|Targeted News Service|
"In the history of weather index insurance programs, this is the first-ever set of large payouts directly to small scale farmers in
"With today's changing climate, crop insurance has become a critical tool in building the resilience of some of the world's most vulnerable populations," said Dr.
"We used to be blocked because it was too expensive, if not impossible, to get drought and crop loss data in time to help the farmers," said
In many rural areas, disaster often strikes poor farmers hard, forcing them to make choices that drag their families deeper into poverty. To survive, they might have to sell their tools for cash to buy food, or take their children out of school to save on fees. With weather insurance, farmers can protect the investment they make in their crops, and feel confident in taking out loans for fertilizer and better seeds to improve their harvests.
The R4 project has scaled from 200 households purchasing insurance in one village in 2009 to more than 18,000 enrolled households in 76 villages this year. Farmers have been able to purchase insurance with cash, or for the first time, partially with cash and partially with labor. As a progressive step toward building a commercial insurance market in rural
"Access to finance and risk management is pre-requisite for financing investments into better farming technology, hence increasing incomes. With this in mind
This innovative public-private partnership is expanding from
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