Namibia Agriculture Disaster Risk Finance and Insurance Diagnostic
This diagnostic report was prepared in response to a technical assistance request from the Government of the Republic of Namibia (GRN) to support the design and implementation of an index-based agriculture insurance program targeting small-scale farmers. Based on initial consultations with the Namibia Financial Institutions Supervisory Authority (NAMFISA), the nonbank financial regulator and lead counterpart, it was agreed to expand the scope of the diagnostic to include disaster risk finance (DRF), but still with a focus on the agriculture sector. This was done given both GRN’s interest in protecting both group of farmers and the increasing consensus that agriculture insurance programs, particularly those that focus on smallholders, are best designed within a broader framework of DRF. This is the case since only smallholder farmers linked to the market can be reached effectively through agriculture insurance programs, while subsistence farmers would need to be protected using other instruments. Further, even among smallholders who can be reached through agriculture insurance, some risks cannot be viably transferred to agriculture insurance markets. The report is structured as follows: chapter 1 presents an overview of the macro- and socioeconomic environment, financial sector, agriculture sector, and agriculture finance landscape in Namibia. Chapter 2 presents an overview of DRF, Namibia’s exposure to disasters, particularly for the agriculture sector, and their impact and discusses Namibia’s institutional framework and current approach to DRF. Chapter 3 presents an introduction of agriculture insurance, the agriculture insurance landscape in Namibia, and the diagnostic’s findings. Lastly, chapter 4 presents the diagnostic’s recommendations and suggested next steps.
Main Authors: | , , , , |
---|---|
Format: | Report biblioteca |
Language: | English en_US |
Published: |
Washington, DC: World Bank
2024-02-20
|
Subjects: | AGRICULTURE SECTOR, DISASTER RISK FINANCE, AGRICULTURAL INSURANCE, RISK-LAYERED APPROACH, |
Online Access: | http://documents.worldbank.org/curated/en/099021424123514286/P1720441022bcb0721a2711387ac6ccd404 https://hdl.handle.net/10986/41086 |
Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
Summary: | This diagnostic report was prepared
in response to a technical assistance request from the
Government of the Republic of Namibia (GRN) to support the
design and implementation of an index-based agriculture
insurance program targeting small-scale farmers. Based on
initial consultations with the Namibia Financial
Institutions Supervisory Authority (NAMFISA), the nonbank
financial regulator and lead counterpart, it was agreed to
expand the scope of the diagnostic to include disaster risk
finance (DRF), but still with a focus on the agriculture
sector. This was done given both GRN’s interest in
protecting both group of farmers and the increasing
consensus that agriculture insurance programs, particularly
those that focus on smallholders, are best designed within a
broader framework of DRF. This is the case since only
smallholder farmers linked to the market can be reached
effectively through agriculture insurance programs, while
subsistence farmers would need to be protected using other
instruments. Further, even among smallholders who can be
reached through agriculture insurance, some risks cannot be
viably transferred to agriculture insurance markets. The
report is structured as follows: chapter 1 presents an
overview of the macro- and socioeconomic environment,
financial sector, agriculture sector, and agriculture
finance landscape in Namibia. Chapter 2 presents an overview
of DRF, Namibia’s exposure to disasters, particularly for
the agriculture sector, and their impact and discusses
Namibia’s institutional framework and current approach to
DRF. Chapter 3 presents an introduction of agriculture
insurance, the agriculture insurance landscape in Namibia,
and the diagnostic’s findings. Lastly, chapter 4 presents
the diagnostic’s recommendations and suggested next steps. |
---|