Suyana was created to tackle a problem that affects millions of farmers around the world. Every year adverse climatic events have long-lasting effects on the quality of life of farmers and their families.
Climate insurance reduces farmers' income volatility, by providing
a minimum level of income while allowing farmers to recover more
easily after a drought or flood. However, and despite the efforts
dedicated by climate governments and donors, the insurance has
not delivered as promised.
The costs of creating climate insurance is typically higher than
farmers´ willingness to pay for this service. This is the main barrier
behind the very low uptake rates. Costs are high for two reasons:
It is more expensive to accurately assess risks in areas where there
is not enough historical climate information; and the distribution
and commercialization of insurance in remote areas is still expensive.
In Suyana we create innovative solutions to lower these costs.