People

While some failure is unavoidable with index insurance, low quality is a problem when a product predictably leaves farmers worse off than if they had no insurance at all. In fact, low-quality contracts put households who are already vulnerable at greater risk while undermining higher quality products offered later on. Importantly, low-quality index insurance violates the key guiding principle of all development interventions to do no harm.

The first step to improving index insurance quality involves the broad adoption of quality certification to ensure that products meet a minimum level of quality. Even if sales are high, bad products can drive good products out, compromising the robust growth of markets for insurance in the future. QUIIC certification provides a strong incentive for insurance companies to create higher-quality products that will drive farmer demand by significantly improving their opportunities for long-term resilience despite increasing risks of weather-related catastrophes.

Quality Index Insurance Certification (QUIIC)

People

Elinor Benami

Michael Carter

Tara Chiu

Aniruddha (Ani) Ghosh

Robert Hijmans

Benson Kenduiywo

Lilian Ndugu