The Global Index Insurance Facility (GIIF)
The Global Index Insurance Facility (GIIF) is a World Bank Group programme that provides advice on insurance solutions to insurance companies, policyholders and partner countries in the context of climate change. The programme facilitates access to finance for smallholder farmers, micro-entrepreneurs, and microfinance institutions through the provisions of catastrophic risk transfer solutions and agriculture insurance (such as parametric or index) in developing countries. GIIF’s regional insurers have issued approx. 7.5 million insurance contracts, covering around 38 million individuals, with $1.3 billion in financing facilitated.
GIIF operates primarily in Sub-Saharan Africa, Asia, and Latin America and the Caribbean. In this global outreach, the facility aims to extend its reach to 42 million people by 2020.
GIIF supports local ecosystems with participation from both private sector and governments which aims at building sustainable agriculture finance and insurance markets, and promote innovative insurance solutions through the following:
1) Financial education
2) Capacity building and smart subsidies
3) Technical advice on products and pricing
4) Public policy dialogue and regulatory environment facilitation
GIIF is a multi-donor programme, funded by the African, Caribbean and Pacific Group of States (ACP) Secretariat/the European Union, and the governments of Germany, Japan, and the Netherlands.
Further information: https://www.indexinsuranceforum.org/