A $10 million climate insurance program targets women farmers in Africa and Asia, including Cambodia and Myanmar.
VisionFund International and Global Parametrics launched the African and Asian Resilience in Disaster Insurance Scheme (ARDIS) in January 2018 to increase access to finance and provide post disaster recovery lending to rural families and smallholder farmers who live below the poverty line.
VisionFund is the microfinance arm of development charity World Vision. Global Parametrics is a new venture backed by the British and German governments.
The program provides quick access to recovery lending, essentially small loans with special terms, to clients of VisionFund’s microfinance institutions in Kenya, Malawi, Mali, Zambia, Cambodia and Myanmar, around 80% of whom are women.
Global Parametrics’ climate-based data modelling verifies the climate event and triggers access to both contingent liquidity and risk capital by VisionFund’s microfinance institutions.
Read the news release at VisionFund.