Applying seasonal climate forecasting and innovative insurance solutions to climate risk management in the agriculture sector in SE Asia
As of: November 2019
Objective and activities
This project will develop resilient climate risk management systems, best practices, and insurance products that will shield smallholder farmers and businesses engaged in the coffee, sugar, rice, cassava, and grazing industries across the value chain from physical and financial disaster associated with climate change. It will assist ministries in developing adaptation and risk management strategies. The project goals will be achieved through 5 key comprehensive planned measures:•Participatory workshops and socio-economic surveys to explore cc risks, adaptation challenges, enabling factors and barriers•Targeted seasonal climate forecasts to assist with cc adaptation •Financial risk management tools, including index-based insurance products•Environmentally responsive, climate smart, risk management tools and best management practices•Knowledge-driven national and regional adaptation and risk management strategies, and suitable incentive driven programs and measures.
State of implementation/results
- An "Insurance Risk Assessment" scientific workshop was organized on 22 August 2018 in London UK: The aim of the workshop was to bring leading insurance and reinsurance professionals and researchers together to identify insurance risks, data needs and potential insurance products for small businesses and agribusinesses which are suitable in certain Asian countries.
- Official project launch from October 17 to 18, 2018 in Hanoi Vietnam: Formal start of the project with the relevant stakeholders and national project partners. Awareness was raised for key stakeholders in the agricultural sector regarding available climate risk management and transfer mechanisms, including the application of seasonal climate forecasts and harvest insurance products for vulnerable farmers and industries.