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Facing floods with insurance

Small-scale farmers in northern Peru will soon be able to insure themselves against extreme weather. Using weather forecasts as a basis, potential compensation is calculated in advance.

Project type: Insurance against the consequences of El Niño
Target group: Farmers in the coastal region of northern Peru
Size of subsidy: 2 million euros ($2.6 million) within the framework of the International Climate Initiative
Duration: November 2010 until October 2013

Climate change has increased the intensity and regularity of extreme weather on Peru’s northern coast. Meteorologists are even talking about the possibility of an El Niño-like storm in the region at the start of 2013. Local banana farmers are building dams and protective barriers, but what happens if the dams break? Who pays for the lost harvest? In Peru, the answer might soon be insurance. Working with local companies, the German aid agency GIZ is developing a climate index that would use weather forecasts to work out an insurance sum in advance. In the long-term, the idea is to create a market for innovative insurance models, particularly aimed at small farmers.

A film by Linda Vierecke

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