Introduction of the Index Insurance Innovation Initiative (I4)

BASIS, the United States Agency for International Development, the Food and Agriculture Organization of the United Nations, the Micro-Insurance Innovation Facility of the International Labour Organization, and Oxfam America announce the creation of the Index Insurance Innovation Initiative (I4).

This initiative is a response to the overwhelming evidence that uninsured risk can drive people into poverty and destitution, especially those in low-wealth agricultural and pastoralist households. Risk can cause people to shy away from high-return activities or pursue defensive savings strategies that cut off sustained accumulation of productive assets. Risk also inhibits the development of rural financial market, which reinforces risk’s negative impacts.