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Haiti - Agricultural insurance : Historic first, small farmers compensated 14/01/2024 08:38:44
This insurance product covers losses caused by excess rain or insufficient rainfall. As part of this pilot project, WFP is working with one of the largest farmers' federations in the Grand Anse region, as well as a group of FFA beneficiaries in the southern coastal zone. This pilot project aims to complement and further develop a comprehensive resilience program for targeted beneficiaries and communities. This new index insurance scheme supports agricultural communities as well as extremely vulnerable households dependent on agriculture. The product considers the cost of production over a period of one year as the sum insured, resulting in maximum compensation of approximately US$900 for both risks. The coverage aims to improve household resilience, allowing participants to protect their productive investments and meet their needs in the event of a covered event. To help strengthen the adaptive capacity of farmers and reduce their exposure to climate-related risks in the Grand Anse department, selected cooperatives provided agricultural insurance participants with technical assistance to help them reduce risks for their agricultural activities. In 2023 the WFP paid an agricultural insurance premium for 9,400 Haitian producers. For the first time in Haiti, 3,500 farmers received compensation following the torrential rains of November 2023. The focus being mainly on small farmers involved in school feeding activities produced on site and beneficiaries of the system of social protection. Although this project is still in the pilot stage, the process of designing the scaling strategy is ongoing. WFP and its partners have already started product design for two other departments in anticipation of launching for the next 2023-2024 agricultural season. This scale-up will deploy a hybrid approach to insurance product development, including both ground-based and satellite data. Strategic partnerships with other UN agencies, as well as financial partners, are also envisaged to achieve greater reach and impact. HL/ HaitiLibre
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