The agricultural insurance industry must accelerate its digital transformation. Providers' experience over the last few years shows that cooperation with tech companies and start-ups can significantly speed up the change.
The report introduces the concept of social protection, provides an overview of the current state of social protection, discusses the linkages between social protection and climate, and sheds light on social protection in the broader realm of risk insurance.
United Nations University Institute for Environment and Human Security
The $1.5 million USD policy, signed by Start Network and provided by African Risk Capacity, is built on ‘parametric’ insurance. This means it pays out before a crisis, based on pre-agreed scientific triggers, based for example on rainfall data.
Connecting climate and disaster risk financing instruments with social protection systems at regional or local levels can enable insurance schemes to better reach and target the needs of vulnerable people in response to climate shocks.