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Kenya Toward a National Crop and Livestock Insurance Program : Background Report

IMPACTS OF CLIMATE CHANGE INDEMNITY INSURANCE JOBS TOTAL COST ECONOMIC MODEL RISKS REGULATORY FRAMEWORK ECONOMIC GROWTH RISK REDUCTION INSURANCE POOLS INCOME INTEREST INSURANCE VALUES SUSTAINABILITY INTEREST RATE COMMERCIAL INSURANCE PROGRAMS INFORMATION LIVESTOCK INSURANCE REVENUES PORTFOLIO WELFARE RISK PREMIUM INSURANCE POLICIES INSURANCE SOLUTIONS LUMP SUM INCENTIVES ASYMMETRIC INFORMATION PRICING MODELS INSURANCE CLAIMS WEATHER INSURANCE PRIVATE INSURANCE PRICE INSURANCE RISK BENEFICIARIES INFLATION INSURANCE SCHEME INSURANCE MARKET ECONOMIC ANALYSIS INSURANCE COMPANY POLICYHOLDERS CROP INSURANCE REINSURERS SAVINGS SCENARIOS MORAL HAZARD FEASIBILITY COSTS OF INSURANCE INSURANCE MARKETS INSURANCE PRODUCT INSURANCE REGULATIONS FIXED COSTS FINANCIAL COSTS INTEREST RATES INSURANCE PAYOUT FINANCIAL INSTITUTIONS MARKETS COST PER HOUSEHOLD RATES DISASTERS INSURERS TOTAL COSTS LONG-TERM FINANCING RISK SHARING CAPS REINSURANCE MARKETS INSURANCE COVERAGE INSURANCE POLICY LEGAL FRAMEWORK INSURANCE OPTIONS FINANCE INSURANCE PREMIUM RATES CLIMATE VARIABILITY REINSURANCE CONSUMPTION REGULATIONS ECONOMIC COSTS POLICIES CLIMATE CHANGE INSURANCE SCHEMES INSURANCE COVER INSURANCE AGENTS INSURANCE PRODUCTS VALUE LOSSES COMPETITIVENESS PROGRAM COSTS APPLICATIONS PRODUCER PRICE CREDIT INSURANCE CONTRACTS DISASTER RISK FINANCING CLIMATE AGRICULTURAL INSURANCE DEMAND MICROINSURANCE WELFARE ANALYSIS UTILITY FUNCTION CLAIMS COINSURANCE INTERNATIONAL REINSURANCE COST-BENEFIT INSURANCE CONTRACT INSURANCE INDUSTRY INSURANCE PREMIUM NET COST TRANSACTION COSTS MARKET FINANCIAL LOSSES EXTREME DROUGHT RISK TRANSFER POLICY INSURABLE INTEREST INSURANCE INSURANCE PREMIUMS LOSS IMPACT ANALYSIS AGENTS SUBSISTENCE FARMERS INSURANCE PAYMENTS RISK MITIGATION INDEMNITY INSURANCE UNDERWRITERS PRIVATE INSURANCE COMPANIES ALLOCATION INSPECTIONS FINANCIAL CAPACITY SUPPLY RISK MANAGEMENT PROCESS UNDERWRITING INSURANCE SECTOR CONTINGENCY PLANNING HOUSEHOLD CONSUMPTION DYNAMIC MODEL LOWER DEMAND FINANCIAL SUPPORT INVESTMENTS RISK MANAGEMENT COST OF INSURANCE COST-BENEFIT ANALYSIS CROP INSURANCE PROGRAM INSURANCE COMPANIES REINSURANCE CONTRACTS POLICY ANALYSIS FINANCIAL SECTOR RISK MANAGERS BASIS RISK COVERAGE REINSURANCE COMPANIES PRICES RISK ASSESSMENT CONSUMER PROTECTION COST OF CAPITAL BENEFITS RISK ANALYSIS PREMIUMS
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World Bank, Washington, DC
Africa | Kenya
2016-06-07T18:52:21Z | 2016-06-07T18:52:21Z | 2015-10

At the request of the government of Kenya and under its guidance, a team of national and international experts conducted an appraisal of different agricultural insurance options for Kenya.This appraisal, as set out in this document and the accompanying technical analysis, lays out the costs and benefits of developing large-scale agricultural insurance that involves both the public and private spheres.The analysis considers potential structures for large-scale agricultural insurance in Kenya, the fiscal cost to the government of Kenya, and the economic benefits for farmers and pastoralists.In order for it to partner with the private sector to prepare and implement a large scale agricultural insurance program, the government should consider taking the following next steps.The government of Kenya may build on there commendations by the Program Steering Committee to take the lead in formulating a national policy on agriculture insurance, in cooperation with county administrations and private insurance companies. The government of Kenya may develop a road map for establishing the institutions required for large-scale agricultural insurance programs, with the goal of covering at least a fifth of Kenya’s agricultural producers. As next steps for establishing livestock insurance, the government of Kenya may decide how to integrate the proposed insurance product with other existing protection mechanisms. As next steps for crop insurance, the government of Kenya may seek consultations with agricultural banks and work with private sector insurers to develop a data audit system acceptable to international reinsurers.

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