Weather protect insurance: Empowering 138,734 cooperative members to recover from climate-related shocks

An Alliance partnership-developed Weather Protect Insurance (WPI) mechanism generates an eight-fold return on insurance investment, empowering farmers and strengthening agricultural sustainability. WPI enhanced financial resilience for 138,734 cooperative members (80% farmers), across 222 cooperativ...

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Detalles Bibliográficos
Autores principales: Leyte, James Dizon, Aguila, Lea May, Swaans, Cornelis
Formato: Case Study
Lenguaje:Inglés
Publicado: 2024
Materias:
Acceso en línea:https://hdl.handle.net/10568/173643
Descripción
Sumario:An Alliance partnership-developed Weather Protect Insurance (WPI) mechanism generates an eight-fold return on insurance investment, empowering farmers and strengthening agricultural sustainability. WPI enhanced financial resilience for 138,734 cooperative members (80% farmers), across 222 cooperatives in 74 provinces, in the Philippines, ensuring payouts within 10 days of climate events. Among the 600 farmers surveyed in 2024, 81.75% received payouts for insurance, accelerating recovery. While 20.5% adopted climate-smart agricultural (CSA) practices, full adoption could further increase yields and profits by 2%.