Monsoon insurance by ClimateRe
Mar 21, 2016
This is an excellent idea and it seems that by requiring insurance companies to offer crop insurance, the government has taken a very important first step. It seems like the next step is working very closely with insurance companies and farmers to design insurance products that are suitable and acceptable to both. I know that most insurance companies put a LOT of research into the "trigger point," (the amount of precipitation, etc) that allows pay out. Finding the measurement that allows insurance companies to stay in business and also adequately compensates farmers is a critical part of index insurance. You might narrow your proposal to specifically work on designing sample insurance products in consultation with insurance companies in farmers and then use these sample products to raise awareness about the opportunity of index insurance for both sides.
Mar 21, 2016
Also, this project, http://basis.ucdavis.edu/2014/07/16/field-trip-report-agricultural-insurance-in-nepal/, is working to do something very similar. There will be good synergy with your ideas.
Apr 3, 2016
What climate projections would you adopt in order to quantify the insurance to be provided?
Apr 4, 2016
@lauriea thanks a lot for your encouraging remarks and suggestions. We have designed two basic products for coffee farmers and rice farmers for Nepal, however, needs to be still tested and tuned.
@nutshell - We will use last 20- 30 years of meteorological and crop data to model the crop loss specific to meteorological events (rainfall, storm etc.). The loss and thus the indemnity payment will be based on measured meteorological data (radar or ground meteorological station).
May 7, 2016
Please bear in mind the following criteria:
It would be great if you could explain in your proposal What climate projections would you adopt in order to quantify the insurance to be provided.
May 17, 2016
Dear proposal author(s)
Thank you again for submitting your proposal to the adaptation contest.
Just a friendly reminder: you only have 6 days left to update and improve your proposal before the contest closure on May 23rd!
Keep up the good work and let us know if you have any queries!
Adaptation Contest Fellow
May 23, 2016
Last day to refine the proposal. Looking forward to seeing the final version.
Question - if all buy in, would all farmers suffer the same monsoon damages coincidently? Would all claim at once, bankrupting the system? I'm not sure I understand how this works. Maybe walk through an example application from Nepal (or maybe Bangladesh/India)? Looking forward to better understanding how it works.
May 23, 2016
Dear participants, would be interested to know more on your proposal, particularly, the specific risk or risks to be faced by the insurance to make it feasible and the amount of money to be involved in order to pay the insurance. As well, if this will be an insurance established by law or just as a possible insurance offered by a private entity or the State. Cheers.