VisionFund, the financial inclusion arm of World Vision, working alongside with Global Parametrics and co-financed by the InsuResilience Solutions Fund, will design a two-peril parametric meso-insurance product for World Vision offices in Bolivia, Brazil, Colombia and Peru, as part of the wider Amazon Basin Initiative.
According to the announcement, this move aims to address increasingly frequent and severe weather events that are destroying crops, disrupting livelihoods and pushing families deeper into poverty across the Amazon Basin and other climate-vulnerable regions.
The firms explained that the parametric meso-climate insurance solutions will help vulnerable communities respond faster to floods, droughts and other climate shocks, while also reducing the financial strain these crises place on families.
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