CBG, Are Poised to Develop Micro, Meso Insurance
The Central Bank of The
Held at the
Deputising the
He added that this initiative was designed to improve responses and policy strategies with respect to climate change-related issues and address the issue of food security emergencies.
"Subsequently, considering certain limitations of the sovereign solutions,
"Macro insurance policies are designed for individual policyholders or beneficiaries, mainly farmers. The Measure insurance policy is underwritten through aggregators including producers, associations, financial institutions, agribusinesses, and NGOs among others."
Mendy continued that Parametric Insurance Policies are most frequently implemented in developing countries as a risk management tool in agriculture and usually targets low-income earners. The workshop, he said, is unique and important for The
"It will potentially result in the formulation of major groundbreaking policies to boost financial inclusion while we endeavour to create a more climate resilient economy. Climate change is one of the most critical and devastating challenges globally, particularly in developing countries of which Sub-Saharan Africa is not an exception."
He said that the move to conceive proactive proper economic policy measures which support the initiative to rekindle our agricultural sector is critical and timely, considering the significant contribution of agriculture to the country's GDP and employment creation
"It is universally acknowledged that there is an increase in natural disasters and this is most felt by the most vulnerable communities in the African continent, including smallholder farmers and households. To effectively address these challenges, we need to scale up and expand our insurance."
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