest and drought. Sometimes it is linked to loans.               ","Farmers                                                              Crop insurance is compulsory for farmers who access seasonal crop loans from banks; however this represents less than 5% of the total premium.","Indemnity-based",null,"Insurance: a public insurance company offers agricultural insurance products (as of 2008).                                                                                              Financial subsidy: several provinces have developed their own subsidized crop insurance programs to protect their local farmers (particularly for vineyards and fruit crops).                                                                                                           Regulator: there is no special agricultural insurance legislation.                                                                                                                                 Information/ technical assistance provider: federal government support is limited to providing technical support and information.                                                                      ","Reinsurance: Argentinean crop insurers purchase a combination of proportional and non-proportional treaty reinsurance. Local companies can readily access reinsurance capacity for crop hail but, in the case of MPCI coverage, reinsurance capacity is much more restricted. ","Insurance: in 2008 there were about 30 insurance companies offering agricultural insurance products in the country. Twenty-three were private insurance companies, six were cooperatives, and one was a public insurance company.                                                         Sold/ marketed: the most important delivery channels are through the insurance agents and insurance brokers. There are also some cases where the delivery channel is through input suppliers.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[59,"Greenhouse insurance in Corrientes Province, Argentina","Agriculture insurance (indemnity-based)","weather & other","other","agricultural","individuals","multi-hazard","Upper middle income","private","yes","no","operational","Latin America & Caribbean","Argentina","Upper middle income","Operational",null,"Local (Corrientes)",null,"Number insured: approximately 40 policies issued.",null,"Agriculture insurance: greenhouses.","Farmers (smallholders) ","Indemnity-based",null,"Financial subsidy: within the framework of the PRODERNEA (Programa de Desarrollo Rural del Noreste Argentino), the federal government provides subsidies as a percentage of commercial premiums for greenhouse insurance.",null,"Insurance: private insurers",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Programa de Desarrollo Rural del Noreste Argentino (PRODERNEA): www.prodernea.net/ "]
[60,"Crop insurance in Santa Cruz Province, Bolivia","Agriculture insurance (indemnity-based)","weather & other","weather events, fire","agricultural","individuals","multi-hazard","Lower middle income","private","no","no","operational","Latin America & Caribbean","Bolivia","Lower middle income","Operational                                                                                    Identified challenges:                                                              - The product is expected to be expanded to other crops in the near future.",2008,"Local (Santa Cruz Province)",null,"Insured area: approximately 20,000 ha of soybeans were planned to be insured in Santa Cruz Department in year 2008, but the final status of this program is not known.","More frequent risk","Agriculture insurance: crops (soybean).                                                                    Insurance product: MPCI yield shortfall cover (for all types of weather events and fire). Guaranteed yields under this policy vary from 40%-60% of the actual production history, depending on the crop/region and the product.  Usually  linked to input suppliers’ loans.                                               ","Farmers (large soybean farmers)","Indemnity-based",null,"Financial subsidy: there is no formal evidence of federal government support to agricultural insurance.                                                                                              Information/ technical assistance provider: the Government of Bolivia is currently conducting a study to implement a national Agricultural Insurance Scheme.","Information/ technical assistance provider: insurance companies are technically supported by an Argentinean agricultural insurance company and a reinsurance broker.","Insurance: two private commercial insurance companies, Latina Seguros Patrimoniales, S.A. and BISA, have separately offered the products.                                                                                                      Sold/ marketed: the most important delivery channels are through the insurance brokers who usually work with input suppliers.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Latina Seguros Patrimoniales S.A.\nwww.latina-seguros.com.bo/                  Bisa Seguros y Reaseguros S.A.\nwww.bisaseguros.com/          "]
[61,"Subsidized agricultural insurance in Brazil","Agriculture insurance (indemnity-based)","weather & other","hail, fire, livestock accident, livestock mortality, other","agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","no","operational","Latin America & Caribbean","Brazil","Upper middle income","Operational",2005,"National","Expansion of an existing market.                                                The first private sector crop insurance initiative in Brazil dates back to 1997/98 when Porto Seguro, in collaboration with Partner Reinsurance Company, Zurich Branch, started a private crop hail program for apples and pears in various southern states of Brazil.","Value of insurance premia: 73.2 million USD in year 2007/08.  \nSum insured: the Brazilian commercial agricultural insurance market total sum insured for crops, forestry, and livestock was estimated at 1.53 billion USD in year 2007/08. \n ","More frequent risk","Agriculture insurance: crops (soybeans, maize, wheat, other grain crops, fruits, etc.), livestock, forestry.                                             Insurance products: MPCI yield-based indemnity cover for soybeans, maize, wheat, and other grain crops; hail cover for fruits. Forestry: fire plus allied-perils. Livestock: accident and mortality. Insurance often linked to credit.","Farmers (medium and larger commercial farmers).                                                                 Private sector agricultural insurance is voluntary in Brazil. Rural banks may, however, require borrowers to take out a crop insurance policy to protect their seasonal crop production loans.","Indemnity-based",null,"Reinsurance: IRB (IRB-Brasil Resseguros S.A.), a privately-held mixed capital corporation linked to the Ministry of Finance,  is registered as a local reinsurer.                                                                                                                                                                                                                                                         Financial subsidy: the Brazilian government has been very committed to supporting private commercial agricultural insurance since 2005 through the provision of premium subsidies (maximum of 70%).                                                                                                            ","Reinsurance: in 2008 all the major international commercial agricultural reinsurers were operating in Brazil either as local or admitted or alien reinsurers. They offer a mix of facultative proportional reinsurance (especially for large forestry accounts) and quota-share and stop-loss treaty reinsurance to the private commercial agricultural insurers.","Insurance: in 2008, a total of eight private commercial companies were operating in the Brazilian agricultural insurance market.                                                                                                                          Sold/ marketed: key delivery channels include: (1) local insurance brokers; (2) banks (for example, Alianca do Brazil, the largest crop insurer, is owned by the Bank of Brazil and has a major crop-credit portfolio); and (3) producer associations and cooperatives.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"IRB-Brasil Re S.A\nwww.irb.gov.br/"]
[62,"Subsidized agricultural insurance in Chile","Agriculture insurance (indemnity-based)","weather & other","drought, excess rainfall, flood, frost, hail, snow, storm, temperature, fire, riot,  avalanche, tsunami, animal disease, theft, other","agricultural","individuals","multi-hazard","Upper middle income","private","yes","no","operational","Latin America & Caribbean","Chile","Upper middle income","Operational with modifications from the initial concept (separate underwriting by companies as opposed to common underwriting).","Implemented in 2000; modified in 2002.","National","Creation of a new market (in development).                                     In 1999 the government commissioned a feasibility study for a national crop insurance program to be implemented by the private insurance sector. In 2000 three insurers pooled together for 2 years; after this they decided to underwrite their business separately, but they have continued to agree to underwrite common crop policies with similar agreed rates and deductibles.","Value of insurance premia: the crop insurance premium volume amounted to about 5.0 million USD in year 2008, of which the premium subsidy accounted for 2.6 million USD, or 52% of premium. For forestry insurance the 2008 market premium was estimated at about 15 million USD, and the total aquaculture insurance premiums were probably of a similar magnitude.                                                                            Penetration: approximately 5% of Chile’s farmers have purchased subsidized crop insurance between years 2003 and 2008.                                                                                              ","Cat risk and more frequent risk                                                                   Deductible: for forestry, a deductible of typically 10% of the value of the claim is applied.","Agriculture insurance: crops (cereals, horticultural crops, legumes, industrial crops such as sugar beet, and greenhouse crops), forestry and acquaculture.                                                            Insurance products: for crops, MPCI yield shortfall cover which covers losses due to drought, excess rainfall, flood, frost, hail, snow, wind. Pests and diseases are excluded from the main policy. For rice, the coverage includes low temperature at the time of flowering. Forestry: fire, riot, storm, flood, avalanche, frost, snow, tsunami. Acquaculture: storm, tidal waves, strong currents, red tides (algae), animal disease, attack by predators, theft, etc.","Farmers (particularly  medium and small, and large in forestry and acquaculture).","Indemnity-based",null,"Financial subsidy: the Government provides financial support to the crop program in the form of a fixed 50% premium subsidy, administered by the Comité de Seguro Agricola (COMSA; Agricultural Insurance Committee). There is no government intervention or support for the forestry and aquaculture insurance sectors.                                                                   Sold/ marketed: INDAP is a government development agency which arranges crop loans through the Banco de Chile for smallholder farmers in Chile. It promotes crop insurance to its loanees, and consitutes one of the main insurance delivery channels.                                                                                                                                                                                                                                      Information/ technical assistance provider: COMSA also provides technical assistance to the design and rating of new products.                                                                               ","Reinsurance: commercial insurance companies are fully responsible for making their own reinsurance arrangements with international reinsurers.","Insurance: commercial insurance companies underwrite and distribute their policies. In 2008 the Chilean subsidized crop insurance scheme was underwritten by two insurance companies, Aseguradora Magallanes with about a 67% market share and Mapfre Seguros with about a 33% market share.                Development: Magallanes has developed a very innovative online underwriting system with INDAP, which permits INDAP to submit crop insurance proposals electronically, and if these are within the ranges accepted by the insurer, the policies are automatically underwritten, printed, and billed.                                                                                                          Sold/ marketed: delivery channels for Magallanes include INDAP (Agricultural Development Agency which arranges crop credit small farmers); the agroindustry sector (it contracts large numbers of small producers to grow their crops and arranges collective crop insurance), insurance brokers and the insurers’ own sales agents.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Comité de Seguro Agricola (COMSA): www.seguroagricola.com/ "]
[63,"Agricultural insurance in Colombia","Agriculture insurance (indemnity-based)","weather & other","livestock accident, livestock mortality, theft, other","agricultural","individuals","multi-hazard","Upper middle income","private","yes","no","operational","Latin America & Caribbean","Colombia","Upper middle income","Operational ","Implementation of subsidized agricultural insurance in year 1993.","National",null,"Value of insurance premia: the crop portfolio premium amounted to 5.0 million USD in year 2007.\nNumber insured: Mapfre Colombia achieved crop sales of 1,566 policies in year 2007. In 2007 Mapfre Colombia sold one large livestock policy to insure 700 head of cattle.                                                                                          Sum insured: the crop portfolio total sum insured amounted to 88.8 million USD in year 2007. \nPenetration: insured area of 30,500 ha (nearly 1% of national cropped area), with an average of 19 ha per policy, in year 2007.                                                                                              ","More frequent risk","Agriculture insurance: crops (wide range of annual crops) and livestock.                                                                    Insurance product: Mapfre Colombia's crop insurance policy can be written either as a multi-peril “loss of investment costs” policy (Seguro a la Inversion) or as a damage-based indemnity policy (direct damage to the plant cover). Livestock insurance covers animal accident and animal mortality (also includes the perils of theft and terrorism).","Farmers","Indemnity-based",null,"Financial subsidy: the Government provides subsidies for crop insurance only (not livestock). Crop insurance premium subsidies vary from 30% of premium for individual policies to 60% for collective policies.                                                                                                               Regulator: in 1993, the government enacted crop insurance legislation that authorized the provision of premium subsidies by government.","Reinsurance: Mapfre Colombia’s crop and livestock portfolios are reinsured on a quota-share treaty basis with private international reinsurers.","Insurance: in 2008 agricultural crop and livestock insurance was implemented exclusively by the private commercial insurance sector. Mapfre Colombia was the only company offering a combination of crop and livestock insurance. Two other companies, Liberty and QBE, underwrite livestock.                                   Sold/ marketed: for Mapfre crop insurance, insurance brokers are the most important sales channel, followed by the company’s own agents. For livestock, the company’s sales agents are the most important delivery channel.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Mapfre Colombia: \nwww.mapfre.com.co/ "]
[64,"Agricultural insurance in Costa Rica","Agriculture insurance (indemnity-based)","weather & other","humidity, volcanic eruption, water-logging of the soil during harvest, hail, fire, flood, pest, drought, earthquake, storm, ivestock mortality,  livestock accident, animal disease, other","agricultural","individuals","multi-hazard","Upper middle income","public","yes","yes","operational","Latin America & Caribbean","Costa Rica","Upper middle income","Operational","Crop insurance was first introduced in Costa Rica in 1970. Two years later, in 1972, a livestock insurance product was released.","National","Expansion of an existing market.                                                    Costa Rica’s insurance market was controlled by a state-owned insurance monopoly, “Instituto Nacional de Seguros” (INS), until 2008 when the insurance market was opened up to competition.","Estimated profit: INS budget for crop insurance premium subsidies for year 2008 was 7.3 million USD, representing 8% of its 2007 net profit.\nPenetration: the crop insurance penetration rate is very low in Costa Rica. In 2007 only 8,600 hectares were insured, representing 2% of the total planted area. The main insured crop is paddy, with 70% of the insured area. Livestock insurance is also undeveloped; only 700 heads are insured in the country as of year 2008 (less than 1% of the national herd). ","Cat risk and more frequent risk                                                                Deductible: in the MPCI policies, it is stated that the maximum guaranteed yield is 70% of the expected yield; this implies a 30% deductible.","Agriculture insurance: crops (rice, banana, corn, black beans, sugarcane, peppers, melons, palm, potato, passion fruit, pineapples, watermelon, tobacco, carrots, etc.) and livestock (cattle, goats, sheep, horses, buffaloes, and pigs).                                      Insurance product: MPCI Yield Shortfall Cover (it covers excess moisture, volcanic eruption, water-logging of the soil during harvest (prevention of harvest), hail, fire, floods, weeds, drought, earthquakes, and wind). For livestock, mortality,  accident and disease are covered. ","Farmers and herders ","Indemnity-based",null,"Insurance: the public insurance company Instituto Nacional de Seguros (INS) is the only insurance company offering agricultural insurance in Costa Rica, and its programs are 100% retained by it (no transfer to reinsurers).                                                                                                                                                                                                                                 Financial subsidy: the federal government supports agricultural insurance development by a premium subsidy scheme established through INS (Instituto Nacional de Seguros), for rice, beans, and corn crops.  The average crop insurance premium subsidy in terms of percentage of premiums for the crops involved in the scheme is 49%.  There is no premium support from Government for livestock.                                                                                                             ",null,"Sold/ marketed: the most important insurance delivery channels are through the cooperatives and farmers’ associations, as well as through financial institutions. There are no specialized delivery channels for small and marginal farmers.",null,"Physical risk reduction or incentives: original gross rates vary from 3% to 8%, depending on the crop and location. For forestry plantations original gross rates vary from 2.0% to 3.5% of TSI depending on the region, type of plantation, protection measures, contingency plans implemented by the insured, deductibles, and indemnity limits.","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Instituto Nacional de Seguros de Costa Rica: www.ins-cr.com/"]
[65,"Subsidized crop insurance in Dominican Republic","Agriculture insurance (index-based)","weather & other","drought, flood, excess rainfall, storm, cyclone, tropical storm, hurricane, hail,  pest, crop disease","agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","no","operational","Latin America & Caribbean","Dominican Republic","Upper middle income","Operational                                                                                   Identified challenges:                                                                    - The objective is to incorporate new crops each year.",2002,"National","Expansion of an existing market.                                            Agricultural insurance was first introduced in 1984 by Aseguradora Dominicana Agropecuaria, CA (ADACA), a majority state-owned entity, to provide insurance as collateral for the loans given by Banco Agricola de la República Dominicana to subsistence farmers. ADACA ceased its activities in 1997 mainly due to the withdrawal of support from the Banco Agricola.","Number insured: 5,300 policies were issued in year 2007/08.                                                                                            \nPenetration: total insured area of 15,000 ha of mainly rice and some bananas, representing 1.7% of total national cultivated area and about 10% of the cultivated rice area, in year 2007/08.   ","Cat risk and more frequent risk                                                              Deductible: for rice,  indemnities are subject to the application of deductibles equivalent to 10% of TSI (Total Sum Insured) in case of drought and of 5% of the TSI for the remaining covered perils. For banana plantations, a deductible of 20% of the TSI applies.","Agriculture insurance: crops (rice and bananas).                                            Insurance product: AGRODOSA (Aseguradora Agropecuaria Dominicana) offers two types of crop insurance policy: (1) an MPCI yield shortfall policy covering drought, floods, excess of rain, wind/cyclone (including tropical storms and hurricanes), hail, and unknown pest and diseases, which is offered to rice producers, and (2) a damage-based policy which insures against wind/cyclone (including tropical storms and hurricanes) in bananas.","Farmers","Parametric. Yield-based index.                                                                                   For rice, the coverage is triggered once the actual yield obtained by the insured on its insured unit falls below the guaranteed yield (which is usually set at a maximum of 70% of the normal average yield) determined for each county and crop season.",null,"Insurance: AGRODOSA is the sole supplier of crop insurance in the country. It is owned at 50% by the federal government. The company is a private-public partnership, but it is managed on strictly commercial insurance principles and is subject to private insurance regulations.                                                                                                                                                                                                                                 Financial subsidy: the federal government supports agricultural insurance mainly through premium subsidies (ranging from 33% to 50% of crop insurance premiums) and by financing the start-up cost for AGRODOSA, as well as part of its administration and operational costs.                                                                                                            ","Reinsurance: the AGRODOSA Crop Insurance Program is reinsured under a proportional (quota-share) treaty agreement with leading international reinsurers in this class of business.","Insurance: AGRODOSA is a private-public partnership, and is managed on strictly commercial insurance principles and is subject to private insurance regulations.                                       Sold/ marketed: the most important delivery channel in the Dominican Republic is “Banco Agrícola” which is the main finance institution for the rural sector, and delivers to  small and marginal farmers. Other delivery channels are agents’ and farmers’ associations and cooperatives. ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[66,"Agricultural insurance in Ecuador","Agriculture insurance (indemnity-based)","weather & other","weather events,  animal disease","agricultural","individuals","multi-hazard","Lower middle income","private","no","no","operational","Latin America & Caribbean","Ecuador","Lower middle income","Operational                                                                                    Identified challenges:                                                               - Introduction of Government subsidies was being discussed (as of 2008).",1997,"National","Expansion of an existing market.                                                Crop and livestock insurance were first introduced in 1980 under CONASA, a government of Ecuador Public Sector Insurance Company. The public sector program was discontinued by the end of the 1980s.","Number insured: 3,228 crop insurance policies were sold in year 2008. For livestock, about 500 animals are insured per year.                                                                                           \nPenetration: insured area of 27,000 ha of mainly cereals, representing about 2.0% of total national cropped area (year 2008). Livestock insurance mainly purchased by equine owners; penetration is very low but stable at about 500 animals per year.                                                                                              ","More frequent risk","Agriculture insurance: crops and livestock (cattle and horses).                                      Insurance product: individual grower multi-peril crop insurance (MPCI) and individual animal mortality cover and epidemic disease cover for livestock.  Some products cover loan default (e.g. crop-credit linked insurance product offered by Colonial and a small farmer agricultural development bank in Ecuador). ","Farmers                                               Crop insurance is compulsory for small and marginal farmers who access public sector seasonal crop loans. Colonial insurance and the small farmer agricultural development bank in Ecuador provide crop-credit linked insurance.                                                                 ","Indemnity-based",null,"Financial subsidy: the government does not provide subsidies, although there are discussion in this regard with Colonial de Seguros, a private commercial insurance company  (as of 2008). The Government does not provide support to agricultural insurance or disaster relief.                                                                                                            Regulator: there is no form of special agricultural insurance legislation.                                                                                                                                 ","Reinsurance: Colonial’s crop and livestock insurance programs are reinsured with international reinsurers under quota-share treaty arrangements. ","Initiator/ Insurance: crop and livestock insurance were reintroduced in 1997/98 by Colonial de Seguros, a private commercial insurance company (sole crop and livestock insurance provider as of 2008).                                                                                                                                                                                                                                                                                                                                                                    Sold/ marketed: delivery channels are banks (Colonial offers a crop-credit insurance product), and through the company’s own sales agents for livestock.                                 ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Colonial de Seguros: www.seguroscolonial.com"]
[{"$f":"A71+1","v":67},"Agricultural  insurance in El Salvador","Agriculture insurance (indemnity-based)","weather & other","biological perils, frost, flood, drought, hail, fire, hurricane, tornado, storm, animal disease, livestock emergency slaughter","agricultural","individuals","multi-hazard","Lower middle income","private","yes","no","operational","Latin America & Caribbean","El Salvador","Lower middle income","Operational","Crop insurance was first introduced in El Salvador in 2001, after the severe wind and flood losses suffered by the agricultural sector caused by Hurricane Mitch.","National",null,"Value of insurance premia: the total agricultural insurance premium volume was estimated at about 200,000 USD in year 2006.\nPenetration: in year 2006, only 4,715 ha (0.52% of the total cultivated area) were insured, and about 4,000 heads of cattle were insured (less than 1% of the national herd).                                                                                              ","Cat risk and more frequent risk; depending on the insurance product. Deductible: it varies depending on the product.              - Individual Plant Insurance : 5% to 10% over TSI.                                     - Crop Investment Insurance (Seguro a la Inversion): 5% to 25% of the TSI, depending on peril.                                                              - Guaranteed Yield, Multi-Peril Crop Insurance (MPCI): the insured retains 30% of losses due to drought and 25% in case of damage due to biological perils. ","Agriculture insurance: crops and livestock.                                                                   Insurance products:                                  - Individual Plant Insurance (named-peril, damage-based policy). It protects against damage to individual plants (high value crops like banana plantations) caused by adverse weather conditions and biological perils.                                                                     - Crop Investment Insurance (Seguro a la Inversion):  protects the direct investment (production and input costs, land preparation, sowing costs, etc.) made in the insured crop against several perils (frost, flooding, hail, fire, hurricane, tornadoes, winds, windstorms, biological perils, etc) .                                                                   - Guaranteed Yield MPCI: protects a percentage of the expected individual crop yield at farm level against weather, biological, and other perils.           - Livestock insurance: animal mortality due to accidents, disease or slaughtering ordered by the authorities.                                                                      ","Farmers and herders","Indemnity-based.                                                                        For crops, loss adjustment may be based on crop damage or on insured crop yield performance, depending on the insurance product.",null,"Financial subsidy: the public sector provides premium subsidies equal to 50% of the original gross premium for cotton crops. Premium subsidies are not available for other crops or for livestock insurance. ","Reinsurance: crop insurance programs in El Salvador have been supported by international reinsurers on a quota-share basis (10% retained, 90% ceded).","Insurance: two insurance companies, Seguros e Inversiones S.A. (SISA) and Aseguradora Pacifico S.A., offer crop and livestock insurance.                                                                                                        Sold/ marketed: insurance agents are the main delivery channel for agricultural insurance. There is no specific channel to deliver agricultural insurance to small and marginal farmers.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"SISA Seguros e Inversiones S.A.\nwww.sisa.com.sv/              Aseguradora Pacifico S.A.: www.pacifico.com.sv/ "]
[68,"Agricultural insurance in Guatemala","Agriculture insurance (indemnity-based)","weather & other","extreme weather conditions, biological perils, freeze, flood, hail, fire, hurricane, tornado, storm, drought, pest, plant disease, livestock mortality,  livestock accident, animal disease, other","agricultural","individuals","multi-hazard","Lower middle income","private","yes","no","pilot","Latin America & Caribbean","Guatemala","Lower middle income","Pilot","Implemented in 1998 (pilot). Dicontinued in 1998 due to lack of demand by farmers. Re-introduced after Hurricane Mitch, in 2001. ","Regional (pilot program in the south coast).","Creation of a new market (in development)","Value of insurance premia: estimated premium income since the inception of the Guate Invierte Program (December 2005) until year 2008 was 1.9 million USD.  Since its inception, the program has been subsidizing agricultural insurance premiums by about 640,000 USD per year.\nNumber insured: since inception until year 2008 the program has insured a total of 3,638 farmers.                                                                                           \nPenetration: the agricultural insurance penetration level is currently very low.                                                                                              ","Cat risk and more frequent risk                                                          Deductible: it varies depending on the insurance product (5% to 10% of the TSI, 5% to 15% of the production cost, etc)","Agriculture insurance: crops (corn, other crops) and livestock (cattle, hogs, sheep, goats, poultry).                            Insurance products: for crops, there are several commercial policies that protect against different perils (adverse weather conditions, biological perils, freeze, flood, hail, fire, hurricane, tornado, storm, drought, pest, plant disease, other).   For livestock, policies cover mortality, accident and disease.","Farmers ","Indemnity-based",null,"Financial subsidy: Ministry of Agriculture and Livestock (MAGA) supported the pilot. The federal government, through the project “Guate Invierte”, provides premium subsidies (up to 70% of the gross premiums).","Reinsurance: crop insurance programs in Guatemala are supported by international reinsurers on quota-share basis (10% retained, 90% ceded), mainly through the Mexican insurance facility managed by PROAGRO.                    Information/ technical assistance provider: Mexican insurance companies provide technical support to insurance companies in Guatemala.","Insurance: several insurance companies provide agricultural insurance with technical support from Mexican insurance companies.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Ministry of Agriculture and Livestock: http://www.maga.gob.gt/"]
[69,"Agricultural insurance in Honduras","Agriculture insurance (indemnity-based)","weather","hail, frost, drought, storm, flood, hurricane, tropical storm","agricultural","individuals","multi-hazard","Lower middle income","private","no","no","operational","Latin America & Caribbean","Honduras","Lower middle income","Operational","Crop insurance was first introduced in 2000 and livestock insurance in 2004.","National",null,"Penetration: only 1.9% of the cropped area is currently insured by all types of crop insurance. Less than 1% of the national herd is insured.  The state-owned bank BANADESA requires farmers to insure their agricultural loans on a compulsory basis, being the main reason of the expansion of agricultural insurance in Honduras. However, the recent reduction of BANADESA agricultural lending has contributed to the stagnation of the agricultural insurance penetration.                                                                                             ","Cat risk and more frequent risk","Agriculture insurance: crops (rice, cucumbers, watermelons, bananas, zucchini, corn, melons, pepper, oil palm, banana, sorghum, beans, and sugar cane crops); livestock; greenhouses and aquaculture.                                                            Insurance products: crops are protected against  hail, frost, drought, winds, floods;  greenhouses and aquaculture against hurricanes/tropical storm damage. Insurance is linked to lending in some instances.","Farmers (large, medium and small).                                                         The state-owned bank BANADESA requires farmers to insure their agricultural loans on a compulsory basis. ","Indemnity-based",null,"Financial subsidy: federal government support is restricted to technical assistance, capacity building (e.g. workshops and training programs), and tax exemptions on agricultural insurance premiums. The government does not currently finance premium subsidies.                                                                                                             ","Reinsurance: the agricultural insurance programs currently in place in Honduras have support from the international reinsurance market, particularly for MPCI.","Insurance: four private insurance companies provide agricultural insurance in Honduras, namely Interamericana, Equidad, HSBC, and Atlantida. All of these companies offer crop insurance, but only two companies underwrite small livestock portfolios. Two insurance companies are specialized in servicing agricultural insurance to small farmers: Seguros Atlantida and Seguros Equidad.                                                                                                                           Sold/ marketed: insurers delivery through their agents. Some financial institutions (e.g. rural banks) also deliver agricultural insurance. ",null,"Awareness raising /capacity building: federal government supports technical assistance and capacity building (e.g. workshops and training programs)","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[70,"Coconuts Board's Common Fund scheme in Jamaica","Agriculture insurance (indemnity-based)","weather","storm","agricultural","individuals","single-hazard","Upper middle income","private","no","no","operational","Latin America & Caribbean","Jamaica","Upper middle income","Operational",1983,"National","Expansion of an existing market                                                Since the 1980s, several catastrophe windstorm agricultural insurance schemes have been implemented as industry schemes for smallholder producers, meaning that all the production was insured on a compulsory basis. Bananas had a program termed the Banana Industry Insurance Fund (BIIF) providing cover against tropical cyclones and floods, which was reinsured with the major crop reinsurers for many years; however, with the most recent loss history and the decision of the major grower to stop producing for export, the program is currently suspended. Reinsurers are also reluctant to resume cover following the extremely poor claim results over the last five years.  Only the Coconut Scheme is in operation nowadays.",null,"Cat risk and more frequent risk","Agriculture insurance: crops (coconuts).                                                           Insurance product: it covers destruction of coconut trees due to windstorms. The coverage indemnifies up to J$ 500 per tree, but farmers can buy additional contractual cover.                                            Farmers are covered on the basis of the sale of nuts for copra from the previous crop, with a designated number of nuts making up a unit and a set number of nuts equating to a tree. For example, if a farmer sells coconuts to the Board, for every 100 nuts that are sold, the farmers gets $65 that goes towards an automatic insurance.","Farmers (coconut producers). The Cocount Board program is compulsory. ","Indemnity-based",null,"Financial subsidy: there are no premium subsidies, or public sector intervention on the agricultural sector .","Reinsurance: the program is currently not reinsured. The CIB (Coconut Industry Board) accessed reinsurance from the international markets until 2004, but after Hurricane Ivan, reinsurers decided to withdraw. ","Insurance: after the bankruptcy of the insurance company who used to underwrite the program in Jamaica, no insurance company was willing to underwrite this business.                                                                                                                                                                                           Management: the CIB currently manages the Coconuts Board's Common Fund scheme.                                                                                                                                                                                                                                                       Sold/ marketed: the most important delivery channel used in Jamaica is through the Commodity Boards.                                                                                                     ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[71,"Subsidized agricultural insurance in Mexico (Programa de Subsidio a la Prima del Seguro Agropecuario)                            ","Agriculture insurance (indemnity-based)","weather & other","hail, extreme weather conditions, pest, crop disease, germination failure, soil capping, animal disease, livestock emergency slaughter, other","agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","no","operational","Latin America & Caribbean","Mexico","Upper middle income","Operational","Introduced in 1961; has undergone several phases and re-definitions since then.","National","Creation of a new market (in development).                                  Current sustained level of profitability of private, mutual, and public agricultural insurance in the 2000s compared to the very poor public sector results experienced by ANAGSA in the 1990s (in 1961 the government, through Aseguradora Nacional Agricola y Ganadera S.A. (ANAGSA), had started to underwrite a multi-peril crop insurance (MPCI) policy supported by federal government premium subsidies).","Number insured: nearly 1 million farmers  and  15.3 million head of livestock insured in year 2007.                                                                                           \nPenetration: 17% of total farmers insured, with an insured crop area of 4.4 million ha (21% of national cropped area) in year 2007.                                                                                              ","More frequent risk","Agriculture insurance: crops and livestock (dairy and beef cattle, pigs, sheep and goats, horses, deer, poultry, and bees).                                     Insurance products:                                - For crops: (a) single-peril hail and named-peril damage-based insurance and indemnity policies (termed “individual plant insurance”), (b) Loss of Investment Cost Insurance (Seguro a La Inversion), a multiple-peril salvage-based loss of yield insurance policy which indemnifies growers against loss of their production costs invested in growing the crop up to the time of loss, and (c) traditional MPCI yield-based indemnity insurance whereby farmers are provided a yield guarantee (which typically ranges from 50% to 70% maximum of expected yield) against a wide range of climatic, biological (pests and diseases), and pre-emergence perils (including germination failure and soil capping). For livestock, there are two main covers: (a) accident and mortality insurance, and (b) livestock epidemic disease cover.","Farmers","Indemnity-based",null,"Reinsurance: Agroasemex (the parastatal agricultural reinsurer) provides stop-loss reinsurance protection to the Fondos and typically a combination of proportional (quota-share) treaty reinsurance and facultative reinsurance protection to the local private insurers. Agroasemex has to compete on a commercial basis with the international reinsurers.                                                                                                                                            Development: Agroasemex, the national agricultural reinsurer, is also involved in in product design and rating and in the design of loss adjusting systems and procedures.                                                                                                                                                                                                                                    Financial subsidy: the Government provides premium subsidy support to commercial insurers/the Fondos for crop and livestock insurance (conventional indemnity-based insurance products qualify for government premium subsidies), and provides subsidies for training and education.                                                                                                             ","Reinsurance: a group of 6 to 7 international reinsurers that specialize in agricultural reinsurance provide a combination of proportional and non-proportional reinsurance support to the private commercial reinsurers. Agroasemex retrocedes part of its commercial agricultural insurance portfolio to international reinsurers.","Insurance: private commercial insurance companies (six companies authorized to operate agricultural crop, livestock, forestry, and aquaculture insurance) and mutual insurance companies, including the “Fondos de Aseguramiento” (Fondos), or small farmer agricultural insurance mutual funds. There is one mutual insurance society, Torreon Mutual  Insurance Society, and about 318 Fondos.                                                                                                                 Sold/ marketed: the private insurance companies market their crop and livestock insurance products through their own agent networks. The Fondos and mutual companies market directly to their members.",null,"Awareness raising /capacity building: there have been efforts to promote an insurance culture among population as well as social awareness of catastrophic risks. These initiatives have improved the level of penetration of the insurance sector in relation to the whole economy providing a basis for a solid and consistent insurance market, as well as protecting the population.                                                                                                 Disaster risk reduction legislation/ frameworks/ projects: Mexico has developed an institutional framework for disaster preparedness involving risk assessment, risk reduction, the promotion of a culture of prevention, and insurance. With these initiatives, Mexico moved from an ex-post response to natural disasters to an ex-ante preparedness approach. Mexico has emergency plans at both the local and federal levels in which collaboration exists between civil, governmental and military institutions, in order to address natural disasters.                                                                                                                  Other linked disaster risk financing intiatives: Mexico has a Natural Disasters Prevention Fund (FOPREDEN) that provides resources for preventive actions, as well as to avoid and reduce the negative impact effects of catastrophic natural disasters.                                                                                                     ","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E  ",null,"Agroasemex\nwww.agroasemex.gob.mx/ "]
[72,"Agricultural insurance in Panama","Agriculture insurance (indemnity-based)","weather & other","excess rainfall, flood, drought, storm, fire,  lightning, pest, crop disease, livestock mortality","agricultural","individuals","multi-hazard","Upper middle income","public & private","no","no","operational","Latin America & Caribbean","Panama","Upper middle income","Operational","Crop insurance was first introduced in 1975 and livestock insurance in 1978.","National",null,"Value of insurance premia: 2.3 million USD in year 2008 (crop portfolio). For livestock, premium income increased by about 85% in year 2008, in respect of year 2007 (this may coincide with the introduction by government of 50% premium subsidies). \nNumber insured: in 2007 ISA insured a total of 28,688 heads of livestock (cattle, pigs, sheep and goats and horses). The number of insured animals increased by about 85% in year 2008 (this may coincide with the introduction by government of 50% premium subsidies).                                                                                           Sum insured: 46.1 million USD in year 2008 (crop portfolio).\nPenetration: ISA insured 15,652 ha of annual, perennial and permanent crops, or about 5% of total cropped area in year 2007. In 2008 ISA’s crop portfolio increased to 29,000 ha.                                                                                              ","More frequent risk","Agriculture insurance: crops (wide range of annual and perennial crops; particularly maize and sorghum) and livestock (cattle, goats, sheep, horses, buffaloes, and swine for grassland production, expositions, and inland transportation).                                                                       Insurance products: for crops, the Individual grower multi-peril crop insurance (MPCI)  insures against the loss of direct costs of production invested in growing the crop (excess rainfall, floods, drought, wind, fire or lightning, and exotic pests and diseases). Livestock insurance covers death arising from accidents, asphyxia, electrocution, fire, lightning, attack by wild animals, fractures, abortion, death due to birth-related complications and slaughter of an injured animal if stipulated by a certified veterinarian. All diseases are excluded from cover.","Farmers","Indemnity-based. Yield loss policies for MPCI",null,"Insurance: Instituto de Seguro Agropecuario (ISA) provides insurance.                                                                                                                  Financial subsidy: the federal government does not provide financial support to agricultural insurance in the country. Since 2008 it is understood that government has been studying proposals to introduce a flat 50% premium subsidy on agricultural insurance policies .                                                                                                           ","Reinsurance: both public and private agricultural insurers in Panama are reinsured by international reinsurers. The insurance companies’ retention is 10% on average. The reinsurance cession is 90% on average, and the cession modality is quota-share.","Insurance: two other privately-owned insurers also sell crop insurance policies in Panama.                                                                               Sold/ marketed: for crops and livestock insurance the most important delivery channel is through insurance brokers and, in second place, through the insurance companies’ own agent network. ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Instituto de Seguro Agropecuario (ISA): www.isa.gob.pa/ "]
[73,"Crop insurance in Peru","Agriculture insurance (indemnity-based)","weather & other","other","agricultural","individuals","multi-hazard","Upper middle income","private","no","no","discontinued ","Latin America & Caribbean","Peru","Upper middle income","Discontinued due to lack of interest from farmers, local brokers, local insurers and their reinsurers.                                                                                       Identified challenges:                                                                 - In 1997/98, few of the insurers/their banks were willing to link credit and crop insurance once the El Niño conditions had dissipated, and under a purely voluntary program the volume of sales was disappointingly low.","1996/1999","Regional (coastal area of Peru)",null,null,"More frequent risk","Agriculture insurance: crops  (rice, sugar cane, asparagus, mango, lemons).                                                               Insurance product: multi-peril loss of yield crop insurance. It is often tied to lending.","Farmers                                        Insurance is compulsory for credit holders.","Indemnity- based",null,null,"Reinsurance: the program was reinsured on a proportional quota-share treaty basis by international reinsurers.","Initiator/ Insurance: the scheme was introduced  by five private insurers, several of which were subsidiaries of financial banking groups lending to agriculture.                                                                    Sold/ marketed: the product was marketed through banks (compulsory crop-credit insurance cover).",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[74,"Subsidized agricultural insurance in Peru (Agro Protege scheme)","Agriculture insurance (indemnity-based)","weather & other","flood, freeze, hail, drought, animal disease, livestock emergency slaughter, other","agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","no","operational","Latin America & Caribbean","Peru","Upper middle income","Operational",2009,"Multi-regional (regions of Apurimac, Huancavelica, Cusco, Puno, Huanuco, Cajamarca, Ayacucho and Pasco)",null,"Value of insurance premia: S/. 39,970,678.28 (year 2010/11)            \nNumber insured: 400,000 policies (year 2010/11)                                                                                            Sum insured: S/.238,387,122 (year 2010/11)\n","Cat risk and more frequent risk","Agriculture insurance: crops and livestock.                                                        Insurance product: the main crop insurance product is the \"Seguro Catastrófico\", covering  flood, freeze, hail and drought. Livestock insurance covers disease, accidents, forced slaughter.","Farmers (small and subsistence)","Indemnity-based",null,"Initiator: the Ministry of Africulture launched the program.                                                                                                                                    Reinsurance: the scheme is supported by the Fondo de Garantía del Seguro Agropecuario (40 million USD).                                                                                                                                                                                                                                                   Financial subsidy: the Government subsidises premiums (100%).                                                                                                            ",null,"Insurance: insurance companies including La Positiva Seguros and Mapfre.                                                                                                    Sold/ marketed: insurance will be sold and distributed through insurance companies including La Positiva Seguros and Mapfre. Policies also sold by banks in some instances.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"La Positiva Seguros\nwww.lapositiva.com.pe/"]
[75,"Agricultural insurance in Uruguay","Agriculture insurance (indemnity-based)","weather & other","hail, fire, storm, freeze, humidity, other                                                                                  ","agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","yes","operational","Latin America & Caribbean","Uruguay","Upper middle income","Operational                                                 ","Crop insurance was first introduced in 1912","National","Expansion of an existing market                                                       The Uruguayan agricultural insurance market is a very well developed and has a long history.","Penetration: approximately 550,000 ha are insured in the country, representing 80% of the area sown. 90% of the total forested area in the country (1 million ha) is insured.                                                                                             ","More frequent risk                   Deductible: the standard hail coverage has a 6% TSI franchise. Deductibles apply for additional perils, and can reach up to 20% of the TSI.","Agriculture insurance: crops and forestry. Livestock insurance is marginal in the country.                                                                      Insurance products:                       Hail and fire cover (almost all crops, fruits, and vegetables growing in Uruguay) and wind, freeze, humidity cover (for wheat, soybeans, corn, barley, and sunflower). MPCI is offered only for soybeans, corn, sunflower, wheat, and barley.                            Forestry insurance covers the standing timber value of commercial forestry plantations against fire, wind, and, in very specific cases, hail and freeze.  ","Farmers","Indemnity-based",null,"Insurance: the leading insurance company is “Banco de Seguros del Estado” (BSE), a  public company that used to have the monopoly of insurance in Uruguay from 1912 to 1993.                                                                                                                                                                                                                                                                                                                                                              Financial subsidy: main governmental efforts are through: (i) the exemptions on VAT for crop insurance, (ii) the financing of the development of new agricultural insurance products for small farmers, and (iii) the financing of capacity building. In some special cases, like horticulture production, the federal government also provides premium subsidies.                                                                                                                                                                                                         Regulator: in 2002 the Congress enacted the bill creating a Fund for Development and Reconstruction of Farms, up to USD 2 million, to subsidize up to 60% of hail insurance premiums and funding a Climatic Emergency Fund for horticulture and fruit sector.                                                                                                                                  ","Reinsurance: currently, there are six international reinsurers supporting crop and forestry programs in the country.","Insurance: four insurance companies offer agricultural insurance products, among them, two private insurance companies and a cooperative. Agricultural mutual insurance is well developed in Uruguay. They are not considered insurance companies, but have an important share on premiums and on insured area.                                                                                                                        Sold/ marketed:agent brokers who belong to the insurance company network and insurance brokers.",null,"Physical risk reduction or incentives: original gross rates for hail standard coverage vary from 2% in low-risk areas up to 4.5% in risk-prone areas. The rates vary according to the crop insured, the region and the selected deductible/franchise level.","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Banco de Seguros del Estado (BSE): www.bse.com.uy/"]
[76,"Agricultural insurance in Venezuela ","Agriculture insurance (indemnity-based)","weather & other","excess rainfall, flood, drought, storm, fire, lightning, social risks, pest,  crop disease, animal disease","agricultural","individuals","multi-hazard","Upper middle income","private","no","yes","operational","Latin America & Caribbean","Venezuela","Upper middle income","Operational","Agricultural insurance was first introduced in 1998","National",null,"Penetration: according to 2007/08 data, the crop insurance penetration is very low. About 18,000 ha have been insured, representing less than 1% of the cropped area. Livestock insurance also has a very low penetration rate with less than 100 insured animals.                                                                                              ","More frequent risk              Deductible: for livestock, deductibles vary between 10% and 20% of TSI.","Agriculture insurance: crops (corn and sorghum) and livestock (marginal, only offered for cattle herds).                                                                          Insurance products: for crops, the MPCI coverage indemnifies production costs against excess rainfall, flood, drought, storm, fire, lightning, social risks, pest,  disease.  Livestock insurance covers accidental mortality and disease.                                                                   In some specific cases, rural banks ask for credit-linked crop insurance, but such cases represent less than 5% of the total premium.","Farmers","Indemnity-based",null,"Financial subsidy: the federal government does not provide any support to agricultural insurance, and the country does not have any form of special agricultural insurance legislation.","Reinsurance: insurance companies are able to place their business on the international reinsurance market.","Insurance: there are six private insurance companies offering agricultural insurance in Venezuela. Two offer crop and livestock insurance; the others only offer crop insurance.                                   Sold/ marketed: financial agents (e.g. rural banks), farmers associations, agent brokers.",null,"Physical risk reduction or incentives: original gross rates vary from 6.5% to 12.4% depending on the crop, location, and coverage level.","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[77,"Catastrophe Aggregate Yield Shortfall Cover for Rural Communities in Peru","Agriculture insurance (indemnity-based)","weather","drought, humidity, hail, storm, frost, flood ","agricultural","meso","multi-hazard","Upper middle income","private","yes","no","operational","Latin America & Caribbean","Peru","Upper middle income","Operational",null,null,null,null,"More frequent risk","Agriculture insurance: crops (rice, corn, potato, and cotton).                               Insurance product: covers drought, excess of moisture, hail, wind, frost, flood ","Rural communities of small and medium-size farmers. Rural community for the purposes of this cover is defined as a group of farmers who decide to associate in order to be insured.","Indemnity-based.                                                                      The actual yield obtained by the insured at the end of the policy period would be the whole area sown by the community with the insured crop. The indemnity will proceed when the actual aggregate yield obtained by the community is below the guaranteed aggregate yield established on the policy.",null,"Financial subsidy: the federal government can subsidize premiums up to 100% of the premium cost.",null,"Insurance/ Sold-marketed: private insurance companies sell the policies.",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[78,"Agricultural insurance in Paraguay","Agriculture insurance (indemnity-based)","weather","weather events","agricultural","meso & individuals","multi-hazard","Lower middle income","private","no","no","operational","Latin America & Caribbean","Paraguay","Lower middle income","Operational",2006,"Regional (eastern Paraguay districts)","Creation of a new market.                                                              There was no crop insurance previously; it was introduced after a big drought hit the country in the previous years to the introduction of the scheme.","Value of insurance premia: the total volume of agricultural crop insurance premium was 2.4 million USD in year 2007/08. \nInsured area: 30,000 ha in year 2007/08.                                                                                         ","More frequent risk","Agriculture insurance: crops (soybeans, corn,  wheat).                                  Insurance product: MPCI policy (all weather-related perils are covered).","Farmers (on individual basis and on a portfolio basis).","Indemnity-based",null,null,"Reinsurance: currently there are four international reinsurers supporting crop programs in the country.","Insurance: crop insurance is provided by private local insurance companies  (three of them were actively underwriting crop insurance products in 2009).                                                                              Sold/ marketed: insurance brokers, who have the contacts with the agricultural input suppliers’ network. ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[79,"Non-subsidized agricultural insurance in Morocco","Agriculture insurance (indemnity-based)","weather & other","fire, hail , livestock mortality, other","agricultural","individuals","multi-hazard","Lower middle income","private","no","no","operational","Middle East & North Africa","Morocco","Lower middle income","Operational",null,"National",null,null,"More frequent risk","Agriculture insurance: crops and livestock.                                                              Insurance product: for crops,  named-peril fire and hail insurance; for livestock,  mortality.","Farmers","Indemnity-based",null,"Financial subsidy: these product lines do not qualify for subsidy.","Reinsurance: hail and livestock insurance are protected by quota-share and stop-loss reinsurance.","Insurance: Insurer Mutuelle Agricole Marocaine D’Assurances (MAMDA) is the sole provider of agricultural insurance in Morocco.                                                                                              Sold/ marketed: insurance sold via MAMDA offices and agents. ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[80,"Livestock insurance and crop pilot insurance programs in Nepal","Agriculture insurance (indemnity-based)","weather & other","storm, drought, flood, frost, hail, livestock mortality, livestock loss of use","agricultural","individuals","multi-hazard","Low income","public & private","yes","no","operational","South Asia","Nepal","Low income","Operational (livestock insurance). Crop insurance is in its infancy.                                                                                      Identified challenges:                                                                 - No availability of reinsurance for livestock programs means that these are very exposed to catastrophe losses (e.g. epidemic diseases in livestock or wind and floods in crops).","Livestock insurance was first introduced in 1987, and crop insurance in 2007-2008 (pilot).","Local (crop insurance pilot)",null,"Number insured: these two livestock programs (DICGC and SFCL) have insured an average of about 12,500 livestock (cattle and buffalo) over the period 2003-2008. Crop insurance had less than 150 farmers insured in year 2008 (second year of the pilot programme).                                                                                       \nPenetration: the above number insured figure represents only 0.1% of Nepal’s cattle and buffalo herd of 11.4 million heads of animals in 2006/07.                                                                                              ","More frequent risk","Agriculture insurance: crops (bananas, paddy, maize, vegetables) and livestock (cattle and buffalo).                                        Insurance product: named-peril crop insurance is offered for windstorm in bananas and drought, floods, frost and hail in paddy, maize and vegetables. For livestock, an all risks mortality policy for individual animals is offered. It is designed to protect the livestock investment loans provided by the public sector banks to small-scale farmers (credit-guarantee protection covers). ","Farmers.                                                  The DICGC Livestock Insurance Program is compulsory for farmers wishing to access livestock investment loans from the rural development banks and one MFI.","Indemnity-based",null,"Initiator: Nepal Rastra Bank (Central Bank of Nepal) and the public sector Deposit Insurance and Credit Guarantee Corporation (DICGC) jointly developed an individual animal all risks mortality livestock insurance scheme in 1987. A small crop insurance pilotis being developed by the Department of Agriculture.                                                                                                                                                                                                                                                                      Insurance: the DICGC Livestock Credit Guarantee Program is effectively underwritten by the government of Nepal.                                                                                                                                                                                                                               Financial subsidy: the Government provides limited financial support to the program in the form of a fixed 50% premium subsidy for livestock insurance through DICGC and SFCL.                                                                                                                                                                                                                                        Information/ technical assistance provider: technical support and training is porvided by the Departments of Livestock and Agriculture, Ministry of Agriculture, and Cooperatives.                                                            ","Reinsurance: to date there has been no reinsurance of either crops or livestock in Nepal. ","Initiator/ Insurance: in 1987, the private cooperative (mutual) sector also developed a very similar livestock–credit all risks mortality insurance cover operated by the Small Farmer Cooperatives Limited (SFCL).                                                                                                             ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E",null,"Deposit Insurance and Credit Guarantee Corporation (DICGC): www.dicgc.org.in/English/index.html "]
[81,"Apple crop insurance in India (Jammu and Kashmir)","Agriculture insurance (indemnity-based)","weather","rainfall, frost","agricultural","meso","multi-hazard","Lower middle income","private","no","no","operational","South Asia","India","Lower middle income","Operational",2011,"Multi-regional (Jammu and Kashmir)",null,null,"More frequent risk                                      Deductible: a deductible (coinsurance) of 10% of the loss is applicable for maize and rice crops, while sorghum has a deductible of 20% of the loss and melon crops a deductible of between 25 to 30% of the loss.","Agriculture insurance: crops Insurance product: covers rain, frost. Insurance is tied to loans .\n","Regional bank (JK Bank). Beneficiaries: loan-holder farmers (apple growers).","Indemnity-based",null,null,"Insurance: Allianz ",null,null,null,null,null,"Allianz insurance: https://www.allianz.com/"]
[82,"Agricultural insurance in Ethiopia","Agriculture insurance (indemnity and index-based)","weather & other","deficit rainfall, excess rainfall, fire, other  ","agricultural","individuals","multi-hazard","Low income","public & private","no","no","pilot","Sub-Saharan Africa","Ethiopia","Low income","Pilot (as of 2008)",2004,"Local",null,"Number insured: 947 pilot farmers were insured under MPCI contracts in years 2008 and 2009.                                                                                            Insured area: Nyala insurance reports that 246 ha were insured in year 2007 on a pilot basis.","More frequent risk","Agriculture insurance: crops and livestock.                                                          Insurance product: for crops, MPCI policies includes deficit rainfall, excess rainfall, fire, and transit risks. The insurance is linked to crop loans (in the case of EIC).","Farmers (small-scale producers).","Parametric and indemnity-based (crops).                    The product uses an innovative double-trigger design to determine when payouts need to be made against insured perils, mainly weather. The first trigger is the recording of unusual rainfall levels at a local weather station; the second, yields assessments (through crop cutting) of pre-selected model farmers. Based on this assessment result, a payout is made to\nall farmers who suffered a shortfall from the pre-agreed-upon longterm average yield.",null,"Insurance: Ethiopian Insurance Corporation (EIC), which is state-owned.","Reinsurance: Nyala insurance purchases quota-share reinsurance. EIC does not purchase reinsurance, since the size of the portfolio can be retained by the company.","Insurance: Nyala Insurance Company (issued crop insurance on a pilot basis, starting in 2004)                                                                                                                                                                                                                                                                                                                                                                Sold/ marketed: delivery channels for the EIC are through their agents, through producer cooperatives, and through linkage to credit.  Nyala Insurance Company delivery channels are through producer cooperatives and their own agent network.                                                                                                         ",null,"Other linked disaster risk financing intiatives: there is no form of government disaster payment to farmers. However, programs of food-for-work, suspension of credit repayments, and subsidized fertilizer inputs have been used to alleviate stress following drought. The Disaster Prevention and Preparedness Commission is responsible for administration of relief.","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E","http://www.ifpri.org/sites/default/files/publications/focus17_08.pdf","Ethiopian Insurance Corporation\nwww.eic.com.et/"]
[83,"Agricultural insurance in  Sudan","Agriculture insurance (indemnity-based)","weather & other","excess rainfall, insufficient irrigation water, deficit rainfall , storm, temperature, livestock accident,  animal disease, other ","agricultural","meso & individuals","multi-hazard","Lower middle income","public & private","yes","yes","operational","Sub-Saharan Africa","Sudan","Lower middle income","Operational                                                                        Identified challenges:                                                      - Poor comprehension by the farmers of the crucial importance of crop insurance in an arid environment\n- Reluctance of insurance companies to accommodate the sector in view of the magnitude of the hazards and the problems and obstacles that faced the sector\n-  Absence of reliable quantitative data to base actuarial evaluation of the physical losses to calculate premiums, possible indemnities, etc.\n- Reluctance of the policy makers to adopt insurance as a vital instrument for sustained agricultural development                                                      - Shiekan is reviewing the potential applications of index insurance, and piloting it (as of 2010)\n","Livestock insurance was first introduced by private companies in the early 1960s, and crop insurance by the company Shiekan in 2002.                  ","National","Creation of a new market (in development).                   Sudan has known insurance services since the first half of last century, but the inclusion of the agriculture sector was considered only at the beginning of the nineties of last century (due to several impediments ranging from lack of insurance culture among farmers to reluctance of insurance companies to enter the sector, in view of the magnitude of the hazards and absence of reliable quantitative data). In 1994 SHIEKAN Insurance and Reinsurance Company (under the auspices of the presidency of the Republic of Sudan) initiatied the design of a strategy for future action. As a result of its efforts, a pilot project for crop insurance (the Gezira Scheme) was implemented in year 2002. Livestock insurance  had been started by private companies in the early 1960s                                                                ","Estimated profit: loss ratio of 32.2% for crop insurance and of 27.8% for livestock insurance (year 2007).\nValue of insurance premia: 7.2 million USD for crop insurance and 390,843 USD  for livestock insurance (year 2007). \nNumber insured: 130,000 farmers and 3,000 livestock units (year 2007)                                                                                            Sum insured: 102.3 million USD for crop insurance and 3.6 million USD for livestock insurance (year 2007). \nPenetration: insured area of 278,165 ha. in year 2007 (1.55% of national crop area), and of 521,429 ha in year 2008 (2.9% of national crop area). Livestock insurance has low penetration at 3,000 head (out of a natural grazing herd of 40 million heads); year 2007.                                                                                             ","More frequent risk","Agriculture insurance: crops  (cotton, sorghum, sesame, maize, sugar cane, sunflower, millet, banana, wheat, horticultural and export crops, dates, gum Arabic) and livestock (dairy cows, horses, poultry, sheep).           Insurance product:  Shiekan’s crop insurance policy is for wide named perils and is yield-based. It is more similar to an area-based multi-peril crop insurance (MPCI) policy than a named-peril policy. Perils covered in irrigated areas may include excessive rain, insufficient irrigation water, shortage or bad distribution or rains (in dryland areas), windstorm, and sharp temperature changes. Livestock policies provide cover against accident and  disease.                                      ","Farmers (individual farmers and  farmer groups in irrigation areas). The MPCI operates as a collective policy basis for farmers who farm specific “numbers” (plots of land under common land use and management) within the Gezira irrigation area). For borrowing farmers, insurance is preferred.                                             ","Indemnity-based",null,"Initiator: Government of Sudan supported  Shiekan's initiative from the outset.                                                                                                                                                                                                                                                                  Insurance: Government of Sudan addresses losses where insurance is not available.                                                                                                                   Reinsurance: Government of Sudan provides reinsurance to the scheme.                                                                                                                                                                                                                                                          Financial subsidy:  Government of Sudan provides large subsidies to reinforce agricultural insurance application in Sudan, through the Fund for Alleviating the Impacts of Natural Hazards (established in 2004, and endowed by federal and state governments, financial institutions and agricultural corporations, and regional and international organizations). Its purpose is the financing of premium subsidies and provision of reinsurance, as well as addressing losses where insurance is not available. The main financial support is by government (Ministry of Finance) through a 50% premium subsidy for crop insurance.  Livestock premiums are not subsidized.                                                                                                             Regulator: at the end of 2003, the Government instituted the law on reducing agricultural risks through subsidizing agricultural insurance.                                                                                                                                 Information/ technical assistance provider: some government-salaried staff takes part in loss adjustment.                                                                                         ","Reinsurance: international reinsurance companies provide Shiekan with stop-loss as well as quota-share reinsurance for crops, and quota-share reinsurance for livestock.                                                                                                                                                                           Information/ technical assistance provider: national and international training has been undertaken and exchanges made with other programs and with the International Hail Insurance Association. Feasibility studies (on cotton) were undertaken by a consulting firm, Agricultural Risk Management Ltd. in 1995/96, and further extended by Partner Reinsurance Co. in 2001.","Initiator: Shiekan Insurance and Reinsurance Company                                                                                                                    Insurance: Apart from Shiekan, which writes crop and livestock insurance, one other company started underwriting crop insurance in 2007. Including Shiekan, four insurers underwrite livestock insurance.                                                                                                                                                                                                                                                                                                                                                                     Sold/ marketed: for crop insurance, delivery channels are the insurers’ agent network, banks, and producer associations and  cooperatives. For livestock insurance, the agent network is used. The Sudanese Agricultural Bank has recently made insurance compulsory for the farmers.                                                                                                     Information/ technical assistance provider: technical and economic studies were carried out by insurer Shiekan on other crops and livestock between 2003 and 2007, notably on sugar cane, horticultural and export crops, dates, gum Arabic, and poultry.",null,"Physical risk reduction or incentives: farmers are required to farm in recommended areas and use recommended practices.                                                              \nAwareness raising /capacity building: national and international training has been undertaken and exchanges made with other insurance programs and with the International Hail Insurance Association.                                                                                                                                                                                                                                            Other linked disaster risk financing intiatives: Shiekan has been actively involved in working with other organizations to overcome input, credit and other operational constraints facing farmers                                     ","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E                                      Study on risk management in rural and agricultural finance in the Near East and North Africa (NENA) Region. Mohamed R. Mustafa, Mohamed Al-Sayed Ali, Mohamed Awaideh, Calvin Miller. FAO, 2011","Shiekan Insurance & Reinsurance Co. Ltd: http://www.shiekanins.sd/ENG/index.php","Shiekan Insurance & Reinsurance Co. Ltd: http://www.shiekanins.sd/ENG/index.php"]
[84,"Agricultural insurance in China","Agriculture insurance (indemnity and index-based)","weather & other","drought, flood, hail, storm, frost, weather events, crop disease, fire, animal disease, animal accident, livestock emergency slaughter","agricultural","individuals","multi-hazard","Lower middle income","public & private","yes","no","operational","East Asia & Pacific","China","Lower middle income","Operational                                                                             Identified challenges:                                                                 -Risk exposure for small and geographically concentrated crop-insurance companies can be high due to the high level of covariate risk and limited opportunties to diversify their portfolios.                                                                          - Companies' capitalization ratios have not kept pace with growth and loss experience. This has generated a large demand for reinsurance capacity, which remains limited due to a cautious approach from the international reinsurance sector (unfamiliarity with the real portfolio risk of domestic companies).                                                           -Need for more technical capacity in the areas of product design, ratemaking, underwriting, and loss adjustment.                                                                                 -Need for improved risk assessments and a wider range of available insurance products                                                                 -Lack of historic loss data, limited access to farmers and low awareness of insurance among the general population                                                                                                  - Rising claims costs: risk mitigation options such as irrigation against drought are often limited.                                                                                          -The legal and regulatory framework for agricultural insurance needs to be strenghtened.",2003,"National. Given China’s vast territory, most initiatives are provincially-based, with development of specific crop and livestock products relevant to a province. In 2008, 16 provinces were selected for subsidized crop insurance, and subsidized sow insurance is nationwide.","Each year, about 40 million ha of crops have been destroyed in China by insect pests, diseases, hail, typhoons, floods, drought, and other perils, with losses amounting to USD 12.5 billion (CNY 100 billion) annually. Between 1982 and 2002, agricultural insurance was developed by PICC (Peoples Insurance Company of China) and extended into rural areas through local government. Insurance was operated as a social welfare mechanism to protect farmers against natural disasters. After 2002, poor underwriting results (premium gradually declined from USD 98 million in 1992 until USD 40 million by 2002) meant PICC reduced its involvement in the lead up to its partial privatization. Grain production dropped significantly between 1999 and 2003. Since then, the Government has taken steps to boost agricultural production. Facilitating farmers’ access to financial services is part of the overall policy, and agricultural insurance is seen as a key financial instrument to stabilize farmers’ income and improve their resilience to financial hardship from poor harvests.                                                             Currently, the Chinese agricultural insurance market is in expansion/ development","Since 2005 the market has expanded rapidly, fueled by premium subsidies. As the agriculture business is diversified geographically across China, underwriting results have tended to be positive on the whole.                                                                                                                                                                               Estimated profit: reported loss ratios for year 2007 are around 44% (corresponding to 10 insurance companies operating in 16 provinces)\nValue of insurance premia: from 682 million USD (year 2007) to 2 billion USD (year 2010)\nNumber insured: for crops, an estimated 50 million policyholders were insured on 15.33 million hectares and for livestock, a total of 51.5 million breeding sows were insured (year 2007).\nPenetration: the above figures for year 2007 represent penetration rates of approximately 10% of the national agricultural area and 80% of all sows in China, respectively.\n","More frequent risk","Agriculture insurance: crops (mainly maize, rice, soybeans, wheat, and cotton), livestock (subsidized livestock insurance includes breeding sows, dairy cow and poultry), aquaculture, forestry and greenhouses.                          Insurance product: the majority of China’s crop insurance is individual grower multiple peril crop insurance (MPCI), which acts as a loss-of-yield guarantee against a variety of climatic perils (drought, flood, sometimes diseases). However, some products based on named-peril crop insurance are also available (such as hail, storm, frost, fire, etc), and index-insurance products.  Livestock insurance covers cattle, pigs or poultry against mortality from non-epidemic diseases, fire, natural perils and accidents, and can be extended to include government slaughter orders. ","Farmers (the majority, small-scale). There are no specific measures for small and marginal farmers, but the group policy at the village or cooperative level is an important measure to allow small farmers to access insurance.                                      Under Chinese regulations, insurance is voluntary for both crops and livestock. However, heavy subsidy levels and collective decisions by farmer groups encourage participation","Indemnity-based and parametric",null,"Initiator: Government of China (GoC) confirmed in 2006 and 2007 the importance of agricultural insurance as a core part of its agricultural development policy, and has promoted the expansion of new agricultural insurance companies. Provincial and local governments are working with insurance companies to implement agricultural insurance.                                                                                                                      Financial subsidy: GoC provides subsidies (generally around 50% of premium). Subsidies for agricultural insurance were introduced in 2007, making insurance protection more affordable to large groups of farmers. Furthermore, most new provincial agricultural insurers are set up with some financial assistance from Government. In the case of livestock losses, government officials may be involved in loss adjustment, and such costs are borne by provincial governments.                                                                                                       Regulator: At the present there is no specific agricultural insurance legislation, although the government is understood to be intending to introduce legislation in the future.                                                                                                                  Information/ technical assistance provider: CIRC (the Regulatory Authority for Insurance) is providing some research and development assistance to insurers                                                                                                          Reinsurance: Reinsurance (quota-share and stop-loss) is provided by the national reinsurer, China Re. There are no public sector agricultural insurers in China. Provincial governments may also act as reinsurer or co-reinsurer of last resort for specific programs, in the event that reinsurance limits are exceeded. Such agreements are case-by-case, an example is Zhejiang province.                                                                                                                                                                                                   ","Insurance: The French insurer Groupama was granted a license to commence offering agricultural farm-package insurance (crop and livestock) products to farmers in Sichuan Province in 2005.                                                                                     Reinsurance: Private and international reinsurers provide layers of stop-loss cover for specific lines of crops or livestock.","Insurance and Sold/ marketed: insurers that sell and distribute policies (as of 2008):                                                                                      - Three specialist insurers provided crop and livestock insurance: Anxin, Ancheng, Anhua\n- Two P&C general insurers also provide crop and livestock insurance (PICC, and China United Property Insurance Company)\n- Two provincial pools led by PICC operate for crop and livestock insurance (Zeijiang, Hainan)\n- One specialist mutual insurer provides crop insurance only (Sunlight)\n- Groupama; Chinese branch of the French insurance company                                                                                                                  - One private insurer provided crop insurance (Guoyuan).                                                                                              Sold/ marketed: in decreasing order of importance, delivery channels are: producer associations, cooperatives and village committees; insurance brokers; input suppliers; banks; and the insurer’s own agent network.","Sold/ marketed: village commitees also act as delivery channels.","Awareness raising /capacity building: CIRC (the Chinese Regulatory Authority for Insurance) is providing some research and development assistance to insurers, apart from other services to support insurance activities and regulation                                                                    Disaster risk reduction legislation/ frameworks: the Government of China has released in 2005 a new policy framework and legislation on natural disaster prevention. The new framework identified further improved disaster preparedness and mitigation as additional priorities for successful disaster risk management.                                                                                                                              Other linked disaster risk financing intiatives: members of the Association of Southeast Asian Nations (ASEAN), as well as China, have agreed to press ahead with plans for a disaster insurance fund, agreeing that a regional disaster and catastrophe insurance facility is essential to deal with events such as earthquakes, typhoons and tsunamis in the region which is prone to major natural disasters.           ","Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E                                    China: Innovations in Agricultural Insurance (Promoting Access to Agricultural Insurance for Small Farmers). The World Bank, 2007                  Agricultural Risk and the Crop Insurance Market in China. AIRCurrents.AIR , 2009          Setting up sustainable agricultural insurance: the example of China. Swiss Re, 2008.                           Managing weather risk for agricultural development and DRR. IFAD & WFP, 2011","China Insurance Regulatory Commission             http://www.circ.gov.cn/web/site45/","China Insurance Regulatory Commission             http://www.circ.gov.cn/web/site45/"]
[85,"Agricultural insurance in Ukraine","Agriculture insurance (indemnity-based)","weather & other","weather events, fire, animal disease, other","agricultural","individuals","multi-hazard","Lower middle income","private","yes","no","operational","Europe & Central Asia","Ukraine","Lower middle income","Operational                                                 ","Crop and livestock insurance were made compulsory by law in 2002/03. ","National","Expansion of an existing market.                                                After the independence in 1991, agricultural insurance became marginal, and agricultural insurance services were provided mostly by the Oranta insurance company (the former state insurance company, which was privatized in the mid-1990s). In 2000 private insurance companies started to offer agricultural insurance.","Number insured: in year 2007 private insurers underwrote 4,397 crop insurance contracts under the subsidized Crop Insurance Program.                                                                                            \nPenetration: the penetration rate for crops was 7.9% in year 2007. About 2.4 million ha of agricultural crop area were insured in 2007, accounting for 9% of the total cultivated land.                                                                                            ","More frequent risk","Agriculture insurance: crops (grain and oil crops, corn, sunflower, hops, flax, hemp, soybeans, sugar beet, etc) and livestock (cattle, pigs, horses, sheep, fur animals, and goats).                                                                            Insurance product: there are subsidized crop insurance products (multi-peril crop insurance/ MPCI), total loss for winter crops, partial and total loss for winter crops, area-yield index insurance and non-subsidized crop (MPCI and named-peril) insurance. Livestock insurance covers weather perils, fire, epidemic diseases, and accidental loss and unlawful actions of third parties. Insurance is linked to lending.","Farmers.                                              Currently, crop and livestock insurance are mandatory by law, but voluntary in practise as this is nor enforced. According to the national legislation, all collateral property should be insured prior to contracting a loan. Financial institutions require an insurance policy for crops or livestock offered as collateral.","Indemnity-based      ","Regulator: several versions of a draft agricultural insurance law were prepared by the insurance community, government entities, and international donors in 2005 to 2007.","Financial subsidy: crop insurance is subsidized by the national government (50%). The government adjusts the terms of the crop insurance subsidy program at the beginning of each cropping season. There is no livestock subsidy.  The farmer pays the premium, and later he/she can apply for the subsidy through the local agricultural department.                                                                                                               Regulator: government entities took part in the preparation of several versions of a draft agricultural insurance law.                                                                    ","Reinsurance: crop and livestock insurance portfolios are reinsured on private national and international reinsurance markets.","Insurance: in 2007 there were 62 private insurance companies participating in the subsidized crop insurance program. There are two agricultural insurance pools in Ukraine with approximately 15 insurance companies.                                                                                                            Reinsurance:  crop and livestock insurance portfolios are reinsured on private national and international reinsurance markets.                                                                                                                                                                                                                                                                                                                                                                                              Sold/ marketed: sales agents’ network and the regional branch offices, banks and other financial institutions, insurance brokers.                                                                                                             ",null,null,"Mahul, O. and Stutley (2010). Government Support to Agricultural Insurance: Challenges and Options for Developing Countries. The World Bank. Washington, DC. Annexe E"]
[86,"Earthquake microinsurance in China","Disaster microinsurance","other","earthquake","non-agricultural","individuals","single-hazard","Lower middle income","public & private",null,null,"proposed","East Asia & Pacific","China","Lower middle income","Proposed/ under preparation.                                                    Identified challenges:                                                    - Quantification and a conceptual design of a product that is viable and affordable.",null,"National; particularly rural areas",null,"Number insured (estimate): could provide cover for 55 million low income people, for a premium of 1.50 USD.","Cat risk   ","Disaster microinsurance: residential property.                                                               Insurance product: covers earthquake.","Households (low income)","Indemnity-based",null,"Reinsurance: it is proposed that the Government would bear the third  risk layer.","Reinsurance: it is proposed that reinsurance companies would cover the second risk layer.                                                    Development: RMS (Risk Management Solutions), a risk modelling agency, has developed the microinsurance product.                    ","Insurance: it is proposed that  primary insurers would cover the first risk layer.",null,null,"Lloyd’s 360 Risk Insight report: “Insurance in Developing Countries: Exploring Opportunities in Microinsurance” 2009, Lloyd’s & MicroInsurance Centre"]
[87,"Index flood insurance in Indonesia ","Disaster microinsurance","weather","flood","non-agricultural","individuals","single-hazard","Lower middle income","private","no","no","pilot","East Asia & Pacific","Indonesia","Lower middle income","Pilot","Implemented in May 2009 (pilot)","Local (pilot encompassing 23 sub-districts in Jakarta)",null,null,"Cat risk   ","Disaster microinsurance: economic and social assets.                                            Insurance product: it covers direct economic losses and social risks caused by severe flooding.  The insurance product is called ‘Alert 1 Manggarai Protection Card'. Coverage can be increased by buying\nseveral cards. One card costs 50,000 Indonesian rupiahs and guarantees a one-off payment of IDR 250,000 if the indemnity trigger level is surpassed. ","Households (low income)","Parametric. Index based on water levels.                                                                                     If water levels rise above the “trigger” of 9.5 metres (Alert 1) at the Manggarai Water Gate in Jakarta, holders of the insurance card can claim a payment. ","Development: Deutsche Gesellschaft für Technische Zusammenarbeit (GTZ) has been  involved in product development.                                                                       Information/ technical assistance provider: GTZ carried out a household survey of the pilot region and facilitated the contact to the low income target group.",null,"Reinsurance: Munich Re acts as reinsurer                              Development: Munich Re also involved in product development (based on flood, weather and topographical data).                              ","Insurance: Asuransi Wahana Tata is the insurer and risk carrier.                                                                                                                                                                                                                                                    Development: Asuransi Wahana Tata is involved in product development.                                                                                                            Management: GTZ-supported Promotion of Small Financial Institutions program in Indonesia is implementing the activities on the local level.                                                                                                                                                                                                                                                          Sold/ marketed: Asuransi Wahana Tata markets, distributes and sells the product.                           ",null,"Awareness raising /capacity building: GTZ also conducted a microinsurance awareness campaign in the pilot region, using specifically developed training material, including an educational comic brochure.","Lloyd’s 360 Risk Insight report: “Insurance in Developing Countries: Exploring Opportunities in Microinsurance” 2009, Lloyd’s & MicroInsurance Centre","http://www.thejakartapost.com/news/2009/05/04/flood-insurance-too-commercial-ngo.html","GTZ: http://www.gtz.de/en/presse/26953.htm"]
[88,"Hurricane-Resistant Home Improvement Program (HRHIP) in St. Lucia ","Disaster microinsurance","weather & other","storm, earthquake, flood, sea surge, volcanic eruption","non-agricultural","individuals","multi-hazard","Upper middle income","private","yes","yes","discontinued ","Latin America & Caribbean","St. Lucia","Upper middle income","The program was discontinued in 2002 when the insurance broker went into liquidation. It was revealed that the insurance premiums had not been passed on to the insurer, causing the contracts to lapse.                                                                       Identified challenges:                                                                 - Efforts were under way to revive the insurance scheme (as of year 2003).","1996/ 2002","Local",null,"Number insured: 345 clients from 1996–2002","Cat risk                                                   Deductible: 2% ","Disaster microinsurance:  residential property.                                                                        Insurance product; it provides full coverage against major natural disasters such as windstorms, earthquake, floods, sea surge, volcanic eruptions. It is linked to lending  (bundled with home improvement loans). ","Households (low income; those have taken loans under the program for affordable new or improved existing housing).                                               Membership of the insurance scheme was therefore mandatory for recipients of the home improvement loans.","Indemnity-based","Financial assistance: USAID (United States Agency for International Development).                                           ",null,"Reinsurance: unclear, probably via UK insurer","Insurance: Caribbean subsidiary of a United Kingdom–based insurance company.","Financial assistance: by St. Lucia charity NRDF (National Research and Development Foundation), OAS and CARITAS.","Physical risk reduction or incentives: minimum building standards were developed for reference by homeowners, and builders and local builders were trained in safer construction. The services of a trained building inspector were also offered to approve materials for use in retrofitting and to check whether minimum standards were being observed. Premium rates ranged from 0.60% for concrete block homes to 1.05% for homes made of timber.","Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006",null,"National Research and Development Foundation: http://www.nrdf.org.lc/"]
[89,"Disaster microinsurance in Haiti","Disaster microinsurance","weather & other","earthquake, hurricane, rainfall","non-agricultural","meso","multi-hazard","Low income","private","yes","no","operational","Latin America & Caribbean","Haiti","Low income","Operational (initial stages of implementation)                                               Identified challenges:                                                                - MiCRO is currently seeking to work with microfinance institutions in Haiti to provide their clients with access to this catastrophe insurance product.","Implemented in March 2011 ","Local","Creation of a new market.                                                               Prior to the setup of MiCRO, Fonkoze's clients bore 100% of the risk of natural disasters","Number insured (potential): the country’s largest microfinance institution, Fonkoze, has already started making catastrophe coverage available to its 50,000 clients.","Cat risk   ","Disaster microinsurance: business interruption.                                  Insurance product: payments are made to microfinance borrowers post-disaster (cover against hurricane, earthquake and rainfall) to both reduce their loans and provide emergency cash. \n","Insured: Fonkoze. Beneficiaries: Haiti’s micro-entrepreneurs (Fonkoze borrowers, who receive insurance within the loan agreement). \n","Parametric.                                                                                  Index measured at Fonkoze branches in Haiti.","Financial assistance: the UK Government acted as a donor.",null,"Initiator: MiCRO's founding partners are Swiss Re, Guy Carpenter, CGM Gallagher Group, Mercy Corps and GC Micro Risk Solutions.                                                                      Reinsurance: Swiss Re also acts as the sole reinsurer for MiCRO.","Initiator: Fonkoze (a Haitian MFI)  and Caribbean Risk Managers Limited (CaribRM) are also founding partners.                                                                                                                    Insurance: MiCRO (Microinsurance Catastrophe Risk Organization), a donor funded company, absorbs parametric and basis risk by issuing the relevant policies to Fonkoze, which pays premiums to MICRO.                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Sold/ marketed: Fonkoze distributes policies to micro-enterpreneurs, bundled with loans.                                                                                                     ",null,null,null,null,"Swiss Re: http://www.swissre.com/                                                  Fonkoze:  http://www.fonkoze.org/"]
[90,"Afat Vimo disaster microinsurance program in India ","Disaster microinsurance","weather & other","fire, riot, strike, storm, cyclone, flood, tornado, landslide, earthquake, aircraft damage, typhoon","non-agricultural","individuals","multi-hazard","Lower middle income","public","yes","no","operational","South Asia","India","Lower middle income","Operational                                                                                     Identified challenges:                                                                  - A remaining key challenge of the scheme is the upscaling to viable numbers.                                                     -  An initial survey before the implementation of the scheme revealed a low level of insurance knowledge among potential client base, general mistrust of insurers, reluctance to pay for uncertain future benefits, and belief that claims might not be settled properly. The decisive factor for insurance uptake is the long-standing relationship between AIDMI and the communities—all participants in the microinsurance scheme have received support from the LRF (Livelihood Relief Fund) provided by AIDMI in the past.",2004,"Multi-regional (Gujarat, Tamil Nadu, Jammu and Kashmir)","Creation of a new market.                                                               The scheme was developed on the basis of a demand survey given to small businesses affected by earthquakes/ riots in the past.","Number insured: a group of 4489 small businesses recovering from earthquake, riots, floods, and tsunami were covered under the scheme in year 2008; up from 2,000 clients in year 2005.       ","Cat risk and more frequent risk","Disaster microinsurance: residential property, business interruption, life and non-life assets.                                                                       Insurance product: the scheme covers losses or damages to house and contents, stockin- trade, loss of work due to accident and death of earning family member up to Rs. 95,000 ($2112) (as of 2008)  - damages or losses valuing up to $ 1,744 for non-life assets and $ 465 for loss of life. Coverage is for 19 types of disasters (includes fire, riots, strike, storm, cyclone, flood, tornado, landslide, earthquake, aircraft damage, typhoon, lightening to name a few).      ","Households (low income) and micro-business. Clients are mostly men and women running microenterprises.                  This is  a voluntary scheme.","Indemnity-based","Financial assistance: the scheme receives funding for technical assistance from the ProVention Consortium.","Insurance/ Development: provided by the public insurers United India Insurance Company Ltd (covers non-life losses) and Life Insurance Corporation of India (covers life losses).                                                                                                                                    Regulator: thanks to the pro-poor regulatory requirements, premiums are kept low and affordable.                                                     ","Reinsurance: unclear, reinsurance possibly purchased by insurer.",null,"Initiator: the NGO AIDMI (All India Disaster Mitigation Institute) offers the disaster insurance program Afat Vimo.                                                    Development: there was a close collaboration between the insurers and AIDMI in product design, setting of premiums, and type of cover.                                                       Sold/ marketed: clients are reached through the volunteers of the LRF (Livelihood Relief Fund) who have earned their trust over time. The volunteers, for example, assist in filling out insurance applications and service claims.","Physical risk reduction or incentives: premiums are uniform and not risk-based; thus, there is no option to decrease\npremium by taking risk-reduction measures.                                          Disaster risk reduction legislation/ frameworks/ projects: however, the program promotes micro-mitigation measures such as revolving fund in Bhuj, fire safety in schools, and capacity building inputs to clients.","Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006","http://www.aidmi.org/risk-transfer-initiative.asp","All India Disaster Mitigation Institute: www.aidmi.org"]
[91,"Proshika disaster microinsurance program in Bangladesh","Disaster microinsurance","weather & other","natural disasters","non-agricultural","individuals","multi-hazard","Low income","private","no","no","operational","South Asia","Bangladesh","Low income","Operational",1997,"Multi-regional                               ","Creation of a new market.                                                             In 1991, as a response to a disaster, a natural-disaster-management program was established, and since 1997 compulsory group-based insurance has been included.","Number insured: in year 2002, 13,000,000 clients were covered for property and 2,200,000 clients for life.               \nPenetration: it covers 10% of the population of Bangladesh for property insurance and 25% for life insurance.                                                                                             ","Cat risk   ","Disaster microinsurance: life and property.                                     Insurance product:  the life policy covers a minimum of twice the savings balance, depending on the number of years of membership in the savings scheme; and the outstanding loan will be recovered.\nThe property policy covers twice the amount of the savings deposit. All natural disasters are covered.                                                            The insurance is linked to lending (the main purpose of the insurance contract is to protect the MFI against loan and savings defaults).","Low-icome population (Proshika clients).                                  This is a compulsory group-based insurance (it requires the uptake of insurance as a condition for extending loans or savings arrangements to clients).","Indemnity-based","Financial assistance:  the scheme operates without external assistance.",null,"Reinsurance: no reinsurance (as of 2006)","Initiator: Proshika (MFI)                                                                                                Insurance/ management: Proshika provides insurance to its clients. Under this program 2% of the savings balance is annually transferred to a fund, managed by Proshika, which makes payments in case of losses.",null,"Disaster risk reduction legislation/ frameworks/ projects: in 1991, as a response to a disaster, a natural-disaster-management program was established.","Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006",null,"Proshika: www.proshika.org"]
[92,"Swayamkrushi  disaster microinsurance program in India (Andhra Pradesh)","Disaster microinsurance","weather & other","natural disasters","non-agricultural","individuals","multi-hazard","Lower middle income","private","no","no","operational","South Asia","India (Andhra Pradesh)","Lower middle income","Operational",2001,"Regional",null,"Number insured: 8,1000 clients (year 2002)","Cat risk   ","Disaster microinsurance: life and property.                                                     Insurance product: the life policy pays out 30,000 rupees in case of death. In case of death and/or property losses, the loans taken out to finance working tools and other productive equipment are written off.  All natural disasters are covered.                                   The insurance is linked to lending (the main purpose of the insurance contract is to protect the MFI against loan and savings defaults).","Low-income population (Swayamkrushi clients).                     This is a compulsory insurance scheme (it requires the uptake of insurance as a condition for extending loans or savings arrangements to clients)  ","Indemnity-based","Financial assistance:  the scheme operates without external assistance.",null,"Reinsurance: unclear, reinsurance possibly purchased by insurer.","Initiator: Swayamkrushi (a savings and credit cooperative)                                                                        Insurance: ICICI Lombard",null,null,"Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006",null,"Swayamkrushi: http://www.swayamkrushi-india.in/"]
[93,"Network Leasing Corporation (NLC) disaster microinsurance program in Pakistan","Disaster microinsurance","weather & other","natural disasters","non-agricultural","individuals","multi-hazard","Lower middle income","public","no","no","operational","South Asia","Pakistan","Lower middle income","Operational",2000,"Local",null,"Number insured: ca. 1,300 clients (year 2000)","Cat risk   ","Disaster microinsurance: property (assets leased to MFI clients).                                    Insurance product:  it covers loan default (on leased assets). There is an arrangement whereby ownership of leased asset is transferred to beneficiaries on death of the policy holder.  All natural disasters are covered.                                                                     The insurance is linked to lending (the main purpose of the insurance contract is to protect the MFI against loan and savings defaults).","Low-income population (NLC clients).                                                    This is a compulsory insurance scheme (it requires the uptake of insurance as a condition for extending loans or savings arrangements to clients)","Indemnity-based",null,"Insurance: State Insurance Company of Pakistan.","Reinsurance: unclear, reinsurance possibly purchased by insurer.","Initiator: Network Leasing Corporation (NLC) Limited, a private sector financial institution (MFI) operating in Pakistan.",null,null,"Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006",null,"Network Leasing Corporation (NLC): micleas@nlcl.net"]
[94,"VimoSEWA disaster microinsurance program in India","Disaster microinsurance","weather & other","natural disasters, man-made disasters, fire","non-agricultural","individuals","multi-hazard","Lower middle income","private","yes","no","operational","South Asia","India","Lower middle income","Operational",1992,"Multi-regional                                         (predominantly in Gujarat; two-thirds of the clients reside in rural areas). Also in Rajasthan, Madhya Pradesh, Delhi and Bihar",null,"Number insured: 62,060 women, 36,258 husbands and 21,159 children were insured under National Insurance VimoSEWA Cooperative Ltd. as of January 2010.","Cat risk   ","Disaster microinsurance: health, property (house and business assets) and life.                                                                                                     Insurance product: for property, the insurance covers between 10,000–20,000 rupees.  Cover is provided against natural disasters, man-made disasters and fire. Losses due to heavy rains and floods are no longer covered (since 2008).                                                                       These programs are offered independently by the MFI to clients, to protect them against disaster risks, as compared to protecting the finance institutions. They are more strongly oriented toward their clients and aim for more comprehensive cover.","Low-income female population (home-based workers, producers, vendors, manual laborers, and agricultural workers). Husbands cannot enroll unless their spouse is an enrolled SEWA member. But in the event of members' death and in case the husband has been an insurance member, then he can continue to enroll.  ","Indemnity-based","Financial assistance: from various donors. Their support has taken the form of cover for administrative expenses, research, and endowment for investment (to be used in the future for paying administrative expenses).                                                                       ","Regulator: in September 2009, the Government of India's Ministry of Agriculture, Department of Agriculture and Cooperation, registered VimoSEWA as the National Insurance VimoSEWA Cooperative Ltd, Ahmedabad.                                                                                                                                 ",null,"Initiator: SEWA (a Multi State Cooperative Society)                                                                                                                    Insurance: among other things, SEWA provides microfinance products and the insurance.                                                                                                                                                                                                                                                                                                                                                             Sold/ marketed: cooperatives and producers' groups promoted by SEWA, SEWA Bank's savings and credit groups and other units of SEWA are all potential distribution vehicles for SEWA Insurance.                                                                                                     ",null,"Awareness raising /capacity building: VimoSEWA is promoting the concept of insurance via pamphlets, posters, street plays, short videos, and other media.","Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006","http://www.sewainsurance.org/default.asp?iID=2757","National Insurance VimoSEWA Cooperative Ltd: http://www.sewainsurance.org"]
[95,"Centre for Self-Help Development (CSD) disaster microinsurance program in Nepal","Disaster microinsurance","weather & other","natural disasters, other","non-agricultural","individuals","multi-hazard","Low income","third sector","no","no","operational","South Asia","Nepal","Low income","Operational",1996,null,null,"Number insured: about 5,000 policies have been sold, one-third to the microcredit clients of the Centre (year 2005).","Cat risk   ","Disaster microinsurance: life and property.                                          Insurance product: coverage is provided to the extent of 5,000–6,500 NPR in the case of death for women, and 50% of this amount for their husbands (includes natural disasters cover). Equal amounts\nare paid out for dwellings collapsing as a result of natural disasters.                       These programs are offered independently by the MFI to clients to protect them against disaster risks, as compared to protecting the finance institutions. They are more strongly oriented toward their clients and aim for more comprehensive cover.","Low-income population (female members of CSD, and their husbands). ","Indemnity-based","Financial assistance: no assistance",null,"Reinsurance: no reinsurance",null,"Insurance: Centre for Self-Help Development (CSD), an NGO that offers microcredit and microinsurance. No insurance institutions are involved.",null,"Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006",null,"Centre for Self-Help Development (CSD): www.csdnepal.org.np"]
[96,"Working Women’s Forum (WWF) disaster microinsurance program in India","Disaster microinsurance","weather & other","natural disasters","non-agricultural","individuals","multi-hazard","Lower middle income","private","no","no","operational","South Asia","India","Lower middle income","Operational",1983,"Multi-regional (relatively wide\ngeographic spread)",null,"Number insured: ca. 8,000 clients (year 2002)","Cat risk   ","Disaster microinsurance:  property                                                                        Insurance product: cover for 1,000 rupees is provided for damages due to natural disasters in exchange for an (undefined) percentage of the microcredit.                                                            These programs are offered independently by the MFI to clients to protect them against disaster risks, as compared to protecting the finance institutions. They are more strongly oriented toward their clients and aim for more comprehensive cover.","Low-income female population (women in southern India).  ","Indemnity-based","Financial assistance: no assistance","Regulator: although no direct external assistance is provided, under Indian regulatory requirements the partner insurer may support the scheme through cross-subsidies from its other more profitable lines of business.","Reinsurance: unclear, reinsurance possibly purchased by insurer.","Initiator: the WWF’s main service is offering microcredit, and since 1983 it has also offered health, life, accident, and property microinsurance to its microcredit clients. Disaster insurance is offered for the property scheme.                                                                             Insurance: provided by an Indian insurer",null,null,"Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006",null,"Working Women’s Forum: www.workingwomensforum.org/"]
[97,"Gujarat State Disaster Management Authority (GSDMA)  disaster microinsurance program in India ","Disaster microinsurance","weather & other","natural disasters, man-made disasters","non-agricultural","meso & individuals","multi-hazard","Lower middle income","public & private","yes","no","operational","South Asia","India","Lower middle income","Operational",2001,"Regional",null,"Number insured: 215,000 clients (year 2005)","Cat risk   ","Disaster microinsurance: residential property.                                                                           Insurance product: the maximum cover is one million rupees. The policy provides protection for  for 14 types of natural and man-made\ndisasters: 1. Fire, 2. Explosion/\nimplosion, 3. Impact by any rail/road\nvehicle or animal by direct contact, 4.\nAircraft or other aerial and/or space\ndevices and/or articles dropped from\nit, 5. Bursting and/or overflowing of\nwater tanks, apparatus and pipes, 6.\nMissile testing operations, 7. Leakage\nfrom automatic sprinklers\ninstallations, 8. Bush fire, 9. Riots,\nstroke, malicious, 10. Lightening, 11.\nStorm, cyclone, typhoon, tempest,\nhurricane, tornado, flood and\ninundation, 12. Subsidence and\nlandslide including rockslide, 13.\nEarthquake, fire and shock cover, 14.\nTerrorism.","Households (those that had been completely destroyed and rebuilt with government assistance after the Gujarat earthquake in 2001).                          This is a compulsory group-based housing insurance scheme with a duration of 10 years (standard, non-voluntary group policy). ","Indemnity-based",null,"Provision of capital: the share of the Government insurance fund would be 45%.                                                                                                                                   Insurance: public insurers taking part are Oriental Insurance Company,  National Insurance Company and United India Insurance Company.                                                                                                                                                                                                                                    Management: the GSDMA (state level Government organisation responsible for handling natural calamities) acts as an intermediary between beneficiaries and insurance companies, grouping individual policies and passing on to insurers the  compulsory premium from each individual’s final reconstruction grant.                                                                                                                  ",null,"Insurance: to spread risks GSDMA sought coinsurance from commercial insurers (IFFCO-TOKIO General Insurance Company and New India Insurance Company), to the value of 55%.  A system was developed to share risks among the different risk zones and insurers.",null,"Physical risk reduction or incentives: as there is only one payment every 10 years, there is no potential for providing incentives for risk reduction.                                                                                                                         Awareness raising /capacity building: GSDMA undertook promotional activities to raise client awareness and understanding about the contents of the insurance policy and how to file a claim. ","Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006                                          AIDMI (2005). “Transferring Risk through Micro-Insurance, micro-credit and\nlivelihood relief, Best practice case studies”AIDMI.",null,"Gujarat State Disaster\nManagement Authority: www.gsdma.org/"]
[98,"Disaster Preparedness Program in India (Andhra Pradesh)","Disaster microinsurance","weather & other","flood, landslides, rockslides, earthquake, cyclon, other natural disasters","non-agricultural","individuals","multi-hazard","Lower middle income","public & private","no","no","pilot","South Asia","India","Lower middle income","Pilot                                                                                                  Identified challenges:                                                                    - Scaling up would put more stress on the program, requiring considerably more backup capital or reinsurance.",2004,"Regional (Andhra Pradesh)",null,"Number insured: 1,000 clients (year 2005)","Cat risk   ","Disaster microinsurance: life                                  Insurance product: it covers 12,500–25,000 rupees for partial disablement and death; against  floods, landslides, rockslides, earthquakes, cyclones and other natural disasters.","Low-income female population (groups of women in the age of 10-75 years and with a minimum size of 250 members).                                           This is a voluntary scheme.","Indemnity-based",null,"Insurance: the insurance partner is the Oriental Insurance Company, a profit-oriented, but publicly owned, insurer.                                                                                                                                                                                                                         Regulator: since 2000, the Indian regulatory authority has made it mandatory for formal insurance providers to service the poor through a provision that regulated insurers increase their shares of low income clients over time.                                                                                                 ","Reinsurance: unclear, reinsurance possibly purchased by insurer.",null,"Financial assistance: Oxfam sponsored 50% of premiums in the first year.                                                        Information/ technical assistance provider: Oxfam provides technical  support, and has trained the task force members (village disaster management volunteers) in doing the job of an insurance agent, in order to reduce costs and make insurance affordable. Volunteers also assist the communities with claims.","Awareness raising /capacity building: Oxfam has trained the task force members (village disaster management volunteers) in doing the job of an insurance agent, in order to reduce costs and make insurance affordable. Volunteers also assist the communities with claims.                                                                                     Disaster risk reduction legislation/ frameworks/ projects: the Disaster Preparedness Program also offers housing, health awareness, drinking water, and sanitation, as well as capacity building for communities, government, civil society, and media organizations.                                                                                             Other linked disaster risk financing intiatives: Oxfam provided initial funding, which communities repaid in monthly installments. This repayment remains with the local disaster preparedness fund, managed by the community.                                                      ","Disaster insurance for the poor? a review of microinsurance for natural disaster risks in developing countries. ProVention Consortium/IIASA, July 2006",null,"Andhra Pradesh Centre for Disaster\nPreparednes: http://www.hrdiap.gov.in/html/center_cdp.html"]
[99,"Tsunami microinsurance in India","Disaster microinsurance","weather & other","tsunami,  natural disasters","non-agricultural","individuals","multi-hazard","Lower middle income","private","no","no","pilot","South Asia","India","Lower middle income","Pilot","Implemented in March of 2006 (pilot)","Regional (Tamil Nadu, Andhra Pradesh)",null,"Number insured: 1200 clients (year 2006). Under the Allianz- CARE partnership, more than 210,000 microinsurance policies have been distributed providing cover to 65,000 households as of June 2010. ","Cat risk and more frequent risk","Disaster microinsurance: health, life and property.                                                                    Insurance product: it covers loss of household assets valued\nup to US$25, accidental death (including tsunami-caused death) and health insurance to cover hospitalisation up to US$125.                       The health insurance scheme of the  Allianz-CARE partnership offers packages that protect people against natural disasters or accidents for under 8p a month – an affordable rate even for those who earn less than £1.50 a day. ","MFI clients (victims of the\n2004 tsunami). People taking microinsurance are usually women, from households with incomes below the poverty line.                                   Community members can choose which types of insurance they want to buy.","Indemnity-based",null,null,null,"Insurance: private insurance company Royal Sundaram , which pays a 15% commission to the MFIs for bringing the clients. Allianz (Bajaj Allianz) also provides insurance.                                                    Sold/ marketed: MFIs                                                                                                                                                                                                                                     ",null,"Disaster risk reduction legislation/ frameworks/ projects: CARE India has fostered the partnership within the frame of its Tsunami Relief Program (TRP).                                                      ",null,"https://www.allianz.com/en/press/news_dossiers/microfinance/news_2008-03-11-2.html","Allianz insurance: https://www.allianz.com/"]
[100,"China Catastrophe Risk Insurance Pool","Property Catastrophe Risk Insurance Pool","other","earthquake","non-agricultural","individuals","single-hazard","Lower middle income",null,null,null,"proposed","East Asia & Pacific","China","Lower middle income","Proposed                                                                                    Identified challenges:                                                                - The government is currently considering a general concept for establishing an earthquake insurance pool, probably based on some form of public-private partnership among insurers, reinsurers, and the government. ",null,"National",null,null,"Cat risk   ","Property insurance: residential property.                                                               Insurance product: it covers earthquake. ","Residential property owners.","Indemnity-based","Information/ technical assistance provider: by the World Bank (catastrophe risk assessment analyses are being undertaken for rapid onset disasters).",null,null,null,null,null,"Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. ",null,"World Bank Group\nwww.worldbank.org/"]
[101,"Residential Earthquake Insurance Pool of Taiwan (TREIF)","Property Catastrophe Risk Insurance Pool","other","earthquake, earthquake-related secondary perils","non-agricultural","individuals","multi-hazard","Lower middle income","public & private","no","no","operational","East Asia & Pacific","China (Taiwan)","Lower middle income","Operational",2002,"National","Expansion of an existing market.                                                Prior to the creation of TREIF, earthquake insurance was provided as an endorsement to a long-term residential fire policy.","Sum insured: the scheme caps losses at TWD 60 billion. In the event that losses exceed this amount, the losses paid to policyholders will be proportionally reduced (proration).\nPenetration: as of 31 May 2008, the take-up rate equals 24.98% (22.93% in 2007 / 20.53% in 2006 / 16.67% in 2005) of total estimated 7.8 million households in Chinese Taipei.                                                                                              ","Cat risk                                                                 Deductible: no deductible applies.","Property insurance: residential property and contingent living expenses.                                                               Insurance product: the policies provide indemnity on a replacement cost basis for buildings, with a maximum insured amount of TWD 1.2 million. In addition, a further TWD 180,000 of reimbursement is provided per household for contingent living expenses. It covers fire, explosion, landslide, land subsidence, land movement, land rupture, tidal wave, surge and flood caused by earthquake. ","Residential property owners.  Insurance takes the form of a compulsory earthquake extension on all fire policies. Since 1 April 2002, new residential fire policies have been issued on an annual (rather than long-term) basis, and automatically cover earthquake risk. ","Indemnity-based",null,"Initiator: the Ministry of Finance of the Government of Chinese Taipei introduced the scheme.                                                                                                                  Reinsurance: the fifth risk layer of TWD 12 billion is absorbed by the Government (as of 2008). TREIF absorbs the second risk layer of TWD 17.6 billion, and the fourth risk layer of TWD 8 billion (as of 2008).                                                                                                                                                                                                                                                              Management: since 2006 the management of the scheme has been entrusted to TREIF (Residential Earthquake Insurance Fund), a governmental entity and non-profit fund.                                                                                                                 ","Reinsurance: the third risk layer (TWD 20 billion; year 2008) is transferred to domestic and overseas reinsurance market and/or capital markets.","Insurance: private insurance companies. The first risk layer of the programe (TWD 2.4 billion) is retained by domestically licensed insurers (as of 2008).                                                                                                           Reinsurance: the third risk layer (TWD 20 billion; year 2008) is transferred to domestic and overseas reinsurance market and/or capital markets.                                                                                                                                          ",null,"Physical risk reduction or incentives: pricing is not risk-based (flat premiums).                                                                                                     Disaster risk reduction legislation/ frameworks/ projects: the scheme is part of the implementation of a comprehensive disaster prevention and risk management program.                                                               ","Financial Management of Large-Scale Catastrophes. OECD, 2008",null,"Taiwan Residential Earthquake Insurance Fund: http://www.treif.org.tw/eindex.aspx"]
[102," Turkish   Catastrophe   Insurance Pool  (TCIP)","Property Catastrophe Risk Insurance Pool","other","earthquake, earthquake-related secondary perils","non-agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","yes","operational","Europe & Central Asia","Turkey","Upper middle income","Operational                                                                         Identified challenges:                                                         - Low penetration rates: uptake of policies in areas outside of Ankara, Istanbul and the western coast has been hampered by lower awareness of risk and lower levels of household income, despite efforts have been made to make the insurance more affordable.                                                                   - A significant segment of the Turkish population may be unaware of the availability of insurance.     - Many of those who are aware of the product view insurance as a product for the rich and perceive costs to be too high.                                                         - Many people did not understand the nature and workings of the TCIP, and questioned whether this obligatory class of insurance was simply a tax levied by the government.                                                              -Many insurance companies initially responsible for selling policies had insufficient information concerning the TCIP. As a result, the public suspected the program could not be trusted.","Implemented in September 2000","National                                                 (but particularly in Ankara, Istanbul and the western coast)                                           ","Expansion of an existing market (before September 2000, earthquake insurance in\nTurkey was mostly provided as an allied peril to the fire policy and engineering policy).                          Subsequent to the Marmara earthquake which took place on 17th of August 1999 and caused loss of thousands lives and properties, great numbers of precautions were taken in order to minimize the damages of Earthquakes by the public authority.  One of the most significant precautions is the execution of the Turkish Compulsory Insurance Pool (TCIP). Low levels of property insurance coverage (at around 3% of residential buildings) led the government to support the establishment of a widespread and effective earthquake property insurance system. Within the Marmara Earthquake Emergency Reconstruction (MEER) project (disaster response project that introduced for the first time a comprehensive disaster management framework), the World Bank assisted Turkey in designing an insurance program to be able to manage its own national catastrophic exposure.","Value of insurance premia: 322 million TL (year 2009); up from 54.5 million TL in year 2001.\nNumber insured: 3,435,861 policies (year 2009); up from 2,428,000 in year 2001.                                                                                           Sum insured: 201 billion TL (year 2009); up from 55 billion TL in year 2003.\nPenetration: 26,45% (year 2009); up from 18,61% in year 2005.                                                                                           ","Cat risk                                                                                                            Deductible: 2%. ","Property insurance: residential property, mainly.                                                          Insurance product: it is a stand-alone product sold separately from fire (or homeowner’s) insurance, and covers building damages only against earthquake (and FF, explosion, landslide related to earthquake). Limits per policy are approximately 92,000 USD (as of Jan. 1, 2009).             ","Homeowners (middle-income; usually in urban residential areas).                        Since year 2000, it has become a compulsory earthquake insurance for all residential buildings on registered land in urban areas. Proof of participation in the scheme is compulsory for land registry transactions, such as when houses are sold. Industrial and commercial risks as well as residential buildings in small villages (with no municipality established) can be insured on a voluntary basis.         ","Indemnity-based","Provision of capital: of the 505 million USD provided by the World Bank for the MEER project , $123 million was allocated to the Disaster Insurance Scheme, under which $100 million in initial capital support went to the insurance pool through an uncommitted contingent loan facility and $23 million went to technical assistance. Since the program’s launch, the WB has provided capital support to the TCIP through a contingent investment loan of $180 million USD. This loan reduces reinsurance costs, which speeds accumulation of the pool’s capital reserve fund, and serves as part of the pool’s overall claims-paying capacity in the event of a major disaster.                                                                                                                                                                                                                                Financial assistance: In its second year of operation, the TCIP availed itself of a World Bank loan, through the Turkish government, to meet reinsurance premium costs.                                                                       Information/ technical assistance provider: the WB provided technical assistance to the General Directorate  of Insurance in establishing TCIP and ensuring sound management of the pool for the first 5 years.                                                                                                           ","Initiator: Government of Turkey                                                                                                                                                                                                                                                       Reinsurance: the Turkish Government covers losses that would exceed the overall claims paying capacity of the TCIP (reinsurer of last resort).                                                                                                                                                                                                                                                                Management: TCIP was founded as the executive company of the Compulsory Earthquake Insurance, and subordinated to the Under-secretariat of Treasury.  The Board of Directors that administers the TCIP is constituted by representatives of both the public sector (Prime Ministry, Under-secretariat of the Treasury, Ministry of Public Works and Settlement) and the private sector.  The TCIP retains the first US$80 million of losses through its reserves.                                                                                                                                                                                                                                            Regulator: Decree Law No. 587 is the legislation that laid the legal foundation for creation of the TCIP. To encourage homeowners to comply with the decree law’s requirement to buy earthquake insurance coverage, the\nGovernment amended Disaster Law No. 7269 to eliminate its legal\nobligation to replace destroyed urban dwellings through provision of heavily\nsubsidized reconstruction loans, thus putting much of the responsibility back on homeowners. The aim was to focus government relief funds on low income residents. Those required to carry earthquake insurance and fail to do so are not eligible to receive compensation from the government in the form of housing credits or reconstruction in the event of an earthquake.                                                                                                                                   Information/ technical assistance provider: TCIP receives strategic guidance from the Turkish Treasury (separate state-owned legal entity, managed by a Council).                                                                                                                                      ","Reinsurance: international reinsurance markets provide reinsurance for TCIP, including Munich Re, Swiss Re, Amlin, etc.                                                                                                 ","Insurance: currently 29 accredited insurance companies and their agents are providing Compulsory Earthquake Insurance in the name and on behalf of TCIP.                                                                                                                                                                                                                     Management: the Board of Directors administers the TCIP, and is constituted by representatives of both the public sector and the private sector (Association of Insurance and Reinsurance companies of Turkey, Capital Markets Board of Turkey, the General Manager of the Pool Management Company). The TCIP is managed as a private insurance company (Milli Reinsurance Company from 2000 to 2005 and Garanti Insurance Company since August 2005), which undertakes all technical tasks in the TCIP’s daily operations.                                                                                                                                                                                                                                               Sold/ marketed: the policies are marketed and sold by private insurance companies who are paid a standard commission. Marketing and distribution of policies have been facilitated by a state-of-the-art Internet-based information system that has produced significant cost efficiencies in underwriting new policies.                                                                                                     ","Management: the Board of Directors administers the TCIP is also formed by a representative of the Middle East Technical University. ","Physical risk reduction or incentives: premium rates are actuarially sound, not subsidized, and vary with construction type and property location. This aims to encourage standard building practices. In addition to the legal framework of TCIP, a new code on building inspection was enacted by the Parliament in 2000. Turkey encourages compliance with building codes by insuring only structures that have construction licenses. Because the TCIP is a tool for promoting construction of safe housing through compliance with building codes and construction standards, it cannot insure recently built buildings that do not comply with building codes.                                                               \nAwareness raising /capacity building: the World Bank took the lead in technical assistance to the Turkish Treasury’s General Directorate of Insurance (GDI) to design a catastrophe insurance pool for Turkey. The TCIP has invested heavily in public education and marketing, initiating many projects to increase public awareness and understanding of its presence.                                                                                                                      Disaster risk reduction legislation/ frameworks/projects: the MEER (Marmara Earthquake Reconstruction) project was the first World Bank project to have components of financial risk management, disaster mitigation and planning, emergency preparedness, reconstruction of damaged infrastructure and buildings and social and economic recovery.                                          ","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington                                    Global assessment report on disaster risk reduction. United Nations International Strategy for Disaster Reduction Secretariat, 2009","Natural Catastrophes Insurance Cover. A Diversity of Systems. Consorcio de Compensacion de Seguros: http://www.wfcatprogrammes.com/c/document_library/get_file?folderId=13442&name=DLFE-553.pdf             TCIP annual reports (2003-2009): http://www.tcip.gov.tr/150.html                         Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/","TCIP: http://www.tcip.gov.tr/"]
[103,"Romanian  Catastrophe Insurance Pool (PAID)","Property Catastrophe Risk Insurance Pool","weather & other","earthquake, flood, landslide","non-agricultural","individuals","multi-hazard","Upper middle income","public & private","yes","no","operational","Europe & Central Asia","Romania","Upper middle income","Operational","Implemented in 2010","National","Expansion of an existing market.                                        The present program insures new peris and also expands an existing market. Until 1995 there was a compulsory scheme for insurance of dwellings against earthquakes. Few dwellings insured agains nat cat; in fact less than 5% had fire insurance. Commercial properties are usually insured.","Number insured: 780,000 policies sold as of August 2011                                          ","Cat risk   ","Property insurance: residential property.                                                                              Insurance product: it covers buildings damage only against earthquakes, floods and landslides.","Homeowners.                                     It is a compulsory earthquake insurance system for all residential buildings. ","Indemnity-based","Financial assistance: the initial capacity building was funded under a World Bank investment loan.","Reinsurance: the Government provides guarantee to the scheme as a lender of last resort.                                                                                                                                                                                                                                                       Financial subsidy: the Government helps funding reinsurance premiums in early years. It also subsidizes premiums for low-income householders.                                                                                                          Regulator: local governments assist with enforcing the duty to insure.                                                                                                                                 ","Reinsurance: PAID reinsures all the risk and transfers it to international reinsurance markets. ","Insurance: insurers, members of PAID                                                                                                                                                                                                                     Management: PAID is a joint stock company owned by qualifying insurers, and  is the entity that operates the scheme.                                                                                                                                                                                                                                                         Sold/ marketed: members of the Catastrophe Insurance Pool. They also assess and settle claims.                                                                                                                                                                                                                                                                                                               ",null,null,"Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. ",null,"http://www.paidromania.ro/"]
[104,"Catastrophe Insurance Pool in Bulgaria (BCII)","Property Catastrophe Risk Insurance Pool","weather & other","natural disasters","non-agricultural","sovereign & individuals","multi-hazard","Upper middle income",null,"yes",null,"proposed","Europe & Central Asia","Bulgaria","Upper middle income","Proposed/ Under preparation                      ","Worshop held on May 27, 2008 to present the findings and recommendations from a feasibility study for the establishment of a national catastrophe insurance program in Bulgaria.","National","Expansion of an existing market.                                                               Despite a very significant exposure of most of the country’s territory to natural disasters, only a small fraction of residences – about 2-3% - are insured against catastrophic perils. Local insurers  are prepared in principle to provide quake cover on buildings/contents, but only to selective buildings.",null,"Cat risk   ","Property insurance: residential, commercial ands public (envisaged).                                                               Insurance product: envisaged coverage includes residential properties and their contents, office premises and business equipment of SMEs, and potentially government-owned housing and small community facilities; against natural disasters.","Homeowners, SMEs (small and medium enterprises) and government property.","Indemnity-based","Financial assistance: the scheme is receiving funding for technical assistance from the ProVention Consortium.                                 Information/ technical assistance provider: the World Bank supports the efforts of the BCII (Bulgarian Catastrophe Insurance Initiative) and the Bulgarian government in examining the options for catastrophe risk transfer available to Bulgaria and possible structure of a catastrophe pool (feasibility study); and a consultation with government, insurance industry and civil society in this regard.                                                                ","Initiator: the Bulgarian Goverment forms part of the partnership",null,"Initiator: the insurance industry forms part of the partnership","Initiator: the Bulgarian Initiative for Catastrophe Risk Management (BICRM) is an NGO formed by representatives of the Bulgarian insurance industry, academia, construction industry, and disaster risk reduction specialists.                          Information/ technical assistance provider: BICRM contributed to the fesibility study.","Disaster risk reduction legislation/ frameworks/ projects: BICRM was formed in 2007 to create a national catastrophe insurance pool, reduce the seismic vulnerability of housing stock to earthquakes, limit the government fiscal exposure to the impact of natural hazards, and strengthen risk awareness at the national level.               ",null,null,"ProVention consortium: http://www.preventionweb.net"]
[105,"Algerian Catastrophe Insurance Pool (ACIP)","Property Catastrophe Risk Insurance Pool","weather & other","earthquake, flood, storm, landslide","non-agricultural","individuals","multi-hazard","Upper middle income","public & private","no","no","operational","Middle East & North Africa","Algeria","Upper middle income","Operational","Pool formed in October 2003; started operations in September 2004.","National","Creation of a new market (in development). The precursor for the initiative was the 2003 Boumerdes earthquake in Algeria, where approximately 2,266 people were killed and 10,261 injured. Reports indicate more than 1,243 buildings were completely or partially destroyed, and nearly 150,000 people became homeless. As a consequence, in october 2003 the Algerian Government passed a law that made compulsory natural disaster insurance, and formed the ACIP. The Algerian Parliament passed legislation that all property owners must insure against natural catastrophes.  ","Estimated profit: since its effective date in 2004, the program has recorded one claim, occurred in 2008 in Ghardaia (Southern of Algeria), and of which the damage valuation stands at 234 million DA (Algerian dinars).\nValue of insurance premia: from 745 million AD  (year 2008) to 892 million AD  (year 2009), showing  a progression of 20% \nNumber insured: 193,000 insurance policies purchased in year 2010.                                                                                                 Sum insured: in 2009, the capacity of the program amounted to 146 million dollars, with a priority of 4 million USD.\nPenetration: the share of insurance against natural disasters (CAT-NAT) does not exceed 2% of the total turnover of the insurance industry, and only 10% of the housing in Algeria is insured against natural disasters (year 2010)","Cat risk.                                                     Deductible: 10% for commercial and industrial risks; 2% for dwellings.","Property insurance: residential, commercial and industrial.                                          Insurance product: it covers buildings and contents, against  earthquake, flood, tempests and landslides. ","Homeowners, commerces, industries.                                                      It is a compulsory insurance against natural disasters. The  \"mandatory\" character of this insurance, however,  is only for those who must sell or lease their properties.","Indemnity-based.                                                                              The State has to declare the situation of natural catastrophe.",null,"Initiator: Government of Algeria                                                                                          Financial subsidy: Government has provided for exemption from tax (VAT) for CAT -NAT insurance contracts                                                                                                                                                                                                                        Regulator: Government of Algeria and Parliament of Algeria                                                                                                                Information/ technical assistance provider: Government of Algeria has conducted awareness campaigns                                                                                               Reinsurance: CCR is the government owned, state reinsurer, and has been entrusted the reinsurance management of this program. It has a 70% share of total losses (quota share with insurers). CCR does not have a reserve fund but Algerian state provides unlimited guarantee to CCR.                                                                                                                           Other: The Algerian State has to declare the situation of natural catastrophe, and also fixes tariffs.","Reinsurance: CCR purchases reinsurance internationally","Insurance and Sold/ marketed: local insurers are requied to provide insurance cover to property owners. Insurers retain 30% of losses and cede 70% to CCR (quota share)                                                      Information/ technical assistance provider: insurers have conducted awareness campaigns.                                                                                                                                                                                                                                                       ",null,"Awareness raising /capacity building: Government and insurers have conducted awareness campaigns.                                                                                                                                                                                               Other linked disaster risk financing intiatives: In 1990, an indemnization fund (FNC) was created to support victims of natural disasters ","The 21 May 2003 Boumerdes Earthquake: Lessons Learned & Recommendations\nF. Bendimerad.\n2004. 13th World Conference on Earthquake Engineering, Vancouver, B.C., Canada. Risk Management Solutions, Inc., California.\n","Conseil National des Assurances: http://www.cna.dz/               Compagnie Centrale de Réassurance: www.ccr.dz     African reinsurance corporation: http://www.africa-re.com/french/areport/fr_a/2a.pdf","Conseil National des Assurances: http://www.cna.dz/       Compagnie Centrale de Réassurance: www.ccr.dz"]
[106,"Catastrophe Risk Insurance Pool in Morocco","Property Catastrophe Risk Insurance Pool","weather & other","natural disasters","non-agricultural","individuals","multi-hazard","Lower middle income",null,null,null,"proposed","Middle East & North Africa","Morocco","Lower middle income","Proposed                 ",null,"National",null,null,"Cat risk   ","Property insurance: residential, commercial and industrial.                                                    Insurance product: it would cover buildings and contents of residental, commercial and industrial premises, against natural disasters.","Homeowners and commerces.","Indemnity-based",null,"Regulator: the government presented a bill to the parliament in July 2010 that would make natural disaster insurance compulsory for everyone. ",null,null,null,"Other linked disaster risk financing intiatives: the law also envisions the creation of a Disaster Solidarity Fund, aimed at paying compensation to victims of non-insured natural calamities and encouraging the development of disaster risk insurance and reinsurance. "]
[107,"Indonesian  Catastrophe Reinsurance Pool (MAIPARK )","Property Catastrophe Risk Reinsurance Pool","other","earthquake","non-agricultural","meso","single-hazard","Lower middle income","private","no","no","operational","East Asia & Pacific","Indonesia","Lower middle income","Operational",2003,"National","Expansion of an existing market.                                       Deregulation of the financial sector in the late 1980’s led to a drop of premium rates to levels similar to countries without cat risk exposure. Due to excessive competition it became market practice to provide earthquake insurance without charging risk adequate premiums. As a result, there was an increasing concern whether insurers could meet their obligations towards\npolicyholders in the event of a large earthquake.","Value of insurance premia: 1,078,506,738,952 IDR (127 million USD) in year 2008 (national gross premium income).\nNumber insured: 65,421 policies in year 2008.                                                                                            Sum insured: 871,896,569,061,728 IDR (1,026 million USD) in year 2008 (national aggregate).\n","Cat risk   ","Property insurance                                          Insurance product: earthquake reinsurance","All insurance and reinsurance companies licensed to operate in the Republic of Indonesia are re-insured by MAIPARK.                                               There is no state requirement that consumers purchase earthquake insurance or that mortgage lenders require it, though.","Indemnity-based",null,"Initiator: Government of Indonesia (GoI)                                                                                                                                                                                                                                                        Regulator: GoI required all licensed general insurance and reinsurance companies operating in Indonesia to cooperate in insuring special risks through a joint undertaking of all companies, known as the Indonesian Reinsurance Pool (MAIPARK).  Participating in the pool was made compulsory for all general insurance and reinsurance companies. At the same time, a compulsory earthquake tariff was introduced and endorsed by the government.                                                                                                                                                                                         ","Reinsurance: both local and international reinsurers, to whom most catastrophe risk is transferred.","Reinsurance: both local and international reinsurers, to whom most catastrophe risk is transferred.                                                                                                                                                                                                                                                   Management: MAIPARK is a joint undertaking of the Indonesian General Insurance Industry. All insurance and reinsurance companies licensed to operate in the Republic of Indonesia are shareholders of the company. MAIPARK was established as a Special Risk Reinsurance Company with the objective to become the National Reinsurer for catastrophic risks.                                                                                                                                                                                                                                                          ",null,"Awareness raising /capacity building: besides its function as a reinsurer MAIPARK engages in research support, education of the public about natural disaster, risk mitigation and more stringent and safer construction standards and building codes.",null,"http://www.maipark.com/docs/download/statistical-reports/statistic-report-2008","Maipark: www.maipark.com"]
[108,"Southeast Europe and the Caucasus Catastrophe Risk Insurance Facility (SEEC CRIF)","Property and business interruption insurance ","weather & other","earthquake, flood, temperature, excess rainfall","non-agricultural","sovereign & individuals","multi-hazard","Upper middle income, Lower middle income","public & private","yes","yes","proposed","Europe & Central Asia","Countries of South East Europe and the Caucasus (SEEC): Albania, Armenia, Bosnia and Herzegovina, Georgia, Macedonia former Yugoslav Republic, Serbia","Upper middle income, Lower middle income","Proposed/ Under preparation (design of the facility started in 2008).                                                  Identified challenges: although this effort stalled during the global financial crisis, South Eastern European countries have returned to the idea and are ready to move forward.",null,"Multi-national",null,null,"Cat risk and more frequent risk","Property and business interruption insurance                              Insurance products: the main insurance products will be: (i) parametric index-based weather insurance coverage for climate-related hazards (excessive temperature or rainfall) to protect buyers against business interruption due to adverse weather; and (ii) cat insurance coverage for damages caused to property and contents by earthquake and flood. ","Potentially, homeowners, farmers, SMEs and government organizations. The objective is to increase the number of insured against weather-related risks and geo-hazards.","Indemnity-based and parametric (index-based weather risk hedging contracts). ","Financial assistance: GFDRR (Global Facility for Disaster Reduction and Recovery) will support SEEC countries’ efforts to join Europa Re by financing their shareholder contributions to the Facility. This component is proposed to be financed by IBRD financing (for Serbia and FYR Macedonia) and IDA funding (for Armenia, Georgia, and possibly Bosnia and Herzegovina).                                                            Information/ technical assistance provider: GFDRR will enable Europa\nRe to procure the necessary technical expertise out of its own funds, and will also play a catalytic role in raising donor funding for the technical work required for the launch of cat insurance products in member states.","Initiator:  Governments of South East Europe and Caucasus countries, which will own the reinsurance facility.                                                                                           Reinsurance: through EUROPA Reinsurance Facility Limited (Europa RE); a catastrophe risk reinsurance company owned by countries of South East Europe and Caucasus.  ",null,"Insurance/ Sold-marketed:  all catastrophe insurance products would be sold through local private insurance companies and their agents.",null,"Disaster risk reduction legislation/ frameworks/ projects: within the context of the GFDRR the World Bank and UN/ISDR secretariat have initiated a South Eastern Europe Disaster Risk Mitigation and Adaptation Program (SEEDRMAP).                                                                                                                                                          Adaptation to climate change: climate change is considered by the initiative.",null,"ReliefWeb report: South East Europe and Caucasus Catastrophe Risk\nInsurance Facility Project — http://reliefweb.int/node/372537","Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/"]
[109,"Multi-Window Mechanism to Address Loss and Damage from Climate Change Impacts, proposed by AOSIS (Alliance of Small Island States)","Sovereign Disaster Risk Financing","weather","weather events, extreme weather events, hurricane, tropical storm, flood, drought","agricultural & non-agricultural","sovereign","multi-hazard","Low income, middle income",null,null,"yes","proposed","Latin America & Caribbean","AOSIS member states; Small Island Developing States (SIDS) in the Atlantic Ocean and connected seas, Indian Ocean and Pacific Ocean","Low income, middle income","Proposed                                                                                         Identified challenges:                                                                                        - Funding from a number of institutions is being sought.",null,"Multi-national",null,null,"Cat risk and more frequent risk","Sector to be defined                                             Insurance product: tecnical assistance is being sought on potential instruments and risk transfer arrangements (e.g., risk\npooling arrangements; indexed\ninsurance mechanisms such as\ncatastrophe bonds, weather\nderivatives; reinsurance schemes;\npublic private partnerships etc.)  Cover would be against frequent and severe extreme weather events; e.g. hurricanes, tropical storms, floods and droughts.","Governments","Parametric. Proposed indexes might be based on rainfall, wind speed, storm surge.",null,"Initiator: AOSIS (Alliance of Small Island States), an intergovernmental organization of low-lying coastal and small Island countries.  AOSIS has proposed a Multi-Window Mechanism to Address Loss and Damage from Climate Change Impacts in SIDS and other developing countries, as part of its call for an International Insurance Mechanism.",null,null,null,"Risk assessment activities and disaster risk reduction legislation/ frameworks/ projects: the proposed mechanism includes a Risk Management Component to support and promote risk assessment and risk management tools.                                                                                                                                             Adaptation to climate change: the proposed mechanism includes a rehabilitation / compensatory component to address progressive negative impacts of climate change which result in loss and damage ",null,"Background paper for insurance as an adaptation option under UNFCCC. INFRAS, IRI & Swiss Re, 2010","Alliance of Small Island States:\naosis.info/"]
[110,"Index weather crop insurance in Mexico/ PACC (Programa de Atención a Contingencias Climatológicas)","Sovereign Disaster Risk Financing & Agricultural insurance (index-based)","weather","drought, flood","agricultural","sovereign","multi-hazard","Upper middle income","public & private","yes","no","operational","Latin America & Caribbean","Mexico","Upper middle income","Operational                                                                        Identified challenges:                                                           - Basis risk: there were some cases in 2005 where triggers caused payouts when farmers had not actually experienced crop damage; while the opposite occurred in 2006, when some farmers experienced crop losses but no payments were triggered.                                                                                - - Further scaling-up has been constrained by the limited number of weather stations producing useable data, and by limited technical capacity. Only half of the country’s functioning 1200 weather stations have good enough real-time or semi-real-time data to build and monitor effective indices. The lack of historical data is also being addressed so that the program can continue to expand.                                                                                    - - Agroasemex is investigating expanding the program by marketing insurance to individual farmers, although delivery channels are likely to be a challenge. As a first step, microfinance institutions may serve as an intermediary.",2002,"Multi-regional ","Creation of a new market (in development).                                                       Mexico’s subsistence farmers are vulnerable to both excess and lack of rainfall, as 78% of the country’s arable land is non-irrigated, depending exclusively on the seasonal rains from May to November.                                                                              PACC (Programa de Atención a Contingencias Climatológicas) are federal assistance funds that support low-income farmers after weather-related catastrophe events that affects their productive activity. The program intends to help restore their activity as soon as possible. Both the federal and state governments co-finance the program, and funds are derived from tax revenue. As a result, PACC is a costly and unsustainable attempt to manage risk after a disaster event. In the view of this, the Mexican Government piloted in year 2002 an index insurance program that effectively insures federal and state governments’ budgets by increasing PACC’s capabilities and protecting financial deviations that may occur as a result of climatic contingencies that affect agriculture. In other words, the insurance serves as a budget risk management tool since it allows annual budget planning minimizing the risk of catastrophic expenditure should severe droughts occur.","Value of insurance premia: 22 million USD (year 2008); up from 0.4 million USD (year 2003).\nNumber insured: in 2008, some 800,000 low-income farmers were covered by the scheme.                                                                                           Sum insured: 135.1 million USD (year 2008); up from 3.9 million USD (year 2003).\nSurface insured: 1,888,924 ha (year 2008); up from 107,621 ha (year 2003).                                                                                              Number of weather stations: 24 (year 2008); up from 6 (year 2003).  ","Cat risk   ","Agricultural insurance: crops (maize, sorghum, barley, and black beans).                                                                     Insurance product: the purpose of this cover is to improve PACC by increasing the efficiency and timeliness of distribution of federal funds to farmers, following climate-related crop failure (e.g. drought, flood, frost). The insurance guarantees to pay at least the amounts promised by PACC (at least US$82 per hectare, for up to 5 hectares of land per farmer).","Federal and state governments (insurance exclusively available to them).                                                     The ultimate beneficiaries of the programme are low-income farmers targeted by PACC (farmers who have an income of less than 74 USD per month; none earning more than 222 USD per month). These farmers cannot access commercial crop or livestock insurance, and are often unaware that they are insured by the programme.","Parametric. Rainfall index.                                                        Triggers vary depending on the crop, development stage and region, and are adjusted each year. Rainfall and temperature simulations are used to replace missing data and produce long time series as a basis for estimating probabilities when building indices. Current experiments contemplate use of NDVI based indexes.",null,"Initiator: Government of Mexico                                                                                                                                        Insurance/ Development/ Management/Sold and marketed: Agroasemex, the state reinsurance company, designed and manages the program, and sells the insurance. The Government of Mexico manages the PAAC fund.                                                                                                              Financial subsidy: for municipalities with a high level of marginalization, 90% of the premium is covered by the federal government (SAGARPA; Secretariat of Agriculture, Livestock, Rural Development, Fisheries and Food) and only 10% by the state government; in less marginalized areas, federal funds pay 70% of the premium. In the event that the index insurance trigger fails to respond to a real loss, the government will use contingency funding to cover the loss.                                                                                                                           Other: the state government is responsible for distributing the indemnity to the insured farmers (beneficiaries).","Reinsurance: Agroasemex covers itself through reinsurance contracts with the international reinsurance markets (quota share and excess of loss treaties) since year 2004. In year 2008, the purchase of risk transfer instruments represented 61% of the PACC budget. ",null,"Development: Fundación Produce (a rural producers’ association) is  building a network of some 764 automated weather stations. When up and running, these will provide data to supplement those from government-run stations.","Awareness raising /capacity building: there have been efforts to promote an insurance culture among population as well as social awareness of catastrophic risks. These initiatives have improved the level of penetration of the insurance sector in relation to the whole economy providing a basis for a solid and consistent insurance market, as well as protecting the population.                                                                                                         Disaster risk reduction legislation/ frameworks/ projects: Mexico has developed an institutional framework for disaster preparedness involving risk assessment, risk reduction, the promotion of a culture of prevention, and insurance. With these initiatives, Mexico moved from an ex-post response to natural disasters to an ex-ante preparedness approach. Mexico has emergency plans at both the local and federal levels in which collaboration exists between civil, governmental and military institutions, in order to address natural disasters.                                                                                                                  Other linked disaster risk financing intiatives: Mexico has a Natural Disasters Prevention Fund (FOPREDEN) that provides resources for preventive actions, as well as to avoid and reduce the negative impact effects of catastrophic natural disasters.                                                                                                     ","Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.","La Experiencia Mexicana en el Desarrollo y Operación de Seguros Paramétricos Orientados a la Agricultura. Agroasemex, 2006. http://www.agroasemex.gob.mx/index.php/es/atencionclientes/descargas/centrodescargas/Documentos/Recursos-Federales/ContingenciasClimatol%C3%B3gicas/","SAGARPA Mexico: http://www.sagarpa.gob.mx/                  Agroasemex: http://www.agroasemex.gob.mx/"]
[111,"Index livestock insurance in Mexico (“Seguro de Daños en Agostaderos con Base en Sensores Remotos”)/ PACC (Programa de Atención a Contingencias Climatológicas)","Sovereign Disaster Risk Financing & Agricultural insurance (index-based)","weather","drought, extreme weather events","agricultural","sovereign","multi-hazard","Upper middle income","public & private","yes",null,"operational","Latin America & Caribbean","Mexico","Upper middle income","Operational",2007,"Multi-regional ","Creation of a new market (in development).                  Mexico’s subsistence farmers are vulnerable to both excess and lack of rainfall, as 78% of the country’s arable land is non-irrigated, depending exclusively on the seasonal rains from May to November.                                                                              PACC (Programa de Atención a Contingencias Climatológicas) are federal assistance funds that support low-income farmers after weather-related catastrophe events that affects their productive activity. The program intends to help restore their activity as soon as possible. Both the federal and state governments co-finance the program, and funds are derived from tax revenue. As a result, PACC is a costly and unsustainable attempt to manage risk after a disaster event. The livestock parametric insurance cover is an initiative by the Government that aims at improving PACC's efficiency, timeliness and distribution to farmers following climate-related pasture shortages. It is achieved through the take up of catastrophe insurance by federal and state governments, which transfers the risk from the government (and the Mexican tax payer) to the international reinsurance market.","Value of insurance premia: 6.3 million USD (year 2008); up from 1.8 million USD (year 2007).\nNumber insured: 3,881,169 animal units insured (year 2011); up from 928,061 (year 2007).                                                                                           Sum insured: 89.5 million USD (year 2008); up from 22.5  million USD (year 2007).\nSurface insured: 55.3 million ha insured (year 2011); up from 13.1 million ha insured (year 2007). ","Cat risk   ","Agricultural insurance: livestock.                                                                    Insurance product: it covers non-availability of livestock feed, due to climatic events such as drought and other extreme weather events (rainfall availability from  May to November determines availability of livestock feed for the period December- April).","Federal and state governments (insurance exclusively available to them).                                                The ultimate beneficiaries of the programme are low-income cattle farmers targeted by PACC, and who need to face extraordinary expenses to feed their livestock due to adverse climatic effects.","Parametric. NDVI index (based on AVHRR satellite imagery).                                                                          If the index falls below the guaranteed index in a given municipality, an indemnity is payable to cattle farmers. ",null,"Initiator: Government of Mexico                                                                                                                                        Insurance/ Development/ Management/Sold and marketed: Agroasemex, the state reinsurance company, designed and manages the program, and sells the insurance. The Government of Mexico manages the PAAC fund.                                                                                                              Financial subsidy: the scheme is co-financed by the  Government (SAGARPA; Secretariat of Agriculture, Livestock, Rural Development, Fisheries and Food) and and state governments, who pay 100% of the premium. In the event that the index insurance trigger fails to respond to a real loss, the government will use contingency funding to cover the loss.                                                                                                                                           Other: the state government is responsible for distributing the indemnity to the insured farmers (beneficiaries).","Reinsurance: the program is internationally reinsured with Hannover Re, XL Insurance, Paris Re, Swiss Re, Scor Switzerland, etc.\n",null,null,"Awareness raising /capacity building: there have been efforts to promote an insurance culture among population as well as social awareness of catastrophic risks. These initiatives have improved the level of penetration of the insurance sector in relation to the whole economy providing a basis for a solid and consistent insurance market, as well as protecting the population.                                                                                                   Disaster risk reduction legislation/ frameworks/ projects: Mexico has developed an institutional framework for disaster preparedness involving risk assessment, risk reduction, the promotion of a culture of prevention, and insurance. With these initiatives, Mexico moved from an ex-post response to natural disasters to an ex-ante preparedness approach. Mexico has emergency plans at both the local and federal levels in which collaboration exists between civil, governmental and military institutions, in order to address natural disasters.                                                                                                                  Other linked disaster risk financing intiatives: Mexico has a Natural Disasters Prevention Fund (FOPREDEN) that provides resources for preventive actions, as well as to avoid and reduce the negative impact effects of catastrophic natural disasters.                                                                                                     ","Skees, J.R., B.J. Barnett, and B. Collier. April 2008. Agricultural Insurance: Background and Context for Climate Adaptation Discussions. (OECD) Expert Workshop on Economic Aspects of Adaptation, Paris, France. ","SAGARPA Mexico: http://www.sagarpa.gob.mx/desarrolloRural/Programas/Paginas/ProgramadeAtencionaContingenciasClimatologicasPACC.aspx                http://www.cmdrs.gob.mx/comisiones/copredes/reuniones/2010/8a_ordinaria/seguro.pdf","SAGARPA Mexico: http://www.sagarpa.gob.mx/                  Agroasemex: http://www.agroasemex.gob.mx/"]
[112,"MultiCat catastrophe bond for Mexico","Sovereign Disaster Risk Financing (insurance-linked securities)","weather & other","earthquake, hurricane","non-agricultural","sovereign","multi-hazard","Upper middle income","public & private","no","no","operational","Latin America & Caribbean","Mexico","Upper middle income","Operational                                                                       Identified challenges:                                                         - Basis risk: a couple of events that occurred in 2010 in Mexico (Baja California earthquake occurred on April 4, 2010; Hurricane Alex in July 2010) did not trigger the Cat Bond, despite causing significant damages. These two examples illustrate the importance of the choice of the area to be covered by a Cat Bond and the selection of the trigger.                                                                                 - The transaction is perceived not to cover the types of disasters which cause regular problems in Mexico, and which cause FONDEN to exceed its annual budget (i.e. heavy rainfall and mudslides caused by heavy rains).","2009 (period covered October 2009 to October 2012)","National","Expansion of an existing market. It builds on an earlier programme (US$160 million Mexico Cat Bond, earthquake only, 2006-2009)- the MultiCat Mexico programme covers both earthquake and hurricane risk.                                                                          The Mexican Government (GoM) arranged both risk transfer transactions with the aim of helping smooth the impact of payouts on the national budget, after disaster events. Mexico has been faced with natural perils from storms over the Atlantic and the Pacific to the risk of earthquakes, and has been hit by no less than six major catastrophes since 1985. In the 1990s, GoM identified disaster risk reduction as a national priority, creating the Mexico’s Fund for Natural Disasters (FONDEN) in 1996 to improve its financial preparedness for natural disasters. GoM transfers budgetary funds for disaster relief and reconstruction efforts to FONDEN. MultiCat Mexico (and Mexico Cat Bond earlier) indirectly provide parametric insurance to FONDEN.                                                                              ","Estimated profit: no loss events have triggered the catastrophe bond so far.\nNotional/ principal amount: four-tranche cat bond (totaling US$290 million) with a three-year maturity, comprising of Class A (earthquake, 140 million); Class B (Pacific Hurricane Zone A, 50 million); Class C (Pacific Hurricane Zone B, 50 million); Class D (Atlantic Hurricane; 50 million).                                                                                                  Interest Spread (over U.S. Treasury money market funds): 11.50% (Class A) and 10.25% (Classes B, C, D). ","Cat risk","Sovereign insurance                                           Insurance product: multi-peril catastrophe bond that protects FONDEN (the Mexican Fund for Natural Disasters), therefore ensuring that funds are in place for relief activities for Mexican communities following a disaster. A related benefit is the reduction of pressure on the public budget after the disaster. It covers earthquake risk in three regions around Mexico City and hurricanes on the Atlantic & Pacific coasts.","The insured parte is the Fund for Natural Disasters (FONDEN) of Mexico, established in 2006 by the Mexican Government.  FONDEN transfers budgetary funds for disaster relief and reconstruction efforts; the beneficiaries being Mexican communities affected by a major disaster. ","Parametric. Index for earthquake is based on magnitude, and for hurricane is based on barometric pressure.","Initiator: Multi Cat Mexico issued under the World Bank’s newly established MultiCat Program.                                                                                                                                                        Information/ technical assistance provider: technical assistance provided by the World Bank and the Trust Fund First Initiatives. The World Bank Treasury acted as arranger for the transaction, placing the bond with institutional investors through investment banks (Bermuda, Europe, Japan, and the US). ","Initiator: Government of Mexico                                                                                                                                                                                                                                                                     Insurance: FONDEN (the sponsor) have entered into an insurance contract with Mexican state-owned insurer Agroasemex S.A.                                                                                                                                                                                        Other: the MultiCat is a double-trigger bond in that the physical trigger must be reached and Government of Mexico must declare a state of emergency.                                                                                                                                      \n","Insurance: MultiCat Mexico 2009 Ltd, a Cayman Islands-based SPV (Special Purpose Vehicle), indirectly provides parametric insurance to FONDEN (through a derivative counterparty contract with Swiss Re). The SPV issues floating rate notes (Cat Bonds) to capital markets investors to hedge its obligations to Swiss Re. The SPV invests the proceeds in AAA‐rated assets, which form the source of payouts if a covered event occurs. A separate event payment account is established with a third party bank to allow FONDEN to receive parametric loss payments directly from the SPV, subject to the insurance contract. If no event occurs during the life of the bond, the SPV returns the entire principal to the investor.                                                                                           Reinsurance: Swiss Re (Swiss Re Capital Markets) acts as a counterparty to the deal and reinsures Agroasemex (all of the catastrophe risk is transferred to Swiss Re) to enable them to pay any claims placed by FONDEN for qualifying catastrophes. It does so by entering into a derivative counterparty contract with MultiCat Mexico 2009 Ltd.                                                                                                                                                                           Management: Swiss Re and and Goldman Sachs are co-lead managers on the transactionand joint book runners.                                                                                       Information/ technical assistance provider: AIR Worldwide are providing risk modelling services and acting as calculation agent. Munich Reinsurance Company acted as advisor in the transaction.",null,null,"Risk assessment activities: Mexico’s risk exposures to earthquake, hurricane and hurricane-induced rainfall have been modeled and analyzed.                                                                                                               Disaster risk reduction legislation/ frameworks/ projects: in addition to FONDEN, Mexico has developed an institutional framework for disaster preparedness involving risk assessment, risk reduction, the promotion of a culture of prevention, and insurance. With these initiatives, Mexico has moved from an ex‐post response to natural disasters to an ex‐ante preparedness approach. The federal government also supports selected risk reduction projects across the country (e.g. improvements of public infrastructure). ","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C.   Closing the financial gap.  New partnerships between the public and private sectors to finance disaster risks. Swiss Re 2011                        Michel-Kerjan, E. et al. (2011), “Catastrophe Financing for Governments: Learning from the 2009-2012 MultiCat Program in Mexico”, OECD Working Papers on Finance,\nInsurance and Private Pensions, No. 9, OECD Publishing. \n","Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/                   The World Bank: http://treasury.worldbank.org/bdm/pdf/Mexico_MultiCatBond.pdf                  Artemis blog: http://www.artemis.bm/blog/2010/09/16/fonden-mexicos-disaster-fund-exceeds-its-annual-budget","The World Bank: http://treasury.worldbank.org/cmd/htm/about_capital.html                     Agroasemex: http://www.agroasemex.gob.mx/"]
[113,"Insurance Facility for Emergencies Caused by Catastrophic Natural Disasters in the Dominican Republic","Sovereign Disaster Risk Financing ","weather & other","earthquake, tropical cyclone","non-agricultural","sovereign","multi-hazard","Upper middle income","private","yes","no","operational","Latin America & Caribbean","Dominican Republic","Upper middle income","Operational","Approved  May 18, 2011","National",null,"Sum insured: the purpose of the operation is to finance the launch of insurance coverage of up to 50 million USD per event.","Cat risk   ","Sovereign insurance                                           Insurance product: insurance facility that provides governments with pluriannual (5 years initially) natural disaster coverage against seismic activity and/or tropical cyclones of catastrophic intensity. It aims at covering incremental extraordinary public expenditures that could be incurred during emergencies.","Government of Dominican Republic","Parametric","Financial assistance: the Inter-American Development Bank (IDB) provides a loan that will finance the total premium to be charged by the Facility for the first five years of coverage.            Information/ technical assistance provider: IDB","Initiator: the Government of Dominican Republic requested assistance from IDB for a program to assess and transfer disaster risk (disaster fund, contingent credit, or insurance facility for catastrophic events).","Reinsurance:  the facility may transfer the risk to reinsurance or capital markets.","Development/ management: Seguros Banreservas S.A. will undertake policy design and will manage the SPV  (Special Purpose Vehicle).                                                                                                                                                                                                                                                  ",null,"Disaster risk reduction legislation/ frameworks/ projects: the insurance coverage will complement other measures taken by the Dominican Republic to cover such potential extraordinary expenses, as part of its five-year Integrated Natural Disaster Risk Management Plan.",null,null,"Inter-American Development Bank: www.iadb.org/"]
[114,"National index-based disaster insurance program (weather derivative) for Malawi","Sovereign Disaster Risk Financing (insurance-linked securities)","weather","drought","agricultural ","sovereign","single-hazard","Low income","private","yes","no","operational","Sub-Saharan Africa","Malawi","Low income","Operational                                                                            Identified challenges:                                                                 - Need to make further investments in the Malawi Meteorological Services network and in improving Government’s Maize Yield Assessment Model.                                                           -Need to enhance links with the national early warning system in order to strengthen drought preparedness and planning, and to improve the understanding of the role of weather insurance in Government’s suite of risk management tools.                                              - Concerns about political risk for policy makers (potential backlash if it turns out the risk management product was not needed, i.e. \"wasted\" investment).                                                                           - Capacity of all stakeholders to understand technical and financial issues related to the product.                                                                               - General negative perception of derivative instruments in the context of the current financial crisis and also due to their underlying complexity.\n        ","Implemented in 2008 (pilot). Weather derivative contracts have been purchased by the Government of Malawi in years 2008-09, 2009-10, and 2010-11.","National","Creation of a new market (in development).                                                              Maize feeds Malawi's 13 population and provides them with a vital source of income. Almost all crop production is rain-fed, and since rainfall is highly erratic, drought is a recurring problem. As the Malawian diet is dominated by maize, changes in maize production have a direct impact on food security. This may trigger the need for exceptional food imports and emergency interventions that may lead to increased domestic borrowing. It is also a major factor in keeping productivity low (even in good years farmers are leery of using improved inputs for fear of losing their investment). To help maize producers overcome the hurdle of uncertainty and boost agricultural output, the government of Malawi decided to promote index-based weather insurance as a way to tackle drought risk. Malawi was the first sovereign entity in Africa to introduce such an instrument, as part of innovative approaches towards developing a comprehensive national food security strategy that Government of Malawi has been pursuing. Besides offering support in reducing food insecurity caused by a maize shortage, the contract minimises financial risks for the Government.","Sum insured: maximum pay-out of 4.4 million USD (year 2009-2010); as compared to 5 million USD in year 2008-2009 (pilot transaction)\n","Cat risk   ","Sovereign insurance                                           Insurance product: weather derivative contract to transfer the\nfinancial risk of (severe and catastrophic) national drought that adversely impacts national maize production and the government’s budget. Pay-outs are intended to be used for disaster relief. ","Government of Malawi.                          The ultimate beneficiaries of the programme are farmers affected by severe drought.","Parametric. Rainfall index (Malawi Maize Index; MMI)                                                                                                  The index calculates the value of projected losses if precipitation falls below a certain level, mirroring the high correlation between maize yields and rainfall. Payouts are triggered whenever the index crosses the specified contract threshold. Under the terms of the contract, if maize production drops 10% below the historical average, Malawi will receive a payout up to USD 5 million. Daily rainfall data are acquired from 23 weather stations across the country. ","Financial assistance: donor budget support from DFID, USAID and the European Union has been geared towards premium financing and upgrade of the Malawi weather network.                                                                       Information/ technical assistance provider: the World Bank provided technical assistance (legal, administrative and technical support to the Government of Malawi) and adopted an intermediation role (Government of Malawi purchased a weather derivative contract from the World Bank Treasury, which simultaneously entered into a contract with Swiss Re). The World Bank’s intermediation role is temporary, the goal being to build capacity in Malawi so as to enable future contracts to be negotiated directly between the country and the international financial markets.","Initiator: the Government of Malawi (Ministries of Finance & Agriculture) expressed interest in developing strategies to mitigate the impact of drought on the economy and the federal budget. This included the promotion of index-based weather insurance as a way to tackle drought risk.                                                                                                                     Information/ technical assistance provider: Malawi Meteorological Services (transfer of rainfall data in real-time)","Reinsurance: Swiss Re entered into this transaction as counterparty to the World Bank, and committed to pay out up to USD 5 million to WB, which in turn pays the money to the Malawi Government, if the country’s farmers suffer from a drought-related shortfall in maize production.                                                                                         ",null,null,"Physical risk reduction or incentives: the World Bank and other development partners have been supporting Malawi’s efforts to strengthen food security through agricultural technology, investments in irrigation, and development of grain markets.                                                                                                                         Risk assessment activities: the Malawi Maize Index (MMI) applies Malawi Meteorological Services’ national maize yield assessment model to calculate the value of projected losses if precipitation falls below a certain level.                                                                                      Disaster risk reduction legislation/ frameworks/ projects: the program is part of Malawi’s agricultural risk management\nframework for food security (Agricultural Development Programme, ADP), and complements and enhances price risk management tools that the government uses to financially manage maize production risk, using ex-ante market-based instruments and other investments (e.g., warehouse receipts, etc.). The ADP aims to strengthen local market responses to production and price shocks; this being a critical part of Malawi’s overall risk management and food security strategy.                                                                                                                     Other linked disaster risk financing intiatives: in 2009-10, the GoM agreed to use any payout from the weather derivative contract to lock in the price of maize imports before market prices increase, as a result of poor harvest due to drought. This allows the potential saving of large sums of money if major imports are needed later in the year and prices on the international market rise. With future grain prices capped, the private sector is better placed to respond to domestic shortages by placing orders for commercial imports.                                      ","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C.                                                    Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA                                                    Closing the financial gap.  New partnerships between the public and private sectors to finance disaster risks. Swiss Re 2011",null,"Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/"]
[115,"National index-based disaster insurance program (weather derivative) for Ethiopia ","Sovereign Disaster Risk Financing (insurance-linked securities)","weather","drought","agricultural","sovereign","single-hazard","Low income","private","yes","no","operational","Sub-Saharan Africa","Ethiopia","Low income","Operational; the first phase (pilot) has been completed.                                                                                            Identified challenges:                                                               - The EDI value at the end of the contract period, 31 October 2006, was well below the US$55 million trigger level, so there was no payout. The policy was not renewed in 2007 due to lack of donor support; however, scale-up is now under way, with a US$250 million contract planned for 2010. ","Implemented in 2006","National","Creation of a new market.                                                      The program provided WFP with the world's first insurance contract for humanitarian emergencies","Number insured: the programme protects 60,000\nvulnerable households.                                                                                           ","Cat risk   ","Sovereign insurance                                           Insurance product:weather derivative to secure contingency\nfunding for livelihood-saving emergency relief operations (financing of humanitarian food aid), to protect vulnerable populations in case of severe drought in Ethiopia.                                                                ","Government of Ethiopia (the UN World Food Programme\nsigned the contract on its behalf).","Parametric. Rainfall index (Ethiopia Drought Index; EDI).                                                                                        The EDI was developed using historical rainfall data from the national meteorological agency, and a crop–water balance model. The index had an 80% correlation with the number of food aid\nbeneficiaries from 1994 to 2004. As the 2006 agricultural season progressed, rainfall was monitored daily at 26 weather stations across the country. Remote sensing of rainfall was used to ensure that there was no tampering with station-based rainfall data.","Financial assistance: for the first phase of the project, the premium was paid by USAID (United States Agency for International Development).                                                                         Information/ technical assistance provider: for the first phase of the project, the transaction was arranged by WFP (World Food Programme), with technical assistance from the World Bank. For the second phase of the Ethiopia drought insurance project, WFP and the World Bank have developed a piece of software called LEAP (Livelihoods, Early Assessment and Protection).","Initiator: Government of Ethiopia                                                                                            Information/ technical assistance provider: the national meteorological agency provided historical rainfall data to develop the EDI index.","Reinsurance: AXA Re won the bid to provide the insurance for the pilot project (2006/2007).",null,null,"Risk assessment activities: the LEAP software allows users to quantify and index the drought and excessive rainfall risk in a particular administrative unit in Ethiopia. LEAP can then be used to monitor this risk and to provide proxies for livelihood stress indicators of vulnerable populations. LEAP uses ground and satellite rainfall data to cover the whole of Ethiopia, even areas where weather stations do not exist. \nAwareness raising /capacity building: the pilot project included capacity building with government and local partners and strengthening of the national meteorological reporting network.                                                                                                       Disaster risk reduction legislation/ frameworks/ projects: part of a comprehensive ex-ante country risk management framework for livelihood security in Ethiopia, which contemplates a linkage to  the World Bank supported Productive Safety Net Project, indexed contingent grants, and the weather risk transfer component.                                                                                                                    ","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA  ",null,"Livelihoods, Early Assessment and Protection (LEAP) project: http://www.wfp.org/disaster-risk-reduction/leap"]
[116,"Caribbean Catastrophe Risk Insurance Facility (CCRIF)","Sovereign Disaster Risk Financing (sovereign catastrophe insurance pool and insurance-linked securities)","weather & other","earthquake, hurricane","non-agricultural","sovereign","multi-hazard","Low income, lower middle income, upper middle income, high income","private","yes","yes","operational","Latin America & Caribbean","16 Caribbean governments: Anguilla, Antigua & Barbuda, Bahamas, Barbados, Belize, Bermuda, Cayman Islands, Dominica, Grenada, Haiti,  Jamaica, St. Kitts and Nevis, Saint Lucia, St. Vincent & the Grenadines, Trinidad & Tobago, Turks & Caicos Islands      ","Low income, lower middle income, upper middle income, high income","Operational                                                                        Identified challenges:                                                         -Issues of basis risk (highlighted after important events). This has often been reflected through criticism in the region’s media.                                     - Need for CCRIF’s increased transparency (operation of CCRIF’s loss model, pricing and scope of its coverage, procedure for constituting its Board, etc.)                                                                         - Concerns by donors regarding  the financial sustainability of the CCRIF model (e.g. participating countries’ fiscal constraints and consequent recourse to donor or CDB finance to assist in the payment of their premiums)                     - Criticism of CCRIF’s technical assistance program by some bilateral donors (cost and benefits to the region, risk of duplication or conflict with DRM support that donnors are already providing in the region).                                    - Need to review the trade-off between funds allocated to financial risk transfer and those allocated to physical investments that would provide a lasting reduction in vulnerability to natural disasters.                                                             -Introduction of the second generation loss model has raised concerns with both the reinsurance community (policies and reinsurance are likely to be underpriced) and some participating countries (large changes in their assessed risk between the first- and second generation models and in the cost and amount of their coverage)                                         ","Implemented in 2007","Multi-national","Creation of a new market (in development).                                                                                        Caribbean countries are highly vulnerable to natural disasters, which have caused them average losses amounting to 2% of GDP since 1970. A pooled re/insurance solution for the Caribbean governments was first called for by CARICOM Working Party on Insurance after Hurricane Andrew (1992), which resulted in US$250 million in damage in Bahamas alone. The initiative was revived after Hurricane Ivan (September 2004) inflicted almost 200% of GDP damage on Grenada and the Cayman Islands. As a result, CARICOM Heads of Government asked the World Bank to assist in designing and implementing a cost- effective risk transfer programme for member governments.                                                                                       ","Value of insurance premia: 21.5 million USD (in 2009/2010); up from 19.5 million USD in 2007/2008 \nNumber insured: 16 insured Governments (in 2009/2010): 29 policies were sold (16 hurricane and 13 earthquake)                            Sum insured: 601.2 million USD aggregate exposure (2009/2010); up from 494.8 million USD in 2007/2008                    Total reserves (from donor contributions, members’ participation fees, accumulated investment income, and retained earnings from premium payments): 71 million USD (in 2009/2010); up from 52,2 million USD in 2007/2008.  \n                                                                                                ","Cat risk. The facility can withstand a series of losses with less than a 1 in 10,000 year chance of occurring (2008-2009 season).                                                      Deductible: policies cover events of a magnitude that would be expected less frequently than once in 20 years; or events that might occur once in 15 years by applying an optional lower deductible. Deductibles can be as high as to cover 1-in-50 years events.","Sovereign insurance                                           Insurance product: CCRIF is a mutual insurance pool that offers parametric insurance to Caribbean governments. It allows member countries to purchase liquidity coverage that provides immediate budget support after a major earthquake or hurricane, giving them time to mobilize additional resources for longer-term reconstruction activities. It covers estimated liquidity needs for the first 3-6 months after a major catastrophe (begin recovery efforts). The limit of total payments to a country in a policy year is agreed with each country individually, although no country can purchase coverage worth more than US$100 million per hazard.","Caribbean governments (Anguilla, Antigua & Barbuda, Bahamas, Barbados, Belize, Bermuda, Cayman Islands, Dominica, Grenada, Haiti, Jamaica, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Trinidad & Tobago, and Turks & Caicos Islands). ","Parametric. For earthquake, indexes are based on USGS data on the location, intensity and likelihood of damage to the member countries. For hurricane, indexes are based on data from the US National Hurricane Center on hurricane paths and wind intensity. Payouts are proportional to the estimated impact of an event on each country’s budget, which is derived from a probabilistic catastrophe risk model developed specifically for the Facility.","Financial assistance: the technical assistance for the design of the programme was financed by the Word Bank, a Japanese trust fund (PHRD) and the Caribbean Development Bank.                                                                                              Provision of capital: Bermuda, Canada, France, Ireland, the United Kingdom, the Caribbean Development Bank (CDB), the European Union (EU), and the World Bank have contributed approximately $67.4 million to a Multi-donor Trust Fund to support CCRIF’s initial capital and operating costs (as of April 2010)                                                                                                  Information/ technical assistance provider: the WB Treasury assisted CCRIF in transacting a risk swap with the financial market                ","Initiator: Heads of Government of the Caribbean Common Market and Community (CARICOM) asked for World Bank (WB) assistance in designing and implementing a cost- effective risk transfer programme for member governments.                                                                                                                       Provision of capital: CCRIF was initially capitalized by the participating countries (through membership fee (c. 22 million USD), with support from donor partners, to form a joint reserve mechanism.                                                                                                         Management: CCRIF is controlled by participating governments.                                                                                                                                                                                                                            Development: the Caribbean Institute for Meteorology and Hydrology (CIMH) is involved in development of catastrophe risk models                                                                                                                                    ","Reinsurance: The CCRIF transfers the risks it cannot retain by purchasing reinsurance (Munich Re, Paris Re, Partner Re, Hiscox and Swiss Re) and catastrophe swaps placed in the capital market .                                                                                         Development: Kinetic Analysis Corporation (USA) is involved in development of catastrophe risk models ","Insurance: CCRIF is a not-for-profit Cayman Islands-registered insurance company owned by a Special Purpose Trust, with the participating countries as beneficiaries of the Trust. It is a joint reserve mechanism or mutual insurance company.  A portion of the pooled risks is retained  by CCRIF through reserves.                                                                                                                                                                                Development: CCRIF is involved in catastrophe risk model development, and is responsible for policy design.                                                                                                           Management: Caribbean Risk Managers (CaribRM) act as CCRIF’s Facility Supervisor.CCRIF is involved in management of the programme                                                                                                                                                                                                                                                        Sold/ marketed: CCRIF sells the insurance policies to the countries                                                                                                     Information/ technical assistance provider: development of a technical assistance programme   ",null,"Risk assessment activities: development of refined risk models, including a Second Generation (2G) model (based on modeled losses rather than a parametric index formula) for use in 2010–2011, and models for potential additional perils (such as excess rainfall and flooding).\nAwareness raising /capacity building: Provision of scholarships at University of West Indies, support for professional development of Caribbean disaster professionals, contribution to key regional and international events and publications related to disaster risk management, regional knowledge building activities - including partnerships with regional institutions.                                                                                                                        Disaster risk reduction legislation/ frameworks: CCRIF supports its members in the development and implementation of strategies for disaster risk management, building on existing mechanisms, institutions, tools and capacities. It also leads the Implementation of a technical assistance initiative for Haiti post-earthquake recovery (provision of practical information to locate and manage refugee camps and to guide the reconstruction of infrastructure). It has developed a Real-Time Forecasting System (TAOS-RTFS) that provides CCRIF members with real-time hurricane hazard and impact information, of great value in disaster management.                                                                                                                           Other linked disaster risk financing intiatives: CCRIF’s support has been sought for strengthening Windward Islands Crop Insurance, Ltd. (WINCROP).                                                                                                 Adaptation to climate change: In February  2010 CCRIF launched a study for the Caribbean region based on the Economics of Climate Adaptation (ECA) methodology to enable the development of a quantitative fact base for developing sound climate change adaptation strategies. This project aimed to provide the facts and tools required to develop quantitative climate change adaptation strategies that could receive international funding. ","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C.                            Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA                                           Global assessment report on disaster risk reduction. United Nations International Strategy for Disaster Reduction Secretariat , 2009                                    Closing the financial gap.  New partnerships between the public and private sectors to finance disaster risks. Swiss Re 2011                   Catastrophe Insurance: Ghesquiere, F., Mahul, O., Forni, M. and Gartley, R. 2006. Caribbean Catastrophe Risk Insurance Facility: A solution to the short-term liquidity needs of small island states in the aftermath of natural disasters","CCRIF operational reviews (first and second seasons): http://www.worldbank.org/                  Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/                   The Caribbean Catastrophe Risk Insurance Facility: http://www.ccrif.org/","The Caribbean Catastrophe Risk Insurance Facility: http://www.ccrif.org/         Interested persons can access additional information on CCRIF by contacting pr@ccrif.org."]
[117,"Pacific Catastrophic Risk Insurance Pool ","Sovereign Disaster Risk Financing (sovereign catastrophe insurance pool)","weather & other","earthquake, tropical cyclone","non-agricultural","sovereign","multi-hazard","Low income, middle income",null,"yes",null,"proposed","East Asia & Pacific","South Pacific\nIslands (15 Pacific Island Countries' PICs). Cook Islands, Fiji, Kiribati, Marshall Islands, Micronesia FS, Nauru, Niue Islands, Palau, Papua New Guinea, Samoa, Solomon Islands, Timor-Leste, Tonga, Tuvalu, Vanuatu","Low income, middle income","Proposed/ Under preparation                                                    Identified challenges:                                                                - Regional exposure database and country-specific catastrophe hazard and risk models are being developed. ",null,"Multi-national",null,null,"Cat risk                                                     ","Sovereign insurance                                           Insurance product: collective reserve fund backed by reinsurance against catastrophe losses (earthquake, tropical cyclon).","Governments of Pacific Island Countries ",null,"Financial assistance: technical assistance funded by GFDRR (Global Facility for Disaster Reduction and Recovery).                                                                       Information/ technical assistance provider: technical assistance (feasibility study) provided by the World Bank.",null,null,null,null,null,"Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. ",null,"Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/"]
[118,"Central America Catastrophic Risk Insurance Pool","Sovereign Disaster Risk Financing (sovereign catastrophe insurance pool)","weather & other","natural disasters","non-agricultural","sovereign","multi-hazard","Low income, middle income",null,"yes",null,"proposed","Latin America & Caribbean","Central American\ncountries","Low income, middle income","Proposed",null,"Multi-national",null,null,"Cat risk                                                     ","Sovereign insurance                                           Insurance product: collective reserve fund backed by reinsurance against catastrophe losses caused by natural disasters.","Governments of Central American countries",null,"Financial assistance: technical assistance funded by GFDRR (Global Facility for Disaster Reduction and Recovery).                                                                       Information/ technical assistance provider: technical assistance (feasibility study) provided by the World Bank.",null,null,null,null,null,"Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C. ",null,"Global Facility for Disaster Reduction and Recovery (GFDRR): http://www.gfdrr.org/gfdrr/"]
[119,"Natural Disasters Regional Insurance Facility for Central America ( RIFCA) ","Sovereign Disaster Risk Financing (sovereign catastrophe insurance pool)","weather & other","earthquake, hurricane, hurricane-related secondary perils","agricultural & non-agricultural","sovereign","multi-hazard","Low income, middle income","private","yes","no","proposed","Latin America & Caribbean","countries in Central America and Dominican Republic","Low income, middle income","Proposed/ Under preparation (as of 2010).                                                       Identified challenges:                                                            - RIFCA will seek new donors to provide the financial support needed to achieve the necessary strong initial capitalization at an affordable cost for the beneficiary countries.",null,"Multi-country design, but country - based operation",null,"Value of insurance premia: preliminary estimates, under current market conditions, are that the average annual cost per country, for the countries being initially considered in the region, would be about 2.5 million USD per peril. \nSum insured: 50 million USD coverage to be triggered by events affecting more than 5% of the country’s population. \n","Cat risk                                                     ","Sovereign insurance                                           Insurance product: individual country insurance facilities that allow\ngovernments to acquire pluriannual (5 years) reinstatable natural disaster coverage for one or more perils; typically earthquake and/or hurricane and hurricane-induced risks (e.g. landslides). It aims at providing cash resources immediately after a disaster, to finance emergency relief and reconstruction. The Facility can be broadened to insure other risks such as climate and weather related risks that impact the agricultural sector and food production, or pandemic and epidemic risks that destabilise health care budgets.","Participating governments of countries in Central America and Dominican Republic (insured parties are country-specific captive insurance companies).","Parametric. Indeces for earthquake and hurricane risk are based on  physical events intensity parameters and modeling of exposed population. Triggers are set in relation to the size of population nominally affected by a disaster, which correlates well to the true expenses a government may face after a disaster. The hurricane index is based on a comprehensive hurricane model (wind, rainfall floods and landsides). ","Financial assistance: the Inter-American Development Bank (IDB) would grant financing for the design and structuring of the individual country facilities.                                                                        Information/ technical assistance provider: IDB will provide technical advice to the participating countries.","Management: each individual country facility will be solely and fully owned by the country (country-specific policies). The central difference with CCRIF is that CCRIF operates as a mutual insurance company, with the countries collectively controlling one captive and one reinsurance policy, while the RIFCA will operate with individual captives and risk transfer programs for each sponsor. ","Reinsurance: the captives, owned by each\ngovernment, are supported by the international\nreinsurance and capital markets. The facility design allows the countries to set up collective arrangements that would enable them to benefit from a joint reinsurance placement.                                                                                                                                                                                 Development/ Information-technical assistance provider: Swiss Re will undertake the design and implementation of captive insurance vehicle structures, hurricane models and a risk transfer structure using reinsurance and capital markets products, acting as structurer and placement agent.",null,null,"Disaster risk reduction legislation/ frameworks/ projects: IDB has developed an integrated disaster risk management approach to support the countries, comprising of national risk evaluation, prevention and mitigation measures, national and local institutional strengthing and risk retention and risk transfer financing mechanisms.                                                                                                Other linked disaster risk financing intiatives: the IDB is making available new financial instruments to countries that commit to advance the development of all the four components of  integrated disaster risk management approach, therefore creating a powerful incentive to reduce the natural disaster risks in the prevention phase.                                                                                                                       ",null,"Natural Disasters Insurance Facility\nfor Central America and the Caribbean: http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=35128760 ","Inter-American Development Bank: www.iadb.org/"]
[120,"Global Climate Insurance Pool","Sovereign Disaster Risk Financing (sovereign catastrophe insurance pool)","weather","extreme weather events","agricultural & non-agricultural","sovereign","multi-hazard","Low income, middle income","public & private","yes","yes","proposed","World",null,"Low income, middle income","Proposed                                                     ",null,"Multi-national",null,null,"Cat risk                                                     ","Sovereign insurance                                           Insurance product: insurance facility that provides countries with cover against extreme climate-related disasters that go beyond their capacity to respond and recover.","Governments of countries participating in the insurance program.",null,"Financial assistance: the Climate Insurance Pool (CIP) would receive a fixed annual allocation from a multilateral adaptation fund based on the expected climate change related losses. This fund would fully cover the premium payments: some recent proposals are based on criteria such as capability (ability to pay) and responsibility (polluter pays).",null,"Initiator: initiative put forward by MCII (Munich Climate Insurance Initiative), as part of its proposal to include disaster risk reduction and insurance in the Copenhagen Agreed Outcome.                                                                   Reinsurance: the CIP would be reinsured against extreme loss years in the global reinsurance market.                                Management: CIP operations would be managed by a dedicated professional insurance team responsible for risk pricing, loss evaluation and indemnity payments, as well as placing reinsurance.",null,null,"Disaster risk reduction legislation/ frameworks/ projects: the first part of the programme is a Prevention Pillar emphasizing risk reduction.                                                                                                                     Other linked disaster risk financing intiatives: the second part of the programme is an Insurance Pillar. The first tier of the Insurance Pillar takes the form of a Climate Insurance Pool (CIP) that would absorb a pre-defined proportion of high-level risks of disaster losses. The second tier of the Insurance Pillar addresses middle-level risk and facilitates public safety nets and public-private insurance solutions.                                                                              Adaptation to climate change: climate change is considered by the initiative.",null,"MCII (Munich Climate-Insurance Initiative) 5th submission: http://unfccc.int/resource/docs/2009/smsn/ngo/132.pdf","MCII (Munich Climate-Insurance Initiative): www.climate-insurance.org/"]
[121," Global Index Reinsurance Facility (GIRIF)","Sector to be determined; index-based in all cases","weather & other","weather events, natural disasters","agricultural & non-agricultural","sovereign & individuals","multi-hazard",null,"private","yes","no","proposed","World - focus on  Africa, the\nCaribbean and the Pacific",null,null,"Proposed, under preparation (as of 2007)",null,"Multi-national",null,null,"Cat risk and more frequent risk","Sector to be defined (could include both agriculture and non-agriculture sectors).                                                                    Insurance product: index-based insurance covering weather events and natural disasters.","Potential clients include Governments and private sector and public enterprises. ","Parametric","Financial assistance: a MDTF (multi-donor trust fund), managed by  the World Bank, will finance capacity building activities (public awareness of index insurance, strengthening of regulatory systems, improving data availability and cat risk modeling, development of commercial capacity) and premium subsidies to specific index insurance agreements. The fund includes 25 million EUR from the European Union for ACP countries for technical assistance and premium subsidies. The fund is also supported by Japan's Ministry of Finance with an initial grant of 2 million USD, and the Dutch Ministry of Foreign Affairs.",null,"Reinsurance: the MDTF is linked with a proposed specialized index-based reinsurance company, which will promote index-based insurance in developing markets (Index Re).                                                                                                                                                                        Information/ technical assistance provider: Swiss Re Corporate Solutions will provide technical services to the Global Index Reinsurance Facility projects and support strategic objectives in developing risk transfer solutions for emerging markets. Partner Re is also involved in the partnership. ",null,null,"Awareness raising /capacity building: the MDTF (multi-donor trust fund) will finance capacity building activities including public awareness of index insurance, strengthening of regulatory systems, improving data availability and cat risk modeling, development of commercial capacity, etc.","Catastrophe Insurance: Cummins, D. and Mahul, O. 2008. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, World Bank, Washington D.C.  ",null,"World Bank Group\nwww.worldbank.org/"]
[122,"Water supply index insurance in Philippines (metro Manila)","Business Interruption Insurance","weather","deficit rainfall, drought","non-agricultural","meso","single-hazard","Lower middle income",null,null,null,"proposed","East Asia & Pacific","Philippines","Lower middle income","Proposed",null,"Local (Manila)",null,null,"More frequent risk","Business interruption insurance                                                  Insurance product: it covers water supply against low rainfall/ drought. It is part of a mechanism for smoothing variable costs associated with water market provision.","Urban water supplier","Parametric. Index based on reservoir levels.",null,null,null,null,null,null,"Hellmuth M.E., Osgood D.E., Hess U., Moorhead A. and Bhojwani H. (eds) 2009. Index insurance and climate risk: Prospects for development and disaster management. Climate and Society No. 2. International Research Institute for Climate and Society (IRI), Columbia University, New York, USA.                                       Brown and Carriquiry (2007). Managing hydroclimatological risk to water supply with option contracts and reservoir index insurance. Water Resources Research, Volume 43, Issue 11 (2007)"]
[123,"Flood Index (ENSO)  insurance in Peru","Business Interruption Insurance","weather","flood, excess rainfall, other","non-agricultural","sovereign & meso","multi-hazard","Upper middle income","private","no","yes","pilot","Latin America & Caribbean","Peru","Upper middle income","Pilot","The insurance product is being offered in year 2011 for the first time (pilot)","Regional                                         (Northern Peru - in years of extreme El Niño events, areas in northern Peru experience catastrophic flooding)",null,null,"Cat risk   ","Business interruption insurance (contingency insurance).                                                 Insurance product: index insurance that protects policyholders against a variety of consequences associated with a specific event (i.e. extreme weather events such as flood and torrential rainfall from El Niño). These consequences can include loss of assets, losses in normal business revenues, and increased costs associated with addressing the event.","Rural financial institutions, firms and institutions that serve households that are highly exposed to El Niño. Generically, risk aggregators (groups or institutions that aggregate the risk of households either through the services they provide or through informal risk-sharing arrangements). ENSO insurance is also being offered to local and regional governments to provide ready cash to mitigate some problems associated with catastrophic flooding.","Parametric. Index based on temperature.                                                  The index uses sea surface temperature (ENSO anomalies in the Pacific Ocean) as the proxy for catastrophic losses, specifically, the monthly sea surface temperature for ENSO Region 1.2 (0–10° South, 80–90° West), measured and reported by the NOAA Climate Prediction Center. The basis for payment is the average of two months—November and December. Three contracts are available with three different thresholds where payments begin (23.4, 24.0, and 24.5 degrees Celsius); each of these contracts reaches a maximum when the measure reaches 27 degrees. The payout function is linear.",null,null,"Reinsurance: a major global reinsurer carries most of the risk.","Insurance: sold by La Positiva, a Peruvian insurance company",null,"Physical risk reduction or incentives: farmers’ associations in remote regions of Piura have expressed an interest in using the funds to clear drainage systems.                                                                                                   Awareness raising /capacity building: since the ENSO insurance pays before the catastrophe, educational efforts have focused on helping people in the target markets understand how to use the extra cash to mitigate the impending crisis. ","Christopher B. Barrett, Barry J. Barnett, Michael R. Carter, Sommarat Chantarat, James W. Hansen, Andrew G. Mude, Daniel E. Osgood, Jerry R. Skees, Calum G. Turvey and M. Neil Ward. “Poverty Traps and Climate Risk: Limitations and Opportunities of Index-Based Risk Financing.” IRI Technical Report 07-03, The International Research Institute for Climate and Society, Columbia University, September 2007                Skees, Jerry R.\nCollier, Benjamin, 2010. New approaches for index insurance\nENSO insurance in Peru. International Food Policy Research Institute (IFPRI) 18(11)\nKhalil, A. F., H.-H. Kwon, U.Lall, M. J. Miranda, and J. Skees, 2007: El Niño – Southern Oscillation – based index insurance for floods: Statistical risk analyses and application to Peru. Water Resources Res., 43, doi:10.1029/2006WR005281.\n\n\n",null,"La Positiva Seguros\nwww.lapositiva.com.pe/"]