Global Parametrics and One Acre Fund scale up agriculture cover in Nigeria
By Henry Gale
May 30 - (The Insurer) - A parametric program for smallholder farmers in Nigeria has nearly doubled in geographical scale and coverage limit to protect nearly $8 million in production credits, Global Parametrics said.
The coverage against drought and excess moisture is provided in partnership with agriculture servicing company One Acre Fund and backed by capacity from the Natural Disaster Fund, managed by Global Parametrics.
It uses Global Parametrics' water-balance index, that measures the availability of water for crops, to calculate payouts. This season, the coverage also integrates on-the-ground monitoring from One Acre Fund.
Last year, Global Parametrics and One Acre Fund said 77,600 farmers in Zambia and Malawi had parametric payouts applied to their loans after drought affected their crops.
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