The Colombian government has contracted five parametric agricultural insurance policies to provide smallholder farmers with coverage against drought and excess rainfall, utilising a solution developed by the Insurance Development Forum (IDF), UNDP, and Germany’s BMZ via the InsuResilience Solutions Fund (ISF). The parametric policies come into effect as Colombia prepares for intensifying effects of El Niño during the second half of 2026. As mentioned, the five parametric agricultural insurance policies were delivered through the Tripartite Agreement Programme, a public-private partnership between the Insurance Development Forum (IDF), the United Nations Development Programme (UNDP), and Germany’s Federal Ministry for Economic Cooperation and Development (BMZ), through the InsuResilience Solutions Fund (ISF). The parametric product was co-financed by the IDF consortium members and ISF. Furthermore, the IDF explained that the parametric insurance product is based on a satellite-derived Water Balance Index at the municipal level.