Fragile Transfers

Abstract

In recent years, Senegal's developed a program of index insurance to cover farmers from economic losses due to drought. I investigate this emerging market in light of Jane Guyer's question: "What is a 'risk' as a transacted 'thing'?" To grasp the social practices required to make "rainfall deficit" a transferable risk, I explore the climate and market infrastructure that brings it into existence and follows actors who function as brokers allowing the risk to circulate from Senegalese fields to the global reinsurance industry. I show that the strategies set up to convince farmers to integrate a green and rational capitalist management of climate risks are very fragile, and the index insurance program only endures because it is embedded in the broader political economy of rural development based on debt and international aid.