Flood insurance scheme for irregular workers

The United Nations World Food Program (WFP), Oxfam Bangladesh and Green Delta Insurance Company Limited have jointly launched a new insurance scheme to protect agricultural workers in the northern part of the flood-hit country. The new insurance scheme was launched on Monday (August 3), according to a press release.

As workers lose their wages in floods caused by floods in the monsoon season from the beginning of July to September. Therefore, through this scheme, financial assistance will be provided to two thousand irregular workers involved in agriculture in Jatrapur Union of Sadar Upazila and Raniganj Union of Chilmari Upazila of Kurigram District this year. Each working family will receive financial assistance of Rs 2,800 to Rs 16,000 to make up for the loss of wages due to the severe floods. Green Delta Insurance Company Limited will bear all the risks as the insurer.

WFP Country Director for Bangladesh Richard Reagan said, “The people of Bangladesh have no protection against the damage caused by the annual floods. So the WFP is launching a flood insurance scheme which is the first of its kind. ‘

The overall goal of this risk transfer solution project, funded by the Korea International Cooperation Agency (KOICA), is to build the capacity of families and communities. So that food security can be maintained by dealing with climate shocks and reducing risks during disasters.

Young-A Doh, Country Director, KOICA Bangladesh, said, “KOICA believes that these newly introduced methods such as index-based flood insurance, forecast-based financing and seasonal livelihoods will be piloted in this project. It will play an important role in reducing human suffering and compensating the affected people. “

Dipankar Dutt, Country Director, Oxfam Bangladesh, said: In order to reduce the risk and inequality of the marginalized people involved in the agricultural sector of the country.

Farzana Chowdhury, Managing Director and CEO of Green Delta Insurance Company Limited, said, “I am thrilled to be partnering with WFP and Oxfam Bangladesh as this product will address the challenges facing agricultural workers due to climate change.” In addition, the achievement of SDG targets in Bangladesh will be further strengthened by cooperating in providing financial security to marginalized people during catastrophic floods.

As technical assistants, Weather Risk Management Services (WRMS), International Water Management Institute (IWMI) and Save the Earth Climate Services Limited have assisted in the development of this index-based flood insurance product by providing historical information.

The United Nations World Food Program (WFP) is the world’s largest humanitarian organization that provides assistance in building a better future for communities affected by conflict, disasters and climate change, as well as for survival and sustainable development in emergencies.

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