The Pensions and Insurance Authority and the International Finance Corporation have signed a cooperation agreement. The cooperation agreement, which will run until 2025 will facilitate the Zambia Climate Insurance Market Development Project. This is aimed at improving the resilience of smallholder farmers in Zambia by improving their access to climate and other inclusive insurance products.

Activities under the Project will seek to improve the insurance market’s capacity to develop, underwrite, and effectively distribute inclusive climate insurance products. This will be achieved through enhancing local capacity, facilitating knowledge exchange with other markets, and supporting insurers in efficiently scaling up their climate insurance business. The Project will also explore the implementation of specific actions which may increase access to climate insurance for rural women in Zambia.

The Project aims to facilitate the issuance of at least 1.5 million insurance policies and the generation of a total gross premium volume of at least US$4 million United States Dollars by its completion date in 2025.