The Global Index Insurance Facility (GIIF)
The Global Index Insurance Facility (GIIF) is a World Bank programme that provides advice on insurance solutions to insurance companies, policyholders and partner countries. The programme facilitates access to finance for smallholder farmers, micro-entrepreneurs, and microfinance institutions through the provisions of catastrophic risk transfer solutions and index-based insurance in developing countries. GIIF’s regional partners have facilitated more than 1.5 million insurance contracts, covering over 6 million individuals, with $148 million in sums insured. In addition, GIIF reaches over one million people with both information and access to index insurance.
GIIF operates primarily in Sub-Saharan Africa, Asia, and Latin America and the Caribbean. The facility aims to extend its reach to 32 million people in Africa and Asia by 2020.
GIIF relies on support and participation from both the private sector and governments. It aims to build sustainable index insurance markets and promote innovative insurance solutions through the following:
1) Financial education
2) Capacity building and subsidies
3) Technical advice on products and pricing
4) Public policy dialogue and regulatory environment facilitation
GIIF is a multi-donor trust fund which is funded by the European Union, and the governments of Germany, Japan, and the Netherlands.
Further information: https://www.indexinsuranceforum.org/