Background facts Global Index Insurance Facility (GIIF)

The Global Index Insurance Facility (GIIF) is a dedicated World Bank Group programme. This endeavour is being implemented within the framework of the InsuResilience Global Partnership. All GIIF donors are members of the Partnership.

Funded by the European Union and the governments of Germany, Japan, and the Netherlands, GIIF has facilitated a total of about 8 million contracts since 2010, with 1.5 billion US dollars in sums insured, covering more than 40 million people, primarily in sub-Saharan Africa, Asia, and Latin America and the Caribbean.

GIIF supports the expansion of index-based agricultural insurance to protect poor and vulnerable people against extreme weather events. It facilitates access to finance for smallholder farmers, micro-entrepreneurs and microfinance institutions through the provision of disaster risk transfer solutions and index-based insurance.

GIIF's strategy for building index insurance markets is based on a comprehensive approach:

  1. Financial education. Public education on, and media promotion of, index insurance for farmers, small businesses, microfinance institutions, banks, distributors, and other interested parties.
  2. Capacity building and subsidies based on grants to research institutions, brokers, and NGOs to support training of local insurers and financial institutions and the implementation of feasibility studies.
  3. Technical advice on products and pricing from GIIF technical specialists and partners.
  4. Public policy dialogue at national and regional levels to improve the regulatory environment; establishment of the preconditions necessary to launch agricultural index-based insurance products.