COUNTRY
                  PROFILES




            INDEX INSURANCE
             MARKET PROFILE

                Senegal

                      GLOBAL INDEX
             I N S U R A N C E FA C I L I T Y




FUNDED BY




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    SENEGAL
                                                              COUNTRY PROFILES

    BACKGROUND
    PG activities started in 2012 with index insurance for maize and groundnuts. The first year the price of the
    product was very high and few farmers bought the product. The product was reviewed with the farmers’
    organizations and CIRAD in 2013.The products currently on offer in Senegal are weather station based, which
    are very difficult to scale up because of the costs involved in installing a network of weather stations.

        Products Available:          Weather index for drought
        Crops Insured:               Maize, groundnut
        Intermediariy Brokers        PlaNet Guarantee
        Launch Date                  2012
        Market Development           2013: 2,325 policies sold (PG)
                                     2014: 4,035 polices sold

        Local Insurers               CNAAS
        International Reinsurers     Swiss Re
        Calculation Agent
        Regulatory Environment       CIMA code Book 7 covers and is being implemented in Senegal.
        Product Design:              CIRAD
        Data:                        33 automatic rain gauges purchased by USAID and WB
        Cost of Insurance:           5-14% of value of insured inputs
        Value Chain:                 Maize, groundnut; distribution through farmer associations and MFIs
        Total Insurance Portfolio    $399,391 (2013)
        (sums insured)

        Payouts:                     $31,215 (2013)
        Potential Market for Index   There is strong commitment from the farmers’ organization (Asprodeb) in the conception of the product and its marketing.
        Insurance- Cotton:           There is also good potential for scaling up through large microfinance institutions, banks, farmers’ organizations and agri-
                                     businesses.




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