Benin is a small country with a population estimated at just under 10 million in 2011, and the national economy relies on the agriculture sector, in particular on cotton. Indeed, the agriculture sector accounts for about 32% of GDP and is the source of livelihood for nearly 70% of the country’s workforce. As part of its Growth and Poverty Reduction Strategy (2011-2015), Benin has identified agricultural diversification and improved agricultural productivity as two key priorities.

In 2011, at the request of CIMA and FANAF, a regional study on microinsurance was conducted with the technical assistance and financial support from the World Bank. This report showed that a new regional framework was required for microinsurance and agricultural index-based insurance, which had been absent, in the CIMA zone. The member countries are Benin, Burkina Faso, Cameroon, Central African Republic, Comoros, Chad, Cote d’Ivoire, Gabon, Guinea, Equatorial Guinea, Mali, Niger, Senegal, and Togo.