Project Description
This project builds on lessons learnt from past IFC and World Bank projects and information gathered from a wide range of insurance stakeholders in Mozambique to define interventions that would ramp up the outreach of inclusive insurance.
Activities will be organized around the following main components:
Component 1: Insurance sector support through strategic partnerships, product diversification, and capacity building
This component will provide targeted support to insurers identified through prior business development to enhance the availability of relevant insurance products, enable more sustainable market growth, and encourage healthy market competition.
Component 2: Technical support to distribution and other strategic partners
The team plans to prioritize support to 1 or 2 financial institutions and other farmer aggregators that have expressed interest in partnering with IFC to expand agri lending and insurance. Such aggregators can help insurers to distribute insurance products more efficiently by bundling them with agri credit or leveraging their digital platforms. By prefinancing the insurance premium, banks can also help farmers overcome one of the main challenges to insurance access – limited funds at the start of the agricultural season.
Component 3: Knowledge Management and Visibility
Activities under this component will focus on Knowledge Management which will cut across the other components of the program. Knowledge Management activities will include producing online and other publications on lessons learnt, thought leadership on best practice in climate insurance, research on emerging technologies, social media messages, and impact stories. It will also involve the organization of exchanges, for example South-South exchanges between IFC partners in Asia and Africa, exchanges between insurance practitioners from different African countries, and exchanges with other international organizations and donor-funded programs.