Aon reveals crop insurance collaboration with African Development Bank
Aon reveals crop insurance collaboration with African Development Bank | Insurance Business America
Reinsurance
Aon reveals crop insurance collaboration with African Development Bank
Initiative will boost capacity across the continent to support smallholder farmers’ resilience
Reinsurance
By
Kenneth Araullo
Aon has announced a new collaboration with the African Development Bank and Amini, focusing on enhancing crop insurance capacity across Africa and aiming to bolster the resilience of smallholder farmers and promote the adoption of nature-positive practices.
Central to this collaboration is the use of innovative farm-level data generated by Amini. This data is crucial in supporting Aon’s contribution to the African Development Bank’s Africa Climate Risk Insurance Facility for Adaptation.
In a news release, Aon said that the goal is to develop novel de-risking solutions and augment the capacity for assessing and monitoring the dynamic risk landscape throughout the continent. Utilizing this data, farmers will be able to make more informed decisions, ultimately leading to improved resilience and yield enhancements.
This initiative represents a significant step in integrating advanced data analytics with practical agricultural insurance solutions. By providing smallholder farmers with access to tailored risk assessment tools, the collaboration seeks to empower them in mitigating the impacts of climate change and enhancing their productivity. This move also aligns with broader efforts to foster sustainable agricultural practices across Africa, essential for the continent’s economic and environmental well-being.
“Aon supports our clients as they face increasing, interconnected climate risks. Risk capital is a vital component of the climate transition and insurance stakeholders must innovate faster to address the world’s rapidly changing needs. Our collaboration with the African Development Bank and Amini is a perfect example of a more holistic approach to risk,” Aon president Eric Andersen said.
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