Innovative Insurance Products for Climate Change Adaptation
As of: August 2020
Objective and activities
This project aimed to help Ghana manage the socio-economic costs and risks associated with climate change. It did so by developing and placing on the market climate-related agricultural insurance schemes for selected value chains. The project involved cooperation with regulatory and supervisory bodies, insurance companies and insurance industry associations, as well as consumers. In addition, a project knowledge management component on climate risk insurances in the IKI was added at a later stage.
State of implementation/results
- Project completed
- The project created institutional preconditions and knowledge basis for the introduction of risk insurance schemes for the agricultural sector in Ghana.
- 36 automatic weather stations were acquired and installed in seven out of ten regions in Ghana.
- The Ghana Agriculture Insurance Program (GAIP) developed two weather index insurance products (for corn and soy) and an insurance product based on a yield index.
- Beyond the Ghanaian context the project generated knowledge for index based insurance schemes.
- Selected activities are followed up in the IKI project “Promoting integrated mechanisms for climate risk management and transfer”.