Largest Non-Governmental Climate Insurance Program Launches for African & Asian Smallholder Farmers
Over 690,000 families totaling up to four million people living in six low-income countries stand to benefit from a new climate insurance program launched today by VisionFund International, World Vision’s microfinance arm and Global Parametrics, a new venture funded by the United Kingdom’s Department for International Development (DFID) and by the InsuResilience Investment Fund, set up by German development bank KfW and managed by Swiss-based impact investment manager BlueOrchard Finance. Financing for the initial preparation and assessment required to implement the program came from the Rockefeller Foundation and FMO, the Dutch development bank.
The program known as the African and Asian Resilience in Disaster Insurance Scheme (ARDIS) is thought to be the world’s largest non-governmental climate insurance program. ARDIS will increase access to finance and provide post disaster recovery lending to rural families and smallholder farmers who live below the poverty line and participate in VisionFund’s microfinance network. In its first year, ARDIS protection will be provided to VisionFund’s clients in Kenya, Malawi, Mali, Zambia, Cambodia and Myanmar, of which around 80% are women. This program will effectively meet 1% of the G7 goal to increase access for up to 400 million uninsured people in developing countries to insurance products that protect against climate risk.