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Insurance Against Covariate Shocks : The Role of Index-Based Insurance in Social Protection in Low-Income Countries of Africa

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Author Info

  • Harold Alderman
  • Trina Haque

Abstract

Index insurance, such as weather indexing, addresses other inherent problems in insurance by using an indicator that is not affected by individual behavior and may address monitoring costs and moral hazard. A number of innovations using index insurance are being tried currently in diverse settings ranging from India to Mongolia to Malawi. Marketing costs may limit the provision of such insurance to small farmers, but even in such cases microfinance institutes may serve as market intermediaries. Moreover, state and submational governments can use insurance to achieve countercyclical funding programs. In this vein, municipal governments in Mexico have used insurance to finance disaster contingency while the World Food Program has insured a portion of its emergency assistance to Ethiopia. Humanitarian organizations and NGOs may also seek insurance in this manner.

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File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/6736/400020PAPER0Co10082137036701PUBLIC1.pdf?sequence=1
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Bibliographic Info

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This book is provided by The World Bank in its series World Bank Publications with number 6736 and published in 2007.

ISBN: 0-8213-7036-7
Handle: RePEc:wbk:wbpubs:6736

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Web page: https://openknowledge.worldbank.org
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Related research

Keywords: Social Protections and Labor - Safety Nets and Transfers Banks and Banking Reform Insurance and Risk Mitigation Health Economics and Finance Poverty Reduction - Rural Poverty Reduction Finance and Financial Sector Development Health; Nutrition and Population;

References

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  1. Stefan Dercon, 2003. "Growth and Shocks: evidence from rural Ethiopia," Economics Series Working Papers WPS/2003-12, University of Oxford, Department of Economics.
  2. Jishnu Das, 2005. "Reassessing Conditional Cash Transfer Programs," World Bank Research Observer, World Bank Group, vol. 20(1), pages 57-80.
  3. Alderman, Harold & Haque, Trina, 2006. "Countercyclical safety nets for the poor and vulnerable," Food Policy, Elsevier, vol. 31(4), pages 372-383, August.
  4. Fafchamps, Marcel & Udry, Christopher & Czukas, Katherine, 1998. "Drought and saving in West Africa: are livestock a buffer stock?," Journal of Development Economics, Elsevier, vol. 55(2), pages 273-305, April.
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Citations

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Cited by:
  1. Janzen, Sarah A. & Carter, Michael R. & Ikegami, Munenobu, 2012. "Valuing Asset Insurance in the Presence of Poverty Traps: A Dynamic Approach," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124805, Agricultural and Applied Economics Association.
  2. Meinzen-Dick, Ruth Suseela & Bernier, Quinn & Haglund, Eric, 2013. "The six "ins" of climate-smart agriculture: Inclusive institutions for information, innovation, investment, and insurance:," CAPRi working papers 114, International Food Policy Research Institute (IFPRI).
  3. Jyotish Prakash Basu, 2011. "Adaptation to climate change, Vulnerability and Micro- Insurance Business: A Study on Forest Dependent Communities in Drought prone areas of West Bengal, India," Working Papers 2011/14, Maastricht School of Management.
  4. Carter, Michael R. & Galarza, Francisco & Boucher, Stephen, 2007. "Underwriting area-based yield insurance to crowd-in credit supply and demand," MPRA Paper 24326, University Library of Munich, Germany.
  5. Jakobsen, Kristian Thor, 2012. "In the Eye of the Storm—The Welfare Impacts of a Hurricane," World Development, Elsevier, vol. 40(12), pages 2578-2589.
  6. Lybbert, Travis J. & Sumner, Daniel A., 2012. "Agricultural technologies for climate change in developing countries: Policy options for innovation and technology diffusion," Food Policy, Elsevier, vol. 37(1), pages 114-123.
  7. Gentilini, Ugo & Omamo, Steven Were, 2011. "Social protection 2.0: Exploring issues, evidence and debates in a globalizing world," Food Policy, Elsevier, vol. 36(3), pages 329-340, June.
  8. Bhattamishra, Ruchira & Barrett, Christopher B., 2010. "Community-Based Risk Management Arrangements: A Review," World Development, Elsevier, vol. 38(7), pages 923-932, July.
  9. Matsuda, Ayako & Kurosaki, Takashi & Sawada, Yasuyuki, 2013. "Rainfall and Temperature Index Insurance in India: Project Documentation," PRIMCED Discussion Paper Series 34, Institute of Economic Research, Hitotsubashi University.
  10. Makoka, Donald, 2008. "The impact of drought on household vulnerability: The case of rural Malawi," MPRA Paper 15399, University Library of Munich, Germany.
  11. Angelucci, Federica & Conforti, Piero, 2010. "Risk management and finance along value chains of Small Island Developing States. Evidence from the Caribbean and the Pacific," Food Policy, Elsevier, vol. 35(6), pages 565-575, December.

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