Weather protect insurance: Empowering 138,734 cooperative members to recover from climate-related shocks
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An Alliance partnership-developed Weather Protect Insurance (WPI) mechanism generates an eight-fold return on insurance investment, empowering farmers and strengthening agricultural sustainability. WPI enhanced financial resilience for 138,734 cooperative members (80% farmers), across 222 cooperatives in 74 provinces, in the Philippines, ensuring payouts within 10 days of climate events. Among the 600 farmers surveyed in 2024, 81.75% received payouts for insurance, accelerating recovery. While 20.5% adopted climate-smart agricultural (CSA) practices, full adoption could further increase yields and profits by 2%.
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smallholders-smallholder farmers, climate change, climate resilience, climate-smart agriculture-climate smart agriculture, sustainability, surveys, risk management, yields, agricultural insurance, insurance, drought, weather-weather conditions