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The potential market for microinsurance is 4 billion people (Swiss Re, 2010). However, the microinsurance market is dominated by health, life, maternity protection, childcare, assets and livestock. Although studies have shown that small-scale farmers and micro entrepreneurs take more risk and invest more in their businesses when they know they are protected, formal crop insurances struggle to have a significant take-up rate. To counter this, Index-Based Insurances were seen as an interesting alternative.

IBISA brings index-based insurance one step further by lowering the costs, improving the assessment accuracy and simplifying claims and pay-outs. IBISA do it with blockchain (Cygnet being consulting and technology partner for IBISA project) and Earth Observation data, improved by wisdom of crowds. This white paper presents the details about IBISA and how Blockchain can power the agro-insurance sector.

 

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