Details - International Climate Initiative (IKI)

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Innovative Insurance Products for Climate Change Adaptation

As of: April 2018

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”.

Project data

Country:
Ghana

Implementing organisation:
Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH

Partner institution:
  • Ministry of Finance and Economic Planning - Ghana
  • Ministry of Food and Agriculture - Ghana
  • National Insurance Commission - Ghana

BMU grant:
€ 3,872,347.48

Duration:
12/2009 till 06/2014

Website:



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