Innovative approaches to agriculture insurance in South East Asia and Africa
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1 Innovtive pproches to griculture insurnce in South Est Asi nd Afric 6th Micro-insurnce Round-Tble Forum, Singpore April 2012 Mngesh Ptnkr Dr. Romn Hohl 6th MiRT Forum Singpore April 2012
2 Agend Looking beyond trditionl covers Index insurnce Cse Study 1: "Indi Wether nd yield index" Cse Study 2: "Vietnm Pilot re yield index scheme" Cse Study 3: "Keny NDVI bsed livestock insurnce" Concluding remrks 6th MiRT Forum Singpore April
3 Looking beyond trditionl covers Indemnity bsed griculture insurnce hs long trdition in developed economies nd is incresingly introduced in emerging mrkets However: Trditionl insurnce works only for lrger frm units (e.g. > 10 h) Relies on the insurnce industry s distribution chnnel Is expensive (loss djustment, dministrtion) Often needs government subsidies to mke it ffordble. But: developing mrkets with predomintely smll frm units (t times even less thn 1 h) need risk trnsfer products tht re cost efficient nd pyout fst. They lso need products which could be distributed esily Three pproches hve worked prticulrly in Asi: Are Yield Index covers (e.g., Indin government progrm) or conventionl griculture insurnce where one policy is issued for n entire villge (e.g. Chin) Using proxies: Wether mesurements (Wether Index) tht re closely correlted to yield Clmity bsed schemes: Bsed on government's existing d-hoc disster relief schemes 6th MiRT Forum Singpore April 2012
4 Index Insurnce Index bsed insurnce is finncil protection with pyouts defined s function of wether or Yield prmeter Index insurnce pys out bsed on the index (without field ssessments) tht is highly correlted with griculture production Exmples of Indices : Yield dt, Wether dt like Rinfll, Temperture (min, mx), Reltive humidity, Sunshine hours, NDVI (stellite bsed) Merits: Trnsprent product Fster pyouts Reduced dministrtive costs Limited nti-selection / morl hzrd Chllenges: Bsis risk (inpproprite product design, non vilbility of dt) Expertise to develop good products Mistrust in the index Beneficiries of index products include: Frmers nd coopertives Bnks / MFIs Government entities 6th MiRT Forum Singpore April 2012
5 Development of Wether nd Are Index Insurnce Wether Index Insurnce First del with Bsix (microfinnce institution) for Cstor nd Groundnut crop in Mehbubngr, Andhr Prdesh ginst deficit rinfll 2007 Indin Government strted providing subsidies - helped in mrket growth Key elements tht mkes index solutions sclble: Trnsprent index tht correltes for key peril(s) with griculture production with bsis risk clerly understood by ll prties Commitment of locl insurer to understnd index, interest for commerciliztion nd willingness to ssume prt of the risk Use of effective distribution chnnels (e.g., insurers, governmentl institutions, MFI/bnks, input suppliers) where lrge rurl popultion cn be reched in cost effective mnner Legl frmework tht recognizes index products Support from interntionl reinsurers to protect from lrger losses nd to foster future growth The growing wether mrket still fces chllenges such s need to increse wreness mong frmers, develop cost effective distribution chnnels, increse density of wether sttions, vilbility of qulity wether dt Are Yield Index Insurnce Strted s pilot in Scled up nd improvised versions in 1985,1999 nd most recently in 2010 More thn 24 mn frmers covered during In terms of the number of insured, world's lrgest crop insurnce! Fetures of Modified NAIS (lunched s pilot in 2010) Swiss Re supports product development inititives in Indi nd cts s the key interntionl reinsurer Privte plyers' prticiption Acturil premiums (subsidised by govt.) Lower settlement unit (block/grm pnchyt) Threshold yield clculted on lst 7 yers of yield Loclized nturl perils covered Prevented sowing/post hrvest loss covered 6th MiRT Forum Singpore April 2012
6 Are Index Bsed Contrcts in Vietnm Sitution: Agriculture produces 22% of GDP (30% export turnover) nd employs 60% of popultion Rice is the key crop with 38mio tons produced nnully (incresing trend) nd Vietnm being the second lrgest exporter fter Thilnd Smll frm sizes (1 h) nd up to four rice crops per yer Vietnm is exposed to nturl hzrds (typhoon, flood, drought) tht cn cuse losses of 5% of GDP in extreme cses nd Vietnm is mong the countries to be most dversely ffected by climte chnge Government decided to move from post-disster funding to pre-disster risk trnsfer pproch (insurnce) in griculture nd commissioned VinRe, Bo Viet nd Bo Minh with the implementtion of griculture insurnce in 2010 Swiss Re cts s development prtner/dvisor nd is the key reinsurer Solution fetures (rice): Cover: Are Yield Index insurnce per rice seson to cover nturl perils Pyout: Actul yield < Gurnteed Yield per district nd seson Sles: insurnce policies between commune heds nd insurer, certifictes between commune hed nd frmer Scle (pilot): 7 provinces with 700,000 h nd some 600,000 frmers Government: premium subsidies per income level of frmer Advntge: covers regionl clmities, fst pyout, len costs for distribution / dministrtion, uses government system for distribution Disdvntge: bsis risk (pyout only if re yield is low) 6th MiRT Forum Singpore April 2012
7 Vietnm Yield Index Bureu of Sttistics reports re yields t high smpling density (mx 2 months fter hrvest) Frmer Apply for insurnce t Rice hrvest plnting Obtins pyment (mx 3 months fter hrvest) Commune Hed Issues certificte Collects premium Flood Obtin loss pyment (re, seson) Insurer Issues policy Obtins premium Obtin yield dt Clculte loss (re, seson) Notifies commune hed of loss, pys loss Reinsurer Confirm loss Py loss to insurer 7 6th MiRT Forum Singpore April 2012
8 Index Bsed Livestock Insurnce Sitution : Keny Livestock Index Insurnce Progrmme: Livestock is key livelihood for pstorlists from Mrsbit, in Kenys's remote northern drylnds. With more thn 86,000 cttle, 2 mio gots & sheep, Mrsbit genertes millions of dollrs in milk nd products tht serves s min source of sustennce nd income Mrsbit districts re ffected by current Horn of Afric Drought, triggering food crisis ffecting round 13 million people in Keny, Somli nd Ethiopi. Food crisis ws mostly result of Livestock crisis with 1/3 rd of livestock perishing in current drought When vegettion for grzing begn to dry up nd livestock strted to die, the knock-on effects on frmer livelihoods becme strikingly cler A n Index bsed Livestock Insurnce progrmme (IBLI) ws designed in 2010 by ILRI, distributed by Equity bnk nd Africn Insurnce provider UAP Insurnce Ltd. Swiss Re is the key nd sole reinsurer for this progrmme Solution Fetures: Cover : IBLI uses stellite imgery (NDVI) to determine potentil losses of livestock forge due to droughts. NDVI regulrly updted by NOAA nd NASA. Index constitutes NDVI dt long with Livestock mortlity dt resulting in sttisticl model tht relibly predicts degree of forge reduction resulting in drought relted livestock deths Pyouts : IBLI Pyouts re triggers when stellite imges show tht grzing lnds in the region hve deteriorted to the point tht herders re expected to be losing more thn 15% of their herd Advntge : Quick compenstion without ctul verifiction of ded niml, stellite imges prcticlly vilble in rel time showing forge scrcity Disdvntge : Complex product, not well understood by pstorlists, bsis risk, continuity in vilbility of NDVI dt 6th MiRT Forum Singpore April 2012
9 Summry Agriculture sector is importnt in mny emerging countries in Asi nd Afric. Consistent production growth is vitl to mintin food security However most of the rble lnd is lredy in use nd projected impcts of climte chnge cn mke griculture production more voltile through more severe droughts, typhoons nd floods. This could severely impct the income levels of the grrin popultion. Index-bsed covers s well s clmity-bsed schemes could be good options to insure lrge number of smll frmers in such countries. The schemes come with their own dvntges (bility to cover lrge re, objectivity in clim determintion, reltively fster settlements etc.) nd disdvntges (bsis risk, skepticism). For successful scheme, ll stkeholders need to work together under privte public prtnership including government, insurnce industry nd reinsurers. 6th MiRT Forum Singpore April
10 Thnk you... 6th MiRT Forum Singpore April
11 Legl notice 2012 Swiss Re. All rights reserved. You re not permitted to crete ny modifictions or derivtives of this presenttion or to use it for commercil or other public purposes without the prior written permission of Swiss Re. Although ll the informtion used ws tken from relible sources, Swiss Re does not ccept ny responsibility for the ccurcy or comprehensiveness of the detils given. All libility for the ccurcy nd completeness thereof or for ny dmge resulting from the use of the informtion contined in this presenttion is expressly excluded. Under no circumstnces shll Swiss Re or its Group compnies be lible for ny finncil nd/or consequentil loss relting to this presenttion. 6th MiRT Forum Singpore April
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