GlobalAgRisk, Inc

Description

Background to the Workshop (Spanish version) GlobalAgRisk specializes in developing innovative financial instruments to transfer extreme weather risk so as to improve the lives of the poor. Creating new, viable financial instruments in middle and lower income countries includes designing, underwriting, actuarial analysis, as well as legal and regulatory advising. GlobalAgRisk has worked in over 15 countries and currently has major projects in Perú, Vietnam, and Mongolia. Most recently, GlobalAgRisk designed an El Niño index insurance product (El Niño Insurance) based on extreme values in the sea surface temperature. El Niño events create catastrophic flooding as well as severe hardships for communities and households in the northern regions of Perú and act as a significant constraint for market development in this region. In 2010, the first-ever El Niño index insurance was offered by La Positiva Seguros. GlobalAgRisk has a cooperation agreement with La Positiva Seguros as part of the market development process to advance this class of insurance products in Perú. The El Niño index insurance pays early as catastrophic flooding just begins, which offers the opportunity of using insurance payments to mitigate the problems that will follow. The El Niño index insurance product can be used by a wide range of stakeholders — financial institutions, local and regional governments, producers associations, firms in the value chain, and water-user boards. GlobalAgRisk is building the capacities of these stakeholders to develop a clear understanding of how natural disaster insurance like El Niño Insurance can facilitate improved risk coping and adaptation strategies within the financial sector and by government institutions of Perú. GlobalAgRisk efforts in Perú are supported by the Bill and Melinda Gates Foundation and the United Nations Development Programme. General Objectives of the Workshop financial risk management instruments that can enhance economic growth and provide an additional source for public-sector responses to disasters

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