The proposed grant aims to develop and implement weather index-based crop insurance in Bangladesh as anadaptation tool to reduce the climate variability and extreme weather vulnerability of Agriculture sector, especially impacting small farm households. Climate induced disasters and other extreme weather events mostly affecting the country's agricultural production such as flood, drought, cyclone, storm surge and salinity intrusion are directly related to climate change which are threatened to have more intense and frequent occurrence.
Objectives of the Project:
The long- term goal of the project is to increase the resilience of farm households to climate and natural disaster
risks. It is expected that through Weather Index-based Crop Insurance (WIBCI), farm income losses caused by
climate and natural disaster risk will be reduced. The specific objectives of the project are: (i) accomplishing pilot
testing of viable WISCI products, (ii) improving and strengthening policy and regulatory framework, (iii) capacity
development, awareness raising and weather infrastructure upgrading.
Ativities of the Project (Component wise):
In light with the above goal and objective, the project encompasses four components such as Component A: Pilot
testing of viable WIBCI products, Component B: Formulating and strengthening policy and regulatory framework,
Component C: Capacity building, awareness raising and upgrading of selected weather infrastructure and
Component D: Project management, monitoring and audit.
Activities of the components are as follows:
(i) Selection of at least three pilot areas and crops on the basis of exposure to various weather risks
(ii) Design and pilot testing of a set of farmer-friendly WIBCI contracts for at least three districts
(iii) Regulatory approval of WIBCI products filed by at least one public and private insurer. This should entail
detailed agreement on premium rates, underwriting norms, reinsurance and claims settlement parameters,
distribution costs, etc.
(i) Development of a regulatory framework/guidelines for WIBCI
(ii) Approval by the Bangladesh Meteorological Department (BMD) of data accreditation standards consisting
of approved weather station infrastructure and user guidelines, including transparent data -collection and
data-sharing methods, and utilization of satellite data. Validation by Insurance Development Regulatory
Authority(lDRA) of specific customer protection regulation for WIBCI contracts.
(i) Capacity development of weather data agencies and agriculture research institutions
for at least 100 staff members
(ii) At least 20 weather stations upgraded to provide reliable data
(iii) Insurance literacy and climate risk awareness among at least 6,000 farmers
(iv) WIBCI sales, administration, and operational skills training for at least 300 staff members from insurance
companies and distribution partners.
(v) Operational module on how to design and pilot WIBCI, particularly related to underwriting, distribution,
and claim management for use by insurers, regulators, and other intermediaries
(i) Detailed work plan and implementation guidelines
(ii) Management Information System (MIS) for the project
(iii) Impact evaluation framework for the project
(iv) Accounting and financial management system related to project implementation, in accordance with
(v) Financial audit report for the project
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