Large microinsurance project for rice farmers in Asia
SDC website, 26 January 2012
On the margins of the annual meeting of the World Economic Forum in Davos, Swiss Agency for Development and Cooperation (SDC) held a meeting with representatives of the AllianzRe insurance company for an exchange on a joint project to provide millions of rice farmers in Asia with enhanced security against crop losses. Thanks to vanguard technology, a substantial improvement is to be made in forecasting crop yields, thereby enabling smallholders to conclude microinsurance policies.
The objective of this project named RIICE (Remote sensing-based information and insurance for crops in emerging economies) is to reduce the vulnerability of smallholders engaged in rice production by setting up an easy accessible rice information system, called the Global Rice Information Gateway. This will open the way for involved public and private stakeholders to better manage domestic rice production and the risks it is exposed to.
The rice paddies of millions of small farmers in Bangladesh, Cambodia, India, Indonesia, Thailand, the Philippines, and Vietnam are a basic component of the RIICE project, thus making it the largest project targeting microinsurance in the domain of agriculture. In the first phase of the project, at least five million rice farmers are to be enabled to obtain microinsurance coverage. The goal of the second phase is that other countries in Asia, Africa, and Latin America replicate this technological approach.
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Call for financial institutions that distribute microinsurance products for a study
The ILO’s Microinsurance Innovation Facility is looking to for financial institutions that deliver microinsurance products to participate in a study that examines the strategies, experiences and challenges of financial institutions delivering insurance to low-income households.
The aim is to provide recommendations for financial institutions to become more effective providers of insurance to low-income households as well as examine the challenges they face.
Contact the Facility if you are interested in participating in the study
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