africa

The African Risk Capacity (ARC), an organisation providing parametric sovereign disaster risk insurance and resilience building support to African nations, has sold its first replica coverage policies for drought to the World Food Programme (WFP) and the Start Network.

The African Risk Capacity (ARC), Africa’s sovereign parametric catastrophe insurance pool, is to make a US$8 million payout to Malawi after its 2015/16 agricultural season parametric drought insurance policy was triggered by ARC’s model.

The insurance mutual and financial affiliate of the African Risk Capacity (ARC), the African Risk Capacity Insurance Company Ltd (ARC Ltd), has announced that former Director of the International Finance Corporation (IFC), Dolika Banda, will replace Dr. Simon Young as Chief Executive Officer (CEO) of the firm.

The African Risk Capacity (ARC), Africa’s first sovereign catastrophe insurance pool, has ambitions to grow the size of the risk pool to $1.5 billion by 2020, as it increases the number of countries covered and expands products beyond drought, to include flood and cyclone risk.

The African Risk Capacity (ARC), Africa’s first sovereign catastrophe insurance pool, is set to receive $150 million in support pledged by countries attending the Paris COP21 climate change talks over the last fortnight.

The African Risk Capacity (ARC) aims to double the coverage it provides to as much as $1.5 billion by 2020, by opening up its parametric insurance products to international organisations, such as United Nations agencies and non-governmental organisations (NGO’s).

The African Risk Capacity (ARC) has enlarged its risk pool, adding five new countries to those protected by the parametric insurer, growing the risk pool to $192m of capacity and utilising $70m of global reinsurance cover, which includes some ILS or collateralised protection.

The latest in our series of interviews features Dr Simon Young, CEO of African Risk Capacity Insurance Company Ltd (ARC Ltd), a catastrophe risk pooling insurer for African states established under the umbrella of the African Risk Capacity (ARC) Specialised Agency of the African Union (AU).

The African Risk Capacity (ARC), the first catastrophe insurance pool set up to provide cover to African nations, is set to more than double the number of countries that benefit from its products in its second year, with 12 likely to sign up, according to its director general.

The African Risk Capacity’s (ARC) pioneering catastrophe insurance pool, which operates as the ARC Insurance Company Ltd. (ARC Ltd), is set to make its first payout, totalling $25 million to three participating countries.