Experts meet in Delhi to discuss a new initiative to “future-proof” livelihoods of one million smallholder farmers in South Asia
(Delhi, December 9): An innovative Index Based Flood Insurance (IBFI) product was launched today in Delhi at a regional workshop organized by the International Water Management Institute. This insurance product would drastically reduce the time taken for farmers to receive money for claims, from months to weeks. The efficiency gains in payouts is achieved by employing satellite data for damage assessments and by using simple to use mobile technology for the entire spectrum of insurance provision – from enrollment to eventual payouts. “IBFI directly contributes to one of the core objectives of Pradhan Mantri Fasal Bhima Yojana (PMFBY) which aims to reduce the time gap for compensation from more than a year to less than 6 months.”, said Dr Kalanithy Vairavamoorthy, Deputy Director General at the International Water Management Institute (IWMI).
