More than 204,000 people in drought-affected parts of Mali are set to benefit from a $7.1 million payout by the African Risk Capacity (ARC) to the United Nations World Food Program (WFP), an ARC replica technical partner which has been subscribing to the climate insurance policy in Mali since 2017.
The ARC replica program was launched back in 2015 as a way to expand the parametric risk transfer coverage each policy-holding African country benefits from, by selling replica policies to organisations and NGOs to match those already provided directly to African governments.
In order to finance early emergency response, the WFP has been subscribing to the climate insurance policy in Mali for the past five years.
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