Udoy – Climate Microinsurance Innovation Fund (CMIF) is a co-financing facility aimed to incentivise microinsurance market actors and challenge them to develop and design climate-sensitive, client-centric and commercially viable microinsurance products, services, delivery channels and business models to enhance the resilience of farmers and MSMEs to climate change in the agriculture, livestock, and aquaculture sectors.
Abhoy - Climate Risk Resilience Fund (CRRF) is designed to encourage local and international (re) insurers to provide (re) insurance support to innovative climate risk insurance products /services. The objective of the fund is to develop the capacity of reinsurance services in Bangladesh by increasing the depth of coverage capacity and fostering collaboration with local and international (re) insurers to venture into the microinsurance markets in Bangladesh with climate-sensitive microinsurance products in the agriculture, livestock and fisheries sectors.
The Bangladesh Microinsurance Market Development Programme (BMMDP), launched by the Swiss Agency for Development and Cooperation (SDC) in 2017, aims to tackle risk management challenges in the agriculture sector. Since then, it has introduced client-focused microinsurance products for crops and livestock, with promising initial results. Now, the programme adopts a systemic approach, focusing on policy reform, market development, and demand generation. It seeks to expand climate-sensitive microinsurance for crops, fisheries, and livestock by collaborating with regulatory bodies, insurers, tech firms, and other stakeholders. The goal is to enhance smallholder farmers’ incomes, resilience to climate-related losses, productivity, food security, and inclusive economic growth of Bangladesh.
Agriculture is one of the key driving forces of Bangladesh's continued development. Yet smallholder farmers in Bangladesh are extremely vulnerable to weather-related risks. Due to their limited savings and access to social protection, they often face catastrophic losses.