Climate Resiliency and Index Insurance for Small Farmers in the Dominican Republic
The CRII project is parametric insurance product which is designed to use remotely sensed data in development of a drought index to protect farmers from the impact of intensifying drought as a feature of climate change. The product is targeted at the dairy farming sector as its production is most vulnerable to the impact of drought. The pilot phase of the project is funded by the USAID and development is supported through the involvement of a variety of stakeholders. Fundación REDDOM (Rural Economic Development Dominicana) was the coordinating agency for the project. CaribRM and Guy Carpenter partnered to provide intermediary services for the project. These services included complete market research; collection of hazard, exposure and loss data; complete risk assessment and product design; training and implementation of risk transfer.
During the coming pilot year, CaribRM is expected to be the calculating agent for the product during the pilot year.