The product which was developed by the Pacific Insurance and Climate Adaptation Programme, will be piloted in Samoa over the next 12 months.

The introduction of parametric insurance in Tonga last year is already having a positive impact on the mindset of beneficiaries, as well as the country’s overall financial services ecosystem.

This new partnership aims to build the capacity of insurers and distribution channels on disaster risk reduction and climate change adaptation.

Under the strategic partnership, Lexasure’s digital insurance offering for farmers, Flourish, will be integrated with the AgriON app, providing easy access to purchase and manage agricultural insurance to provide farmers with greater resiliency against adverse events. 

Both products offer combined insurance cover against heavy wind and rainfall and are designed to offer immediate financial support after extreme weather events.

The overall program objective is to increase the productivity of the participating actors in the agricultural value chains particularly affected by climate change.

The UNDP's RRF2 program aims to support rural organizations made up of a vulnerable populations.

The co-investment represents IFC's first investment in the insurance brokerage sector and reflects IFC's interest in increasing insurance penetration for Mexican companies alongside a leading player in the market.

Under an agreement, IFC will provide PasarPolis with $5 million in equity finance to develop infrastructure to connect insurers, digital platforms and customers unserved by the traditional insurance sector.

Under the agreement, IFC will help AIA Sri Lanka develop a women's insurance program strategy and suitable products for Sri Lankan women.