Global Parametrics is pleased to announce the expansion of our parametric protection scheme with One Acre Fund for smallholder farmers. We and One Acre Fund have partnered with international insurance group, Howden Broking, to expand the programme this year in Rwanda.
GP has been working with One Acre Fund since 2020 on a parametric solution for excess rain and drought risk, with payments intended to provide financial protection and resources to help farmers mitigate the impacts of extreme weather and improve livelihoods with climate smart investments through One Acre Fund loan protection.
Key highlights of the partnership include:
🔹 2020 One Acre Fund and GP began working in Tanzania on a parametric solution for excess rain and drought risk.
🔹 2022 scaled up to include Tanzania and Malawi, protecting 175,000 smallholder farmers.
🔹 2023 scaled up to include Rwanda, benefiting a further 800,000 people.
🔹 $650,000 expected payout this year following the ongoing East African drought and Cyclone Freddy.
The solution is backed by the Natural Disaster Fund, a public-private partnership managed by Global Parametrics with seed investment from the UK’s Foreign, Commonwealth and Development Office and Germany’s Federal Ministry for Economic Cooperation and Development (BMZ) via KfW, with global reinsurer Hannover Re providing matching capacity.