Last January 16–20, 2024, the Weather Protect Insurance (WPI) team headed by Project Research & MEL Officer, Ms. Juliette Virgula and Research Assistant, Edel Kin Galas, conducted a Willingness-to-Pay (WTP) Survey of farmers for the new drought product under the Weather Protect Insurance across Panay Island. The WPI team visited and interviewed a total of (10) farmers in Patnongon Multi-Purpose Cooperative, (30) farmers in Barbaza Multi-Purpose Cooperative, (8) farmers in Libacao Development Cooperative along with BDS Geicel Eraldo, and (10) farmers in Zarraga Multi-Purpose Cooperative which was assisted by RSM Raymond Ernas & GAM Princess Gumban. Using a tablet-based questionnaire, the survey will help Alliance of Bioversity and CIAT better grasp the benefits of Weather Protect Insurance and the farmer’s capacity to pay for it. The survey aims to assess the understanding and existing knowledge of farmers so that it would evaluate their perceptions of the insurance coverage, their financial perspective on the insurance scheme, and the factors that influence their decision to participate. The data gathered from a total of 58 farmers who participated in the survey will serve as a guide for the development of insurance products that are affordable, accessible, and tailored to the farmers’ needs.
The Weather Protect Insurance is the first parametric insurance that ensures that farmers and cooperative members will be able to receive payout for the peril caused by disaster or calamity through different trigger parameters that measure rainfall and wind speed. The different trigger parameters also have a corresponding percentage of payout depending on the severity of the typhoon per province. This type of insurance product ensures that every farmer and agricultural workers can bounce back and are able to receive payout depending on the severity of the trigger in order to address the harrowing consequences of climate change. Given that the insurance contract will not cover the full cost or total amount of damage, the program aims to provide assistance in helping farmer-members get back on their feet.
