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The World Bank Group’s global development institute, International Finance Corporation (IFC), will collaborate with Indonesia’s PT Reasuransi MAIPARK to develop parametric insurance solutions for the country’s agribusinesses against the increasing threat and costs of natural disaster and climate events.
The IFC and MAIPARK, a specialist risk reinsurance firm owned by all licensed and general insurers and reinsurers in Indonesia, will look to work with local insurance firms to develop, sell, and even bundle a range of new index-based, or parametric insurance solutions designed to hedge the financial exposure against adverse weather events for agribusiness, agriculture-loan portfolios, and farmer groups, says the IFC.