Economy & Politics

ARC launches the first hurricane insurance in Africa

Pan-African insurer ARC (African Risk Capacity) launched a new parametric insurance mechanism for African countries with the aim of mitigating damage caused by tropical cyclones.

The product will provide “predictable and rapid funding for a rapid response to deal with emergencies caused by tropical cyclones,” according to ARC.

“Our goal is to continue to diversify our product offering to effectively meet the needs of our member states,” said Ibrahima Cheikh Diong, Managing Director of UN-ASG and the African Risk Management Capacity Group.

Madagascar became the first country in the region to take out parametric ARC tropical cyclone insurance coverage, thanks to KfW premium support for the 2020-2021 season.

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