Amidst food system shocks, we must ensure weather index insurance reaches the most vulnerable
Floods are becoming fiercer and more frequent – and sometimes catastrophic. Across Asia, where millions of households still depend on farming for their livelihoods, extreme weather is causing increasing chaos for farmers. Entire harvests have been wiped out, leaving smallholder farmers with little means to support their families or rebuild. And with COVID-19 impacts racing across the globe, it leaves local communities with a potential double dose of vulnerability.
But scientists, governments and insurance providers have teamed to develop insurance to help farmers recover and rebuild. Weather-Index Insurance (WII) bases payouts primarily on satellite images. For example, after extreme rainfall, satellite images can help predict and pinpoint damages. Farmer losses can be calculated quickly and accurately, leading to quicker payouts – and faster recovery.