Luanda - The Angola Insurance Regulation and Supervision Agency (ARSEG) has said it plans to make the agricultural insurance package more accessible in Angola, to protect small farmers and companies from crop damage caused by climate change and other shocks.
For this, the ARSEG began a training project in Luanda on Tuesday for the heads of insurance companies, agricultural associations and other technicians, in partnership with the International Finance Corporation (IFC).
According to the ARSEG director, Jesus Teixeira, agricultural insurance has a high probability of success and acceptance by farmers, and for this first cycle of nationwide training, it is planned to train 70 insurance technicians and representatives of agricultural associations.
"We think that with this training, everyone will have an overview of index insurance against climate risks and its importance for the agricultural sector," Teixeira said.
The IFC representative, Chabir Hassam, on his turn said the training project is based on the experience of the institution's Global Index Insurance Facility (GIIF), which has supported the growth of agricultural/climate insurance markets in Cameroon, Côte d'Ivoire, Mozambique, Nigeria, Madagascar, Zimbabwe, Senegal and Zambia, among other countries.
IFC will work with ARSEG to help insurance companies develop an agricultural insurance market and products that meet the specific needs of Angolan farmers, who contribute significantly to the country's economy.
The GIIF, a multi-donor program managed by the World Bank Group, was created with the aim of increasing financial access for small farmers, micro-entrepreneurs and micro-finance institutions, addressing the shortage of insurance solutions against climate and catastrophic risks in developing countries.
In addition to the IFC, the training project in Angola is also supported by the German Federal Ministry for Economic Cooperation and Development.
ARSEG is the body specialized in regulating, supervising and monitoring insurance, reinsurance, pension funds and insurance and reinsurance mediation in Angola.
The agency works together with all the national authorities, especially the National Bank of Angola and the Capital Markets Commission, to ensure the protection of the rights and obligations of all the parties involved in the sector.
it also aims to ensure the effectiveness of the overall supervision of the financial system, the balance of public accounts and the prevention of systemic risks.JAM/QCB/AMP
