Page 75 - The Insurance Times December 2024

Bethwel Murkomen shared that farmers expect immediate every stage of the process: "Include women in the design
payouts following extreme weather events, but positive basis of the solution, from product design to distribution and pay-
risk can create false expectations, leaving them disappointed out. This is key to understanding and effectively addressing
when future payouts don't materialise. their needs."

Summary: Summary:
This session examined "basis risk" in parametric insurance, This session focused on strategies to address the gender
where discrepancies between actual losses and model-based protection gap in insurance. Rajvi Joshipura from SEWA dis-
triggers can erode client trust. Andrea Camargo explained cussed insurance solutions tailored for women informal
the impact of unmanaged basis risk on smallholder farmers, workers in India, emphasizing products responsive to
who may face financial distress despite holding insurance. women's unique needs, such as maternity and health cov-
Bethwel Murkomen presented One Acre Fund's strategies erage. Fatou Giwa from IFC presented data showing the
for aligning payouts more closely with ground realities, in- economic benefits of closing the gender insurance gap, with
cluding improved local data integration and regular evidence suggesting women's increased uptake in financial
recalibration of parametric models. Alastair Norris shared resilience tools contributes positively to local economies. The
best practices in disaster risk consulting to manage and re- session underscored the need for gender-sensitive policies
duce basis risk effectively in climate insurance. and products in fostering financial empowerment.

Parallel Session 3: Women, Insurance, Risk Parallel Session 4: Lessons from Index-
Management, and the Path to Financial Based Livestock Insurance (IBLI) and De-
Empowerment Risking in the Horn of Africa

Hosted by: CGAP and Global Shield Hosted by: CEAR and Utrecht University
Speakers: Speakers:
Rajvi Joshipura, Consultant, Self Employed Women's Nathaniel Jensen, Senior Research Fellow, University
Association (SEWA), India of Edinburgh, UK
Fatou Giwa, Global Lead Women's Insurance Program, Lotte van der Haar, PhD Candidate, Wageningen Uni-
IFC, USA versity, Netherlands
Astrid Zwick, Co-Director, Global Shield Secretariat, Anouk van Veldhoven, PhD Candidate, Utrecht Uni-
Germany versity, Netherlands
Carlos Lopez Moreira, Senior Policy Advisor - Imple-
mentation, IAIS, Switzerland Facilitator: Michael Mbaka, Country Relationship Manager
- DRIVE, Zep-Re, Kenya
Facilitator: Anaar Kara, Senior Financial Sector Specialist,
CGAP, France Summary:
This session reviewed the successes and challenges of the
Excerpts: Anaar Kara, CFA emphasised that as we discuss Index-Based Livestock Insurance (IBLI) initiative in Kenya and
building resilience, we must recognise that we cannot Ethiopia. Nathaniel Jensen discussed the long-term impact
achieve this without women: "Women manage the house- of IBLI on household resilience, finding that insured house-
hold budgets, protect their children, and safeguard their holds showed improved economic stability. Lotte van der
families." Haar's research focused on targeting and gender dynamics
within IBLI, noting that gender-sensitive communication
Fatou Fall Giwa highlighted that a one-size-fits-all ap- strategies helped increase female farmers' participation. The
proach does not suffice: "You have to look at women as session reinforced the importance of tailored communica-
daughters, wives, and workers. From cradle to grave, their tion and consistent policy adjustment to meet pastoral com-
needs differ and must be adapted to address the risks they munities' needs effectively.
face."

Astrid Zwick stressed the importance of involving women at Parallel Session 5: Creating Innovation Eco-

68 December 2024 The Insurance Times