Weather events in China impact about 12 million hectares of crops every year. With high operating costs and assessment hurdles, traditional agri insurance programs rarely cover such losses, impacting farmers and draining rural household incomes.
Climate-smart solutions are therefore the need of the hour. In response, IFC launched the China Weather Index-based Insurance (WII) Project, in partnership with Hungary, UK, in 2019. As a digital insurance, WII automatically reimburses farmers for their losses based on a predetermined index

This kind of insurance uses digital solutions and weather data to reach farmers in the last mile, stabilizing their income when weather or other natural calamities damage their crop. It can also help reduce loss assessment costs by over 50%.
In China, this project has helped launch 60+ new insurance products across 8 provinces, covering crops worth over $450 million for 46,000+rural households, boosting financial education and bolstering technical assistance in rural areas.

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