The 10th Consultative Forum on “Scaling up agricultural index insurance in Africa: Building disaster resilience of smallholder farmers”
Stakeholders come together to explore agricultural index based insurance as a tool for building resilience of farmers in Africa.The 10th Consultative Forum (CF10) on "Scaling up agricultural index insurance in Africa: Building disaster resilience of smallholder farmers" came to a close in Kampala last week. Co-organised by the African Insurance Organisation (AIO), International Association of Insurance Supervisors (IAIS), the Microinsurance Network and the Access to insurance Initiative (A2ii), the event gathered over 90 high-ranking representatives from the insurance industry, supervisory authorities and the public sector from 29 different countries. "We are seeing promising developments that could enable index based insurance to really take off", stated Jonathan Dixon, Chair of the International Association of Insurance Supervisors (IAIS) Regional Committee for Sub-Saharan Africa. "These include innovations in business models, advancements in technology, the development of proportionate regulations in areas such as distribution which is critical in agricultural insurance given its long value chain, and growing support from other policymakers with pilots being subsidised and supported." Hannah Grant, Head of the Secretariat for the Access to Insurance Initiative explained that the different role of the insurance supervisor in micro, meso and macro agricultural insurance programmes needs to be considered when drafting index insurance regulations. "At the micro and meso levels individual policyholders are more vulnerable to abuse and the potential for reputational damage for the sector is much higher" she explained. Read here the full press release.