Green Bank and MicroEnsure Philippines set to pilot Weather Index Crop Insurance

(from left): MicroEnsure Board of Directors member Renato Vergel de Dios, MicroEnsure Philippines Country Manager William Martirez; Green Bank President Joseph Omar Andaya; and MABS Deputy Chief of Party Meliza Agabin

(from left): MicroEnsure Board of Directors member Renato Vergel de Dios, MicroEnsure Philippines Country Manager William Martirez; Green Bank President Joseph Omar Andaya; and MABS Deputy Chief of Party Meliza Agabin

MABS participating bank Green Bank and Microinsurance Initiative partner MicroEnsure Philippines formalized on June 18 their partnership in piloting Weather Index Insurance (WII). Facilitated by MABS, this partnership aims to promote the provision of microinsurance products and services to low-income households engaged in farming business.

Weather Index Insurance is a product designed by MicroEnsure, an insurance intermediary working with private insurance providers to develop insurance products and services for low-income households. It is a product designed to provide protection for farmers and their families against loss of livelihood due to the occurrence of catastrophic weather events such as drought, flood and typhoons.

Green Bank and MicroEnsure will start with studying the market for WII as a basis for appropriate designing of the insurance product. Green Bank is actively engaged in providing agriculture microfinance using the MABS Approach to agriculture financing in several of its branches in Mindanao.

MicroEnsure is a licensed insurance intermediary that focuses on serving the insurance needs of the low-income groups.

Green Bank and Microensure Philippines formalize their partnership through an MOU signing witnessed by MABS.