The Potential for Scale and Sustainability in Weather Index Insurance

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Acknowledgements The International Fund for Agricultural Development (IFAD) and the World Food Programme (WFP) are working together to increase the access of low-income farmers to weather index-based insurance and other risk-management tools through the IFAD-WFP Weather Risk Management Facility (WRMF). This research paper is the product of a great deal of learning and collaboration. Its authors are Peter Hazell, who made significant contributions, and WRMF team members Jamie Anderson, Niels Balzer, Andreas Hastrup Clemmensen, Ulrich Hess (working as team leader of the WRMF until 2009) and Francesco Rispoli. The paper would not have been possible without the insights and efforts of the entire WRMF team, which further included Monica Anselmi, Federica Argento, Sandro Calmanti, Sew Pook Chin, Emily Coleman, Bronwyn Cousins, Giuditta De Simone, William Dick, Michael Hamp, Daniel Kull, Francesco Massimeo, Andrea Stoppa, Laura Verlangieri and Weijing Wang. Research for the individual case studies was led by Sonu Agrawal (India), Bruce Babcock (Canada and the United States), Terefe Boshera (Ethiopia), Jesús Escamilla Juárez (Mexico), Eyob Meherete (Ethiopia), Ronaldo Neves (Brazil), Anthony Patt (farmer games), Kolli Rao (India), Marcela Denisse Cruz Rubí (Mexico), Roman Shynkarenko (Ukraine), Pablo Suarez (farmer games) and Junsheng Zhu (China). In addition, the paper benefited from a great deal of complementary research on the case studies by the WRMF team, with particular thanks due to Emily Coleman and Laura Verlangieri. We are deeply grateful to the colleagues and experts in index insurance who reviewed a draft of the paper and suggested many useful improvements: Weather Risk Management Services, Ltd., India; William Dick, agricultural risk-management consultant; Rose Goslinga, Syngenta Foundation; Molly Hellmuth, International Research Institute for Climate and Society (IRI); Daniel Osgood (IRI); Andrea Stoppa, agricultural risk-management consultant; and Joanna Syroka, WFP. We would also like to thank the many colleagues and experts in index insurance who have supported the work of the IFAD-WFP WRMF and given us valuable feedback in small technical workshops held in Hyderabad in 2008 and in Rome in 2009. Participants included Aneha Agarwal, Bruce Babcock, Chetan Bhatia, Christopher Barrett, Michael Carter, Arup Chatterjee, Srinivasa Rao Gattineni, Maryam Golnaraghi, Diana Gruscynski, P. Sai Gunaranjan, Molly Hellmuth, Harini Kannan, Priya Jaisinghani, Vatsal Joshi, Anuj Kumbhat, Richard Leftley, Vijay Mahajan, Reinhard Mechler, P. Nagarjun, Ravi Nathan, Hariprasad Neella, StevenWere Omamo, Daniel Osgood, B.L Parthasarathy, P.D. Rai, Nikhil Raj, N.V. Ramana, Kolli Rao, Sridhar K. Reddy, Rupalee Ruchismita, Priya Satya, Alexander Sarris, Alok Shukla, Jerry Skees, Ashlesha Suvarna, Dhanyagrit Taweesuk, Juerg Trueb, K. Vasumathi, Venup, Marjorie Victor and Witoon Watchapan. The publication was ably edited by Chris Jarzombek and Lynn Ball. 5
6 Acronyms AIC Agriculture Insurance Company of India CCRIF Caribbean Catastrophe Risk Insurance Facility CIRC Chinese Insurance Regulatory Commission CONAGUA National Water Commission, Mexico CRMG Commodity Risk Management Group, World Bank (now Agriculture Risk Management Team) EROS Earth Resources Observation and Science Center, U.S. Geological Survey FAO Food and Agriculture Organization of the United Nations FCIC Federal Crop Insurance Corporation, United States GAIC Guoyuan Agricultural Insurance Company, China GRM ® Municipalized Risk Group [Grupo de Risco Municipalizado], State of Rio Grande do Sul, Brazil IFAD International Fund for Agricultural Development IFC International Finance Corporation IFFCO Indian Farmers Fertiliser Cooperative IMD India Meteorological Department INISER Nicaraguan Insurance Institute [Instituto Nicaragüense de Seguros] IRI International Research Institute for Climate and Society, Columbia University ITGI IFFCO Tokio General Insurance Company, India LAFCU Lume Adama Farmers’ Cooperative Union, Ethiopia LEAP Livelihoods, Early Assessment and Protection (software application), WFP and World Bank M&E monitoring and evaluation MPCI multi-peril crop insurance NAIS National Agricultural Insurance Scheme, India
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Contacts IFAD Francesco Rispoli f.r
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