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NEW INITIATIVE WEATHER INSURANCE: FWWB has extended agriculture loans to Maharashtra Partner Organisations since last two years. The 3 main POs i.e. Asmita Institute of Development, Priyadarshini Mahila Mandal and Navchetana are operating in Yavatmal District i.e. Vidarbha region which is a drought prone area. In total all three organisations have a membership base of 9000 women. Looking to the nature of the loans FWWB initiated the talks for Weather Insurance Product cover to these MFIs. Accordingly, details were called for from the POs regarding the types of crops harvested by their members, average land holding and their feedback on what parameters to be covered under the Weather Insurance Product. An orientation workshop was organised wherein Cardinal Edge, a private company having experience in designing and implementing Weather Insurance products was specially called as a resource person. Subsequently, FWWB started the talks with Cardinal Edge Services to develop such a product for the above mentioned 3 POs. At present, Cardinal Edge has initiated talks with AIC to provide Insurance cover. However, the market survey. Market sizing and clients feedback needs to be carried out in order to underwrite the Weather Insurance Product. The talks are on verge of finalisation. As scheduled, the field survey and clients feedback data has been collected and analysed. The product is on verge of completion and the test check of the product shall be carried out in the next agriculture season.
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