Apr 25, 2012 (LBO) – International Finance Corporation (IFC), a World Bank arm that finances private firms said it was developing weather-based agricultural insurance for Sri Lanka with a micro-insurer.
IFC said it was helping Sri Lanka’s SANASA Insurance to develop ‘weather index insurance’ to reduce losses to farmers from floods or droughts.
“These insurance products, designed in collaboration with SANASA, will improve the livelihoods of small farmers in Sri Lanka by reducing the impact of adverse weather conditions,” Adam Sack, IFC country manager for Sri Lanka said in a statement.
The pilot project will help up to 15,000 small farmers get access to insurance against natural disaster and raise awareness among 50,000 others about index-based agricultural insurance.
The statement quoted SANASA co-operative movement founder P A Kiriwandeniya as saying that the products will provide farmers with affordable and flexible cover against natural disasters.
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“Index-based insurance products pay out benefits calculated using a pre-assigned value for losses arising from weather or catastrophic events,” IFC said.
“Such products eliminate the need for insurance companies to individually ver