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CBG, Are Poised to Develop Micro, Meso Insurance – InsuranceNewsNet

“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 Gambia.

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“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.

Lesley Ndlovuthe chief executive officer of ARC, in a video statement, expressed his joy at such an activity occurring in the Gambia to discuss the importance of Macro and Meso Insurance.

“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 .”

Mr. Elephant further declares that the government of The Gambia is exemplary in the fight against climate change by working with all stakeholders to mainstream insurance in line with the disaster risk management approach.

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