Farmer insurances

Farmer insurances

Photo by Shutterstock

Back to Search
Farmer insurances
Farmer insurances
Select for Comparison
SectorMost major industry classification systems use sources of revenue as their basis for classifying companies into specific sectors, subsectors and industries. In order to group like companies based on their sustainability-related risks and opportunities, SASB created the Sustainable Industry Classification System® (SICS®) and the classification of sectors, subsectors and industries in the SDG Investor Platform is based on SICS.
Financials
Insurance
Business Model Description

Offer affordable insurance schemes for agricultural production and protect farmers against climate disasters that affect crop and livestock production.

Expected Impact

Sustain financial liquidity for farmers who are affected by natural disasters or unpredictable weather patterns.

How is this information gathered?
Updated: 25 Oct, 2021 Date of Production: 1 Feb, 2021
Rwanda
Indicative ReturnDescribes the rate of growth an investment is expected to generate within the IOA. The indicative return is identified for the IOA by establishing its Internal Rate of Return (IRR), Return of Investment (ROI) or Gross Profit Margin (GPM).
15% - 20% (in ROI)
Investment TimeframeDescribes the time period in which the IOA will pay-back the invested resources. The estimate is based on asset expected lifetime as the IOA will start generating accumulated positive cash-flows.
Medium Term (5–10 years)
Market SizeDescribes the value of potential addressable market of the IOA. The market size is identified for the IOA by establishing the value in USD, identifying the Compound Annual Growth Rate (CAGR) or providing a numeric unit critical to the IOA.
USD 100 million - USD 1 billion
Average Ticket Size (USD)Describes the USD amount for a typical investment required in the IOA.
USD 500,000 - USD 1 million
Direct ImpactDescribes the primary SDG(s) the IOA addresses.
No Poverty (SDG 1) Decent Work and Economic Growth (SDG 8)
Indirect ImpactDescribes the secondary SDG(s) the IOA addresses.
Zero Hunger (SDG 2) Reduced Inequalities (SDG 10) Responsible Consumption and Production (SDG 12)
Farmers as potential ACRE Africa customers
Photo by ACRE Africa
Case Study: ACRE Africa provides micro-insurance products to strengthen farmer resilience
Africa-based insurance service provider ACRE Africa, a UNDP Business Call to Action (BCtA) member, provides micro-insurance products to strengthen the resilience of African farmers to climate risks.
Find out more

Expand all

Print

Sector Sources
  • 1) United Nations Development Programme (2020). Sustainable Development Report 2020. https://unstats.un.org/sdgs/report/2020/The-Sustainable-Development-Goals-Report-2020.pdf 2) PwC/UNDP Interviews with private sector, 2020. 3) The East African (2017). Rwanda waives tax on agro-insurance. https://www.theeastafrican.co.ke/tea/rwanda-today/rwanda-waives-tax-on-agro-insurance--1363356 4) World Bank database. Global Financial Inclusion. 5) Ministry of Finance and Economic Planning (2018). Financial Sector Development Strategic Plan 2018-2024. 6) World Bank (2019). Rwanda Systematic Country Diagnostic. http://documents1.worldbank.org/curated/en/219651563298568286/pdf/Rwanda-Systematic-Country-Diagnostic.pdf 7) National Institute of Statistics of Rwanda (2020). Finscope Rwanda 2020. https://www.statistics.gov.rw/publication/finscope-rwanda-2020
IOA Sources
  • 8) Deloitte (2019). Insurance Outlook Report 2019/2020 East Africa. 9) PwC analysis based on Prof. A. Damodaran data, 2020. 10) PwC/UNDP interviews with private sector, 2020. 11) Vargas Hill, R. (2010). Agricultural Insurance In Sub-Saharan Africa: Can It Work?. Africa Agricultural Markets Program (AAMP). https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.185.1831&rep=rep1&type=pdf 12) Raithatha, R. and Priebe, J. (2020.) Agricultural Insurance for Smallholder Farmers. Digital Innovations For Scale. GSMA AgriTech Programme. https://www.gsma.com/mobilefordevelopment/wp-content/uploads/2020/05/Agricultural_Insurance_for_Smallholder_Farmers_Digital_Innovations_for_Scale.pdf 13) World Bank (2015). Rwanda Agricultural Sector Risk Assessment. https://openknowledge.worldbank.org/bitstream/handle/10986/22936/Rwanda000Agric0ctor0risk0assessment.pdf?sequence=1&isAllowed=y] 14) Sumner, D. and Zulauf, C. (2012). Economic and Environmental Effects of Agricultural Insurance Programs. CFARE. http://ageconsearch.umn.edu/bitstream/156622/2/Sumner-Zulauf_Final.pdf 15) Ministry of Agriculture and Animal Resources. Agriculture and Livestock Insurance. https://www.minagri.gov.rw/fileadmin/user_upload/documents/Agricultural_Finance_Facilities/AGRICULTURE_AND_LIVESTOCK_INSURANCE.pdf] 16) Ministry of Agriculture and Animal Resources (2018). National Agriculture Policy. Republic of Rwanda. https://www.minagri.gov.rw/fileadmin/user_upload/webstore/National_Agriculture_Policy_-_2018___Approved_by_Cabinet.pdf 17) Ministry of Agriculture and Animal Resources (2019). National Agriculture Insurance Scheme. https://minagri.prod.risa.rw/national-agriculture-insurance-scheme 18) Ministry of Finance and Economic Planning (2015). Vision 2050. http://www.minecofin.gov.rw/fileadmin/templates/documents/NDPR/Vision_2050/Vision_2050_-Full_Document.pdf 19) Republic of Rwanda (2009). Insurance Regulation 5/2009. https://dfsobservatory.com/content/national-bank-rwanda-regulation-no-052009-licensing-and-other-requirements-carrying-out 20) Republic of Rwanda (2018). Regulation N° 2310/2018 - 00014[ 614] of 27/12/2018 on Licensing Conditions for Insurers and Re-Insurers. https://www.bnr.rw/laws-and-regulations/insurance-and-pension/insurance-laws-regulations/ 21) Republic of Rwanda (2017). Regulation Nº 10/2017 of 19/05/2017 Determining Key Facts Statement and Information Disclosure for Insurance Products. https://www.bnr.rw/laws-and-regulations/insurance-and-pension/insurance-laws-regulations/ 22) Republic of Rwanda (2018). Regulation No 2100 /2018 – 00012 [614] of 12/12/2018 of the National Bank of Rwanda Governing the Organisation of Microinsurance Business. https://www.bnr.rw/laws-and-regulations/insurance-and-pension/insurance-laws-regulations/ 23) Republic of Rwanda (2017). Regulation of the National Bank of Rwanda No 03/2017 of 22/02/2017 on Administrative and Pecuniary Sanctions Applicable to Insurers. https://www.bnr.rw/laws-and-regulations/insurance-and-pension/insurance-laws-regulations/ 24) Republic of Rwanda (2017). Regulation Nº 11/2017 of 23/11/2017 on Corporate Governance, Risk Management and Internal Controls Requirements for Insurance Business. https://www.bnr.rw/laws-and-regulations/insurance-and-pension/insurance-laws-regulations/ 25) The East African (2017). Rwanda waives tax on agro-insurance. https://www.theeastafrican.co.ke/tea/rwanda-today/rwanda-waives-tax-on-agro-insurance--1363356 26) Rwanda Development Board. Financial Services - Incentives. https://rdb.rw/investment-opportunities/financial-services/#incentives 27) National Institute of Statistics of Rwanda (2017). The Fifth Integrated Household Living Conditions Survey EICV5 2016/17. Thematic Report Environment and Natural Resources. 28) Nsengiymva, J.B. (2012). Disaster High Risk Zones in Floods and Landslides. https://www.preventionweb.net/files/28208_highriskzonesreportfinalpublication.pdf 29) Ministry of Disaster Management and Refugee Affairs (2015). The National Risk Atlas of Rwanda. 30) Republic of Rwanda (2019). Voluntary National Review Rwanda 2019. https://sustainabledevelopment.un.org/content/documents/23432Rwanda_VNR_Document__Final.pdf 31) Sachs, J., Schmidt-Traub, G., Kroll, C., Lafortune, G., Fuller, G., Woelm, F. (2020). The Sustainable Development Goals and COVID-19. Sustainable Development Report 2020. Cambridge: Cambridge University Press. https://dashboards.sdgindex.org/profiles/RWA 32) ACRE Africa (2021). ACRE Africa. https://acreafrica.com/