“Macro insurance policies are designed for individual policyholders or beneficiaries, mainly farmers. The Measure Insurance policy is underwritten by aggregators, including producers, associations, financial institutions, agribusinesses and NGOs among others.”
Mendy continued that Parametric Insurance policies are most often implemented in developing countries as a risk management tool in agriculture and usually target low income earners. The workshop, he said, is unique and important to The
“This will potentially lead to the formulation of major ground-breaking policies to boost financial inclusion as we seek to create a more climate-resilient economy. Climate change is one of the most critical and destructive challenges worldwide, especially in developing countries whose Sub-Saharan Africa is not an exception.”
He said that the move to devise proactive proper economic policy measures that support the initiative to re-energize our agricultural sector is critical and timely, considering the significant contribution of agriculture to the country’s GDP and job creation.
“It is widely recognized that there is an increase in natural disasters and this is felt most by the most vulnerable communities on the African continent, including small farmers and households. To effectively address these challenges, we must scale up and expand our insurance .”