Swiss Re, a global reinsurer, announced during the recent 2011 Clinton Global Initiative (CGI) Annual Meeting its commitment to provide insurance against cholera for Haitian women entrepreneurs and an “insurance for work” program intended to help farmers in Senegal maintain food and income security amidst climate change. CGI is an effort established by former US President Bill Clinton in 2005 to bring together a community of global leaders to alleviate poverty, create a cleaner environment and increase access to health care and education.
According to Swiss Re’s chairman of global partnerships, Michel Liès, the cholera insurance scheme would provide protection to women against loss of livelihood from natural catastrophes. Mr Liès added, “Some 4,000 women who lost their homes or business assets in the floods earlier this year have already received USD 1 million in payment. We expect this cholera policy will be similarly effective in ensuring that the infection of an income provider does not result in destitution for the entire family.”
In addition, Swiss Re is working with Oxfam America, the World Food Programme (WFP) and WFP sponsor United States Agency for International Development (USAID) on a five-year USD 1.25 million “insurance for work” program that will enable Senegal’s poor farmers to deal with climate risk. The R4 Rural Resilience initiative is an extension of a pilot program in Ethiopia by Swiss Re, Oxfam America and other partners that is to be expanded to other countries. R4 reportedly “brings the benefits of insurance to 13,000 African households – up from 200 households when it was launched in 2009 – and intends to add another 18,000 in Senegal alone by 2016.”
Former US President Bill Clinton recognized six individuals with the 2011 Clinton Global Citizen Award. The following recipients were selected for their visionary leadership, demonstrated impact and sustainable and scalable work in solving pressing global challenges: Mhammed Abbad Andaloussi, chairman and CEO of Injaz Morocco, which fosters entrepreneurship among young people; Philippe Douste-Blazy, chairman of UNITAID, an international drug purchasing facility that finances global health initiatives through a tax on airline tickets; Dr Denis Mukwege, founder and medical director of Panzi Hospital in the Democratic Republic of Congo; Güler Sabanci, chairman and managing director of Sabanci Holding, a Turkish industrial and financial conglomerate; Trudie Styler and Sting, founders of the Rainforest Fund, which has raised approximately USD 25 million to protect rainforests and their indigenous peoples in South America, Africa and Asia.
By Carol Kim, Research Associate
About the Clinton Global Initiative (CGI): CGI was established in 2005 by former US President Bill Clinton to bring together a community of global leaders to alleviate poverty, create a cleaner environment and increase access to health care and education. Its annual meetings, which are held every September by invitation only, bring together heads of state, Nobel Prize laureates, corporate executives, directors of nonprofits, philanthropists and members of the media. These CGI members have made approximately 2,000 commitments, which are valued to be approximately USD 63 million when fully funded and implemented, and have already reportedly improved the lives of 300 million people in approximately 180 countries.
About Swiss Reinsurance Company Limited (Swiss Re): Swiss Reinsurance Company Limited (Swiss Re) is a reinsurer and financial services group based in Zurich, Switzerland. Swiss Reinsurance Company Limited (Swiss Re) was founded in 1863 to offer financial products that enable risk-taking. The company operates through offices in approximately 20 countries. As of September 2010, Swiss Re reports total assets of USD 236 billion.
Sources and Additional Resources:
Clinton Global Initiative Press Release: “President Clinton to Honor Recipients of the Fifth Annual Clinton Global Citizen Awards”, September 2011, http://press.clintonglobalinitiative.org/press_releases/president-clinton-to-honor-recipients-of-the-fifth-annual-clinton-global-citizen-awards/
Swiss Re Press Release: “Swiss Re and partners break new ground with cholera protection for women micro-entrepreneurs in Haiti and weather insurance for farmers in Senegal”, September 2011, http://www.swissre.com/media/news_releases/nr_20110920_CGI_Commitments.html
MicroCapital.org: “MICROCAPITAL BRIEF: Haitian Microfinance Institution Fonkoze Using “Progress out of Poverty Index” to Monitor Economic Progress of Clients in Disaster-Affected Areas”, September 26, 2011, https://www.microcapital.org/microcapital-brief-haitian-microfinance-institution-fonkoze-using-“progress-out-of-poverty-index”-to-monitor-economic-progress-of-clients-in-disaster-affected-areas/
MicroCapital.org: “MICROCAPITAL BRIEF: Clinton Global Initiative (CGI) 2011 Annual Meeting Occurring on September 20 – 22 Includes Haiti Investment Workshop”, September 21, 2011, https://www.microcapital.org/microcapital-brief-clinton-global-initiative-cgi-2011-annual-meeting-occurring-on-september-20-–-22-includes-haiti-investment-workshop/
MicroCapital.org: “MICROCAPITAL BRIEF: Oxfam America, World Food Program (WFP) Offer Crop Microinsurance for Ethiopian Farmers in Return for Labor”, May 19, 2011, https://www.microcapital.org/microcapital-brief-oxfam-america-world-food-program-wfp-offer-crop-microinsurance-for-ethiopian-farmers-in-return-for-labor/
MicroCapital.org: “MICROCAPITAL BRIEF: Microinsurance Catastrophe Risk Organization (MiCRO) Created to Help Protect Microentrepreneurs in Haiti”, April 7, 2011, https://www.microcapital.org/microcapital-brief-microinsurance-cataostrophe-risk-organization-micro-created-to-help-protect-microentrepreneurs-in-haiti/
MicroCapital’s Universe Profile: Clinton Global Initiative (CGI), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Clinton+Global+Initiative+%28CGI%29
MicroCapital’s Microfinance Universe: Swiss Reinsurance Company Limited (Swiss Re), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Swiss+Reinsurance+Company+Limited+(Swiss+Re)
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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