Innovations in Index Insurance for the Poor in Lower Income Countries

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					Innovations in Index Insurance for the
Poor in Lower Income Countries
Jerry R. Skees
               This article focuses on innovation in weather insurance designed to fit the special circum-
               stances of the poor in lower income countries where rural and agricultural financial markets
               are largely underdeveloped. Index insurance is an innovation that circumvents many of the
               fundamental problems that hamper the development of insurance for weather risks in lower in-
               come countries. With index insurance, payments are made based upon an objective and inde-
               pendent index that serves as a proxy for significant losses to crops, livestock, or other prop-
               erty. For example, the index can b
				
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