WorldFish Bangladesh organized a seminar “Challenges on Indexed Based Insurance (IBI) design and implementation”, on the 11th of September 2013. The seminar was conducted by Dr. Helen Greatrex, Post-doctoral research scientist at the International Research Institute (IRI) for Climate and Society, University of Columbia, New York.
IRI's Financial Instruments Sector Team helps people overcome climate risk through financial tools, and has been working on index insurance since its introduction 10 years ago. IRI have worked in over a dozen countries on hundreds of index contracts leading to many tens of thousands of policies purchased by farmers. Through IRI’s work on index insurance for climate adaptation and poverty reduction, they have unlocked many of the key constraints for index insurance to be able to meaningfully address poverty at large scales, overcoming what have previously been considered impossible hurdles in technology, information, poverty levels, and farmer involvement. This talk was designed to share some of our experiences and to highlight the growing index insurance community in Bangladesh, including a report back on the WorldFish led Index Insurance workshop held this week in Dhaka.