A global flood risk modeller has said it is expanding its insurance pricing scheme to cover the impact of weather on crops in India, coinciding with the start of rabi season. JBA Risk Management Managing Director Iain Willis said the India Weather-Based Crop Insurance Scheme (WBCIS) is expected next year.
In Africa, 1,145 natural disasters including droughts, extreme temperatures, floods, storms, wildfire, earthquakes (including tsunamis), mass movements, volcanic activity and land- slides occurred during 1995 and 2015 with 308 million people affected and damages of US$ 17 billion. The most frequent type of disaster was floods (64%) followed by storms (14%) and droughts (13%). However, droughts accounted for 80% of the affected people. The total damage was US$ 17 billion.
Nespresso has partnered with Blue Marble Microinsurance — a startup with the mission of providing socially impactful, commercially viable insurance protection to the underserved and incorporated by nine insurance entities — to launch a pilot weather index insurance program for smallholder coffee farmers in Colombia. There is an immediate need to establish innovative solutions that help to ensure coffee producers have long-term security in the face of climate change.
Smallholder farmers in the Pacific have no access to weather index-based insurances, while flooding is a real threat for them. Preliminary research in the region suggests that weather and agricultural data, and the exact locations of farmers is weak in the region. Catastrophe risk insurance can provide quick payouts in the wake of a major disaster. The Pacific Catastrophe Risk Insurance Pilot (PCRIP) was a pilot that tested a multicounty index-based risk pooling programme.
The Cabinet chaired by Chief Minister, Mehbooba Mufti on Tuesday accorded in principle sanction to the adoption of the Restructured Weather Based Crop Insurance Scheme (WBCIS) in respect of Horticulture Crops viz Apple, Saffron, Mango and Litchi for the State of Jammu and Kashmir in addition to “Pradhan Mantri Fasal Bima Yojana” (PMFB).
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