Project funded by: USAID TAYAR Nepal (October 2022 – October 2023)
Project Objective: To enhance the resilience capacity of smallholder farmers residing in flood-prone areas through disaster risk financing solution.
Consortium Partners: Practical Action and Shikhar Insurance Co. Ltd.
Distribution Partners: Shree Ekata Pragatishil Saving and Credit Cooperative Ltd.
Project Activities and Achievements:
- Flood Risk Modelling:
- Conducted comprehensive risk and vulnerability assessments across flood-prone areas of ward no. 8 & 9 of Godawari Municipality, Kailali,
- Designed a flood risk model combining measured data from the flood gauge station at Mudhibhawar Khutiya, risk and vulnerability assessment findings, and remote sensing data.
- The risk model identified exposure, intensity, and frequency of disasters in the targeted areas.
- Development and Approval of Parametric Flood Insurance product:
- Developed a Parametric Flood Insurance product based on the findings from the risk model.
- Secured approval from the Nepal Insurance Authority.
- Piloted the product during the monsoon of 2023 and scaled it up in 2024.
- System Design and Capacity Building:
- Stonestep designed back-end and front-end systems for process digitization to enhance accessibility for poor and vulnerable populations through community-based cooperatives,
- Implemented the system at Shree Ekata Pragatishil Saving and Credit Cooperative Ltd.,
- Enhanced the cooperatives’ capacity in IT solutions for insurance administration and capital management for effective management of the Parametric Flood Insurance product.
- Cooperatives were trained to handle group policies to benefit their customers.
Project Outputs:
