Public Private Partnerships for Agricultural Insurance
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1 Roundtable on the Development of Agriculture Insurance Methodology in Tanzania JUN Public Private Partnerships for Agricultural Insurance Chloe Dugger, Operations Officer World Bank Group
2 Contents 1. Government support to agricultural insurance 2. Key lessons learned from international experience 3. World Bank Group offerings
3 Agricultural insurance programs that have successfully scaled up build on strong publicprivate partnerships Public sector innovation and action Sustainable, scaled up agricultural insurance Private sector innovation and action Agricultural risk assessment Typical examples: Brazil India Spain Turkey United States etc. The top 10 governmentsubsidized agricultural insurance nations accounted for $19.7 billion (89 percent) of total agricultural insurance premiums in 2011
4 Governments can provide support to agricultural insurance in a variety of ways
5 Governments can increase uptake and reduce adverse selection through policy measures Make crop insurance compulsory for farmers accessing formal credit India, Mexico, Brazil, Morocco Provide disaster aid only to farmers who have purchased crop insurance USA, Spain, Turkey Link to new or existing social safety net programs Kenya, Mongolia Set standards for pricing and coverage levels USA, Spain, Turkey Establish statutory coinsurance pool Turkey, Spain Establish agricultural insurance legislation Brazil, Canada, Morocco, Spain, Turkey
6 The largest agricultural insurance markets are concentrated in high income countries and most show high levels of government premium subsides Country Type of Agricultural Insurance market Government Premium Subsidies Total Agriinsurance premiums (USD Million) % of Total Global Premium Volume Agricultural GDP (US$ Million) Agricultural Insurance penetration (% of Ag GDP) USA PPP (MPCI); Private (Hail) 7,410 11,400 49% 175, % China Public-Private Partnership 2,034 2,543 11% 918, % Canada Public 690 1,379 6% n.a n.a Japan Public-Private Partnership 600 1,200 5% 71, % Spain Public-Private Partnership % n.a. n.a. India Public-Private Partnership % 320, % Russia Public-Private Partnership % 78, % Argentina Private % n.a. n.a. Brazil Public-Private Partnership % 129, % Turkey Public-Private Partnership % 69, % Mexico Public-Private Partnership % n.a n.a South Africa Private % n.a. 1.77% Australia Private % 61, % Rest of World 617 3,084 13% World 13,164 23, % 2011 figures The educational material contained in this document has been made available for public use. However, clear reference needs to be made to the authors on any citation and permission must be sought from the authors before using the material in any way.
7 Agricultural insurance programs use a range of products and implementation arrangements Selected government supported agricultural insurance schemes MPCI Traditional Index-based Government Livestock Area yield Weather Livestock subsidy (premiums, A&O, losses) Government reinsurance Brazil x x x x Canada x x x x x x x Coinsurance pool China x x x x x x India x x x x x Mexico x x x x x x x Mongolia x x x Morocco x x x x Senegal x x x x x Spain x x x x x x Turkey x x x x x Ukraine x x x x x USA x x x x x x x
8 Policy objectives inform the choice of appropriate products
9 Contents 1. Government support to agricultural insurance 2. Key lessons learned from international experience 3. World Bank Group offerings
10 Government resources and capacity are especially critical in specific areas Data collection and management Awareness creation, education and training Registration of beneficiaries/ policy holders Training for distributors Capacity building for insurance industry
11 Product quality is critical for all programs: the India example Reliability of coverage Data needed to estimate losses is prone to error and manipulation, and insurance units are too large. Risk that insurer might apply an area correction factor therefore decreasing expected payouts Current monitoring system does not focus on reliability of coverage Premiums Subsidy allocation does not benefit all farmers ( e.g. farmers who have invested in risk reduction) Moral hazard, adverse selection, system abuse lead to higher costs High loadings due to concerns about the quality of yield data Limited client value Timeliness of Payouts Data collection/transfer is a long process State premium subsidies is often delayed Claims payment takes too long Limited client value generates low coverage since many farmers opt out of insurance
12 Effective delivery channels require careful planning and collaboration: the Kenya example GoK is implementing: Delivery through County Governments and National Department of Livestock LIVESTOCK INSURANCE County Governments select households for fully subsidized cover for up to 5 TLUs and National Department of Livestock pays 100% of premium Claim payments through banking agent networks and mobile banking in order to reach remote areas Delivery through private sector in coordination with government initiatives CROP INSURANCE Financial institutions that provide input credit to semi-commercial farmers Crowds in inputs (e.g. improved seeds and fertilizer) to increase crop production Fertilizer dealers that participate in government subsidy program
13 Contents 1. Government support to agricultural insurance 2. Key lessons learned from international experience 3. World Bank Group offerings
14 Convening Services Financial Services Analytical and Advisory Services WBG provides a range of services to support public private partnerships for agricultural insurance Product Diagnostic studies Examples Kenya, South Africa, Bangladesh Analytical tools for financial decision making (e.g. contract design tool, index insurance product evaluation tools) Technical assistance for design, preparation and implementation of large scale agricultural insurance schemes Technical assistance for legal and regulatory issues Publications Lending for investments related to agricultural insurance implementation (e.g. data and systems, risk financing) Intermediation services to establish regional sovereign or sub sovereign insurance pools Kenya, Pacific Islands India, Mongolia, Kenya CIMA countries, Kenya Government support to agricultural insurance, 2010; Dull Disasters, 2016 Mongolia, pipeline Caribbean Catastrophe Risk Insurance Facility; Pacific Catastrophe Risk Insurance pilot Regional trainings and peer exchanges Kenya, Mozambique, Sri Lanka Communities of practice Collaboration among countries, private sector and development partners Global Action Network on agriculture insurance, indexinsuranceforum.org
15 WBG technical assistance to Kenya s Ministry of Agriculture started in Jan 2014 and the program launched in October 2015 Led by WBG Led by GoK Jan - Jun 2014 (6 months) Diagnostic: Agricultural and livestock insurance solutions appraisal Jul 2014 Sep 2015 (14 months) Preparation: Develop publicprivate partnership strategy Oct present Implementation Monitoring & Evaluation
16 Further Information Contacts: Chloe Dugger Operations Officer
17 Backup
18 Agricultural insurance can be used to pursue different policy objectives Raise productivity Can help improve access to agricultural credit, agricultural inputs for farmers Protect poor farmers Can provide farmers with some protection against catastrophic losses Protect the Government s budget Can help reduce the contingent liability for governments
19 Premium subsidies require careful analysis and design Policy decision making Implementation considerations Engage appropriate policy bodies in decision to adopt premium subsidies (e.g. National Treasury) Provide clear rationale for premium subsidies Economic welfare impact analysis Fiscal costing over time Entity for management and auditing of subsidy program Specific budget line for annual agricultural insurance premium subsidies Fixed vs. variable premium subsidy levels Criteria for accessing premium subsidy (e.g. caps or no caps) Procedure for claiming premium subsidy ICT platform for registration, yield data and premium subsidy management
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