Many Asian economies are agrarian, and livelihoods are intricately linked to the agriculture segment which again is heavily dependent on the weather. With the weather playing truant we look at how technology can deal with some of the challenges the segment faces in the region.
Sebastian Glink, Director Business Development & Technology at CelsiusPro believes that there are multiple elements where technology could help. Read the entire article in the September 2019 issue of the Asia Insurance Review Magazine.
ISF and Frankfurt School support the development of drought insurance for smallholder farmers in South Africa – CelsiusPro leads the technical implementation
Adam Maniki Rakgalakane, Professor Dr Nils Stieglitz and Mark Rueegg sign the funding agreement
To improve access to agricultural insurance for smallholder farmers, the InsuResilience Solutions Fund (ISF) represented by its management, the Frankfurt School of Finance and Management, South African Land Bank Insurance Company and CelsiusPro have signed a grant funding agreement. This grant – the first provided by ISF since its commencement of operation in 2019 – will serve to co-fund the development and market introduction of an innovative index-based insurance for crop and livestock for smallholder farmers in South Africa.
CelsiusPro expands its consulting services – Lea Mueller is appointed as the new head of consulting
CelsiusPro strengthens its consulting team with Ms. Lea Mueller and expands its advisory services. As an expert in the field of climate change adaptation strategies, Lea will complete the company’s offerings to provide end-to-end services and solutions for climate insurance to public institutions and private companies.
InsuResilience Investment Fund (IIF) is proud sponsor of ILO’s 2019’s Impact Insurance Academy. The weeklong training took place in Turin, Italy. IIF sponsored the participation of eight IIF investees from across the continents: Ecuador, Nigeria, Kenya, Zimbabwe, Israel, Armenia, Pakistan, India. More than 60 Academy participants assisted on lectures and elective courses on insurance. IIF’s chair Stefan Hirche, CelsiusPro’s Alban Desnos and Blue Orchard’s Veronika Giusti-Keller jointly presented on “Impact Insurance for Climate Change Adaptation”. Blue Orchard’s Ernesto Costa introduced IIF fund during the Investors’ Roundtable. At the end of the Academy, Stefan Hirche presided a diner for all IIF investees participating in the Academy – a nice occasion to network and share experience amongst IIF investees.
Testimonies from IIF participants:
Ndumiso Mpofu, Programme Director: Agricultural Finance, VisionFund International
“My biggest take home was digitization as an enabler for scaling up. We have been discussing digitization in my organisation, but it was encouraging to see how others have already implemented and realized results from digitization. A second take home was on the need to get the product right before scaling. We need to understand the local context and ensure that our product responds to the local context.”
Chukwuma Kalu, Head, Agribusiness & Business Development, Royal Exchange General Insurance Company Ltd.
“It was a very insightful workshop and participants were well exposed to opportunities in the Emerging Customer/Insurance resilience landscape.”
About the InsuResilience Investment Fund (IIF):
The InsuResilience Investment Fund, formerly known as Climate Insurance Fund, is an initiative created by KfW, the German Development Bank, on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). The overall objective of the InsuResilience Investment Fund is to contribute to the adaptation to climate change by improving access to and the use of insurance in developing countries. The specific objective of the fund is to reduce the vulnerability of poor and vulnerable households as well as micro, small and medium enterprises (MSME) to extreme weather events.
The InsuResilience Investment Fund has been set up as a public-private-partnership. It combines Private Debt and Private Equity investments in two separately investible Sub-Funds, open for private investors from July 1, 2017. Technical assistance and premium support facilities complement the IIF and are separately funded by BMZ.
Visit IIF on www.insuresilienceinvestment.fund
Swiss Insurtech company CelsiusPro specializes in providing parametric insurance solutions to mitigate the risks of adverse weather and natural disasters. CelsiusPro’s consulting services include feasibility studies, product design, insurance scheme design, individual risk assessments, process digitalization and education services.
A parametric drought and livestock insurance programme in Kenya that leverages data from satellites have helped farmers cope with the impact of extreme weather conditions. While still in its infancy, the model could be replicated across the world to protect small- scale farmers, says Sebastian Glink, Director Business Development and Technology at CelsiusPro in a guest article of the Middle East Insurance Review. Read more.
Next to the guest article CelsiusPro contributed to the cover story “Climate risk – Insuring a highly volatile future” with data and maps about rainfall distribution across the MENA region:
Big data enables insurers to quantify risk, design and price insurance products and validate and settle claims. CelsiusPro Director Business Development and Technology Sebastian Glink offers some insights in a guest article of the Asia Insurance Review Magazine.