An innovative Index Based Flood Insurance to assist the insurers with claim settlement.
MODIS Terra Satellite image showing flood affected areas in Bangladesh (17 July 2019). Photo: NASA MODIS
Under the REE-CALL program, smallholders took out capital loans from microfinance companies. Oxfam Bangladesh wanted to provide insurance so that farmers would be financially secure even if flooding damaged their crops. Therefore, it joined forces with the International Water Management Institute (IWMI), the CGIAR Research Programs on Climate Change, Agriculture and Food Security (CCAFS) and on Water, Land and Ecosystems (WLE), insurance firms Green Delta Insurance Company (GDIC) and Swiss Re, and microfinance company SKS Foundation, to develop an innovative Index Based Flood Insurance (IBFI).