The country of Madagascar is the latest to benefit from a payout under its parametric drought insurance coverage from the African Risk Capacity (ARC), with almost $800k to be disbursed to the government.
The African Risk Capacity Group and the African Development Bank presented the Government of Madagascar with a US $797,049 cheque as an insurance payout after delayed rains during the 2021-2022 agricultural season drove drought conditions across the country, particularly in the Grand South.
The payout comes from parametric drought insurance that Madagascar took out under the African Development Bank’s flagship programme ADRiFi, which financed 50% of the 2021/2022 insurance premium for sovereign drought risk transfer.
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