Recognized for Innovative Weather Index Crop Insurance
Oak Brook, Ill., (June 11, 2009) — Opportunity International subsidiary MicroEnsure, the world’s first insurance intermediary for people living in poverty, has won the 2009 Financial Times Sustainable Banking Award for Achievement in Basic Needs Financing. MicroEnsure was recognized for its pioneering development of weather index crop insurance in sub-Saharan Africa and Asia.
The Sustainable Banking Awards, organized by the Financial Times and IFC, a member of the World Bank Group, recognize banks and other financial institutions that have shown leadership and innovation in integrating social, environmental and corporate governance considerations into their operations. This year’s nominees were selected from among 165 entries from 117 institutions across 42 countries.
“We are pleased to receive this prestigious award for our efforts to bring a full range of financial services to those working their way out of poverty,” said Kadita “A.T.” Tshibaka, president and CEO, Opportunity International. “By providing understandable, affordable and scalable microinsurance products, we help people in developing countries manage their financial risk so they can continue to improve their lives.”
MicroEnsure’s weather index crop insurance protects farmers from the financial risks associated with adverse weather conditions such as drought, excess water, or even typhoons. It enables the secure extension of credit for the purchase of quality farm inputs such as drought-resistant seed and fertilizer, which results in higher yields, often 200 percent or more, increased incomes and diversification into cash crops and non-crop revenue streams.
MicroEnsure has piloted crop insurance programs in Malawi, Tanzania, Rwanda, India and the Philippines, covering a variety of crops including rice, maize and tomatoes. The agency also offers credit life, term life/funeral, property and health insurance.
MicroEnsure is an insurance intermediary dedicated to serving people living in poverty throughout the developing world with an affordable and appropriate range of insurance products. For more information, visit http://www.microensure.org or join the conversation on Facebook and Twitter.
About Opportunity International
Opportunity International provides access to savings, small business loans, insurance and training to over five million people working their way out of poverty in the developing world. Clients in over 20 countries use these financial services to start or expand a business, provide for their families, create jobs for their neighbors and build a safety net for the future. For more information, visit http://www.opportunity.org or join the conversation at http://facebook.com/opportunityintl and http://twitter.com/opportunityintl.