ISF supports scale-up of parametric multi-peril agriculture insurance in Colombia
By Henry Gale
Feb 18 - (The Insurer) - The InsuResilience Solutions Fund (ISF) has announced it will support a private sector consortium to scale up a parametric insurance solution for farmers in Colombia.
Local insurer Cardif Colombia, insurtech Raincoat and Munich Re are developing a revised version of a muti-peril parametric product they first launched in 2022. It is bundled to agricultural loans distributed by the Agriculture Bank of Colombia, covering installments of credit repayments if an insured event occurs.
The changes to the product will incorporate improved risk modelling, the ISF said, and could include covering additional perils. The existing product protects farmers against drought, excess rainfall and floods.
Raincoat is also developing an educational portal, available as an online platform or mobile app, that will provide resources to help farmers build resilience to climate risks. It will include product descriptions, historical performance data, climate alerts and recommendations for sustainable agriculture practices.
Other parametric insurance schemes in Colombia include a drought and rainfall product provided by Allianz for avocado and coffee farmers, also integrated into loans.
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