Parametric insurance products are slowly gaining momentum in Africa, but according to Lesley Ndlovu, CEO of the African Risk Capacity (ARC) Group’s insurer, Arc Ltd., more countries need to embrace parametric risk transfer, especially as Africa tries to fight the effects of climate change.
ARC Ltd. now provides parametric insurance to 35 sovereign member states across Africa and ARC is seen as an initiative requiring more investment and support as a key tool in the climate transition for African nations.
As we wrote over the summer, the African Risk Capacity (ARC) wants to become the continent’s disaster risk financing provider of choice, but there is a need to increase its capacity and lower the costs of coverage for country members.
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