SOMETHING NEW: Micro Crop Insurance

A leading non-life micro-insurance company recently launched the Binhi Crop Insurance Program which aims to help both farmers and micro finance institutions (MFIs). The company is the Card Pioneer Microinsurance Inc (CPMI) headed by Geric Laude, CEO and president. With crop insurance, farmers are better able to weather the adverse effects of natural calamities. The risks of the farmers are better protected, thus giving the financial institutions a better incentive to lend to these farmers.

Laude said: โ€œThe good news is that farmers are spared from worries because now they can get much needed relief and are able to pay back their loan in case their crops get damaged by typhoons or flood. We are also excited to add value to the crop insurance sector by implementing our standard of fast and efficient claims settlement.โ€

The crop insurance will initially be offered to members of CARD Mutually Reinforcing Institutions (CAQRD MRI). It aims to reach out to as many as 200,000 farmers by end of 2018. After its pilot run, Binhi Crop Insurance Program will be made available to other farmers and partners across the country.

The Binhi Crop Insurance Program is a joint venture between CARD MRI and Pioneer which is intended to develop and deploy relevant and affordable non-life microinsurance products. IFC, a member of the World Bank Group, is the largest global development institution that collaborates with the private sector in developing countries to create opportunities for all.

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