ARC And Partners Launch Climate Insurance Pilot Project
ARC And Partners Launch Climate Insurance Pilot Project
The African Risk Capacity Limited (ARC Ltd), the Côte d’Ivoire Environment and Sustainable Development Ministry (MINEDD), and the United Nations Development Programme (UNDP) in Côte d’Ivoire have started a climate insurance pilot for agricultural value chains for Côte d’Ivoire rice farmers.
The project, as stated in the release, intends to create a strong operational framework that may be applied to other agricultural value chains, such as those for cotton, maize, and cocoa.
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55 participants from the private insurance industry (AXA, Atlantiques Assurance, ALLIANZ, and the National Direction of Insurance), as well as technical ministries and organizations from Côte d’Ivoire including the Sodexam, the Anader, the FIRCA, and the ADERIZ, attended the inauguration ceremony.
After a workshop, the event came to a close with 17 proposals put forth by stakeholders to guarantee the pilot project’s success.
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ARC And Partners Launch Climate Insurance Pilot Project
The design of an insurance product for the industry should involve Sodexam, a state-owned company in Côte d’lvoire that is also in charge of meteorology operations, among other things. Premiums should also be subsidized, and a novel system of premium payment and collection should be implemented to prevent the dispersal of rice farmers.
The FUSCOP RIZ CI “COOP-CA,” a federation of rice producers and their board of directors, is also involved in the project’s administration. The pilot project is a component of a larger effort to find sustainable climate change solutions for agriculture.
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David Maslo, ARC Ltd Head of Business Development commented: “ARC and its partners initiated this pilot project as a result of the critical need to protect the agricultural sector and producers’ income from the impact of climate change.
“And while we are here as coordinator and initiator, it is important to stress that the ownership of this pilot programme lies fully with the country’s stakeholders.”
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