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Cash transfers and index insurance have become popular interventions by development agencies worldwide, yet surprisingly little is known about these programs' comparative impacts on participant behavior or well-being. This paper exploits exogenous variation in program participation and panel data from Kenya to compare the causal impacts of a cash transfer program (HSNP) and an index-based insurance product (IBLI), which were implemented contemporaneously among the same population. We find that both programs benefit clients. HSNP improves child health, as measured by mid-upper arm circumference (MUAC), and helps households maintain their mobility-dependent livestock production strategies. Households with IBLI coverage make productivity increasing investments, reduce distress sales of livestock during droughts, and see a marked increase in income per adult equivalent. Estimating the …