Business Times

IFC, SANASA Insurance initiate Weather Index Insurance for Lankan farmers

IFC, a member of the World Bank Group, is working with micro-insurance company SANASA Insurance to develop flexible, affordable, weather-based agricultural insurance products in Sri Lanka to minimize the impact of crop losses due to floods or droughts, the agency said this week.

It said IFC is helping SANASA Insurance expand access to insurance for up to 15,000 small farmers by offering protection against weather-related risks and natural disasters for their food crops. The project will also raise awareness among 50,000 farmers on the availability and benefits of these index-based insurance products.

“IFC is an invaluable partner in our commitment to empower the Sri Lankan farmer through flexible and affordable insurance to help mitigate weather-related risks,” Dr P. A. Kiriwandeniya, founder of the SANASA movement, was quoted as saying in the IFC media release.

Index-based insurance products pay out benefits calculated using a pre-assigned value for losses arising from weather or catastrophic events. Such products eliminate the need for insurance companies to individually verify claims, reducing transaction costs and making it easier and faster for products and payouts to be offered to rural communities.

“These insurance products, designed in collaboration with SANASA, will improve the livelihoods of small farmers in Sri Lanka by reducing the impact of adverse weather conditions,” noted Adam Sack, IFC Country Manager for Sri Lanka and Maldives.

IFC established its Global Index Insurance Facility in 2009 to assist the development of index-based insurance for natural disasters and weather risks in developing countries, particularly in agricultural communities where insurance is rarely available. The GIIF Global Trust Fund is also supported by Japan’s Ministry of Finance, with an initial grant of $2 million, and by the Dutch Ministry of Foreign Affairs, which provided $500,000 to establish the facility.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
IRD taxpayer incentive scheme flounders
Indigenous tourism to the fore
South funds North, says Bank MD Aravinda
Bank of Ceylon raises $500 mln thro' bonds
Celestial Tower receives US$60 mln offer
Now phone calls through a dongle
Efforts to develop insurance market: IBSL
Comment - Cheap teas: Killing ‘me’ softly
Optical illusion
In defence of capitalism
State hospitals require over 600 mln paracetamol tablets
New Wall Paper and 3D Wall Tiles showroom launched
Foreign companies control 20-25% stake in construction sector
Divyaa Lagoon Resort opens in Kalpitiya
Suntel is now Dialog Enterprise
Ceylinco Insurance posts mammoth post-tax profit of Rs.1.1 billion
Immigration Chief to address ST Business Club
Now 'customised' messages for 'uncontactable' Airtel users
Phoenix Ogilvy wins ‘Best of Asia’ Gold at Goafest
SL's largest shopping mall to begin construction later this year
Workshop on changes in BOI, Ports and Customs documentation processes
First Capital appoints Nishan Fernando to its Board
Singer to raise funds to tackle short-term debt
Borderless learning
Sri Lankan inventors shine in Geneva
Colombo bourse sluggish for too long
Making economic sense of transport infrastructure investments
Mihin sets sights on more Asian destinations
CEAT launches racing team
AMBA Research wins CIMA quiz
Tips towards following your dream
Leo Burnett does well at Goafest
90% of SL office space occupied - real estate study
IFC, SANASA Insurance initiate Weather Index Insurance for Lankan farmers
SL food comes at a price, says Domino’s Pizza franchisee
SL among the worst in South Asia in terms of youth employment : ILO
Vajira Kulatilaka awarded AITAA Distinguished Alumni Award
Institute of Practical Technology celebrates 50 years
AMW absorbs significant tax increase
Epic Branchless Banker now in Malaysia
HNB raises 8-year tier II funding from Germany

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2012 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution