[Event Recap] Deep Dive on Risk Finance Instruments - Agricultural Insurance (Webinar #6) | Knowledge Series on Strengthening Financial Resilience in Agriculture
The sixth webinar in the Strengthening Financial Resilience in Agriculture Knowledge Series took place virtually on October 12, 2021. The session discussed the role of agriculture insurance as a risk transfer instrument and focused on micro-level, individual farmer insurance products and programs. Charles Stutley (Senior Agriculture Insurance Consultant, Crisis and Disaster Risk Finance [CDRF], World Bank Group, [WBG]) provided an overview of agricultural insurance and the global agricultural insurance markets. He also explained the different classes of agricultural insurance (indemnity vs. index-based insurance).
Sharon Onyango (Financial Sector Specialist, Global Index Insurance Facility (GIIF), WBG), shared GIIF's experience with micro-crop weather index insurance for small farmers and the lessons learned. Niza Banda (Index Insurance Analyst, Mayfair Insurance Company, Zambia) highlighted the implementation experience of weather index insurance (WII) in Zambia and key pillars of Mayfair Insurance Company's approach to WII. Charles Stutley then continued with an in-depth presentation on Area Yield Index Insurance for small farmers and concluded why governmental support is required to implement agricultural insurance. John Plevin (Financial Sector Specialist, CDRF, WBG), facilitated the webinar, presented the previous session's key takeaways and conducted the live poll.
The virtual session brought over 150 participants from client countries, international organizations, private sector companies, non-governmental organizations, and academia. Click here and here to access the session recording and slides.
The DRF for Agriculture Knowledge Series features interactive webinars and associated fact sheets from February to January 2021. Invited speakers are industry experts, government clients, and seasoned practitioners from the World Bank Group and international development agencies. This series offers a World Bank Group certificate of achievement. Click here to access the post-event resource page.