Ativities of the Project (Component wise):

In light with the above goal and objective, the project encompasses four components such as Component A: Pilot

testing of viable WIBCI products, Component B: Formulating and strengthening policy and regulatory framework,

Component C: Capacity building, awareness raising and upgrading of selected weather infrastructure and

Component D: Project management, monitoring and audit.

Activities of the components are as follows:

Component-A

(i)     Selection of at least three pilot areas and crops on the basis of exposure to various weather risks

(ii)    Design and pilot testing of a set of farmer-friendly WIBCI contracts for at least three districts

(iii) Regulatory approval of WIBCI products filed by at least one public and private insurer. This should entail

detailed agreement on premium rates, underwriting norms, reinsurance and claims settlement parameters,

distribution costs, etc.

Component-B

(i) Development of a regulatory framework/guidelines for WIBCI

(ii) Approval by the Bangladesh Meteorological Department (BMD) of data accreditation standards consisting

of approved weather station infrastructure and user guidelines, including transparent data -collection and

data-sharing methods, and utilization of satellite data. Validation by Insurance Development Regulatory

Authority(lDRA) of specific customer protection regulation for WIBCI contracts.

Component-C

(i) Capacity development of weather data agencies and agriculture research institutions

for at least 100 staff members

(ii) At least 20 weather stations upgraded to provide reliable data

(iii) Insurance literacy and climate risk awareness among at least 6,000 farmers

(iv) WIBCI sales, administration, and operational skills training for at least 300 staff members from insurance

companies and distribution partners.

(v) Operational module on how to design and pilot WIBCI, particularly related to underwriting, distribution,

and claim management for use by insurers, regulators, and other intermediaries

Component-D

(i) Detailed work plan and implementation guidelines

(ii) Management Information System (MIS) for the project

(iii) Impact evaluation framework for the project

(iv) Accounting and financial management system related to project implementation, in accordance with

ADB requirements