Geospatial World: Insurance helps reduce risk from flooding for Asia’s vulnerable rural smallholders

Farmers who took part in a high-tech flood insurance scheme in Bihar, India, shared a total payout of INR 7.52 lakhs (USD $10,500) following the 2019 monsoon.

Over the past 40 years, floods have accounted for around half of all disasters globally, affecting, on average, 27 million people every year. The Index-Based Flood Insurance (IBFI) product was created to help reduce the impacts of floods on India’s poorest farmers. It was developed jointly by the Indian Council of Agricultural Research (ICAR) and the CGIAR Research Programs on Climate Change, Agriculture and Food Security (CCAFS – led by the International Center for Tropical Agriculture [CIAT]) and Water, Land and Ecosystems (WLE – led by the International Water Management Institute [IWMI]).

 

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