Developing Countries: Insurance

International Development written question – answered on 25th February 2013.

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Photo of Guto Bebb Guto Bebb Conservative, Aberconwy

To ask the Secretary of State for International Development how many projects involving (a) microinsurance and (b) other forms of insurance have been funded on a (i) bilateral and (ii) multilateral basis using funds from the UK's International Climate Fund; and by what means her Department measures the value for money of such projects.

Photo of Lynne Featherstone Lynne Featherstone The Parliamentary Under-Secretary of State for International Development

The International Climate Fund (ICF) is funding a wide range of projects that cover aspects of micro-insurance and other forms of insurance to help poor people manage the risks of climate change. Multilateral investments include projects within the Least Developed Countries Fund and Pilot Programme for Climate Resilience. These projects are financing the design and introduction of index-based micro-insurance products to farmers and livestock keepers in Sudan, Niger and Zambia.

Bilateral projects include the Africa Risk Capacity programme that is designing a continental index-based weather risk insurance fund. The programme is expected to support 500,000 vulnerable people per year affected by severe drought and to leverage at least $18 million of African public finance per year to help people cope with drought.

All projects under the ICF are designed and appraised on their value for money, and are monitored to assess which programmes deliver the best value for money. In addition, the Department for International Development is supporting a study on the cost effectiveness of existing investments in risk reduction of micro-insurance.

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