Africa RE, the pan-African reinsurance company and International Finance Corporation «IFC», a body of the World Bank Group, have recently established a partnership.
The agreement aims at developing agricultural insurance products to help the small holder Nigerian farmers. The partners will support the insurance companies on the market to help thousands of small farmers access affordable insurance products. Thanks to the index insurance business lines, the farmers would be able to protect their crops from disaster risks such as floods, drought, …
Moreover, the farmers who will subscribe to this program, would be able to benefit from financial products such as credit, and thus to invest in higher quality production inputs.
The aforementioned partnership also involves developing a digital platform to help farmers compare index insurance offerings from various providers.The Global Index Insurance Facility (GIIF) is an IFC multi-donor program that was launched to address the scarcity of affordable insurance protection against climate risks in the emerging countries.
Read also | 2017 ranking of the African reinsurance companies according to turnover [4]