Stonestep Nepal

The Parametric Flood Insurance product is transforming disaster risk financing, offering a sustainable solution to build resilience for households in flood-prone regions. This past monsoon season, insured households received 10% of their coverage as a payout when flood conditions met the predefined index. Once this trigger was confirmed through data from the Department of Hydrology and Meteorology (DHM), Shikhar Insurance promptly transferred the funds to community-based cooperatives, which act as group policyholders. The cooperatives then quickly deposited the claim amounts directly into beneficiaries' accounts, ensuring rapid financial relief for affected households. This streamlined approach demonstrates the potential of parametric insurance to provide timely and efficient support to vulnerable communities facing flood risks. #disasterriskfinancing #parametricinsurance #risktransfer #riskfinancingsolution Gehendra Timilsina Sanjay Kumar Yadav. Hemant Pandey Brandon Mathews Alex Mathews

Late post. Seeing our solution "parametric flood insurance (PFI)" achieve its intended impact was highly rewarding. Developed, piloted, and scaled for downstream communities along the Khutiya and Karnali rivers in partnership with consortium partners this solution provided critical flood-loss coverage for vulnerable households. Following the September 13, 2024 floods, which caused a 10% loss in paddy crops, the 10% insurance payout was triggered and verified with the Department of Hydrology and Meteorology (DHM). Shikhar Insurance swiftly issued cheques to partner cooperatives (group policyholders), who then deposited funds directly into beneficiaries’ cooperative accounts and notified through SMS. This product and streamlined group policy approach allowed beneficiaries to receive payouts without engaging in the claims process, ensuring rapid support to last-mile communities in flood-prone areas across Geruwa, Rajapur, and Madhuwan (Bardiya district) and Tikapur, Janaki, and Godawari (Kailali district). #USAID #USAIDTAYARnepal #Parametricinsurnace #disasterriskfinancing #insurance #digitalinsurance Brandon Mathews Sanjay Kumar Yadav.Alex Mathews Gehendra Timilsina Hemant Pandey

International Conference on Inclusive Insurance 2024 is a valuable platform to showcase insurance innovation. Our CEO and Country Manager for Nepal has been participated in the event to share impactful work we are doing in Nepal, as well as in other countries and to establish connection and collaborations with key stakeholders. The event enables us to reinforce our commitment to advancing inclusive insurance as a critical tool for building resilience in the face of escalating climate challenges. Sanjay Kumar Yadav.Gehendra TimilsinaHemant PandeyAlex Mathews #parametricinsurnce #riskfinancingsolution #disasterriskfinancing #risktransfer #insurtech

We are thrilled to have had the opportunity to present our 'Parametric Flood Insurance Product' as an innovative disaster risk financing tool at the National Learning Sharing Workshop, hosted at Hotel Yak & Yeti, Kathmandu. The event, organized by USAID's TAYAR Nepal, provided a platform to share our solution with key stakeholders, and we are incredibly grateful for the recognition and positive feedback we received. A special thank you to USAID’s TAYAR Nepal for offering us this valuable platform to demonstrate how our product contributes to building resilience in flood-prone communities. Gehendra Timilsina Hemant Pandey Sanjay Kumar Yadav.Brandon Mathews Alex Mathews #USAID #USAIDTAYARnepal #parametricinsurance #disaserriskfinancing #riskfinacingsolution #risktransfer

Hard work has truly paid-off, after the successful development and implementation of the Parametric Flood Insurance (PFI) product in Godawari Municipality, followed by its expansion to Rajpaur Municipality, benefiting vulnerable communities along the Khutiya Khola and Karnali River. With the 'Development of Innovative Approaches and Technologies' project reaching its close at the municipal level, a final close-out workshop was held with municipal representatives. The event highlighted key project outputs and outcomes, while a comprehensive sustainability plan was presented to guide future product implementation. The discussions emphasized the critical role of local governments in ensuring the continued operation of the PFI in flood-prone areas. We extend our deep gratitude to USAID TAYAR Nepal for their funding support, as well as to our consortium partners; Practical Action and Shikhar Insurance Co. Ltd. Special thanks go to the local government bodies, the Nepal Insurance Authority (NIA), the Department of Hydrology and Meteorology (DHM), and community-based cooperatives for their tireless efforts and unwavering support throughout the project. Sanjay Kumar Yadav. Gehendra Timilsina Hemant Pandey Brandon Mathews Alex Mathews Dr. Syed Muhammad Faheem Akhtar (Ph.D. in Artificial Intelligence) #USAID#USAIDTAYARNepal #Parametricinsurance #Disaserriskfinancing #financialinclusion #riskfinancingsolution

The Parametric Flood Insurance product and digital solution have bridged the gap in accessibility to innovative risk transfer products, making it easier for communities to benefit from these advancements. This product is highly effective for climate risk transfer, and beneficiaries are both optimistic and excited about it. They have demonstrated a good understanding of the product and its process. Despite the absence of subsidies, beneficiaries are willing to pay and enroll in the product for flood risk coverage. Their willingness to pay a 7% premium for the Parametric Flood Insurance, even without subsidies, highlights the significance of need-based risk transfer products and easy access in increasing insurance uptake for risk transfer and coverage amidst rising climate risks. Sanjay Kumar Yadav.Gehendra TimilsinaHemant PandeyBrandon Mathews Alex Mathews Daniel Reymond Dr. Syed Muhammad Faheem Akhtar #USAID #USAIDTAYARnepal#disasterriskfinancing#parametricinsurance News coverage: https://lnkd.in/emt_8QRR

The most critical aspect for distribution partners is the efficient management of premiums and claims, while insurance administration focuses on reaching last-mile populations through community-based institutions and distribution partners. To enhance the capacity of community-based cooperatives in effectively implementing Parametric Flood Insurance, Stonestep, with financial support from USAID TAYAR Nepal and in collaboration with Practical Action and Shikhar Insurance Co. Ltd., conducted capacity-building training on capital management. Sanjay Kumar Yadav.Gehendra TimilsinaHemant PandeyAlex MathewsBrandon Mathews #disasterriskfinancing #parametricinsurance #climatechangeadaptation

Social mobilization is crucial to enhance collaboration, stakeholder engagement, social cohesion, participation, behaviour change, empowerment and promote ownership. It plays vital role for the sustainability of innovations. Stonestep has conducted social mobilization training to partner cooperatives on social mobilization aligning with Disaster Risk Financing and risk transfer for awareness raising among communities and stakeholders. #Disasterriskfinancing #parametricinsurance, #USAID #USAIDTAYARNepal Sanjay Kumar Yadav.Hemant PandeyGehendra TimilsinaBrandon MathewsAlex MathewsDr. Syed Muhammad Faheem Akhtar

We are pleased to announce the successful conduction of the Project Inception Workshop at Rajapur Municipality, aimed at widening the coverage of innovative Parametric Flood Insurance product. The project is a collaborative effort between consortium partners Stonestep, Practical Action, Shikhar Insurance Company, and the local government entity of Rajapur Municipality. The project is funded by USAID TAYAR Nepal. #USAIDTAYARNepal #Disasterriskfinancing #risktransfer Gehendra Timilsina Sanjay Kumar Yadav.Hemant Pandey

Community engagement to raise awareness about Parametric Flood Insurance is crucial for aligning with climate change adaptation and disaster risk reduction efforts. It's important to highlight how this product can effectively support relief and early recovery in times of flooding. Stonestep in coordination with Shree Ekata Pragatishil Saving and Credit Cooperative Ltd. conducted community ward level and community level engagement #disasterrikfinancing #USAIDTAYARNepal #USAID #Parametricinsurance Sanjay Kumar Yadav.Gehendra TimilsinaHemant Pandey Brandon Mathews Alex Mathews