The African Risk Capacity (ARC) Group, a provider of parametric disaster insurance products and risk pooling for countries and other entities in Africa, has made a US $32 million payout to benefit Zimbabwe after the parametric drought cover was triggered.
We’d reported back in April that the African Risk Capacity (ARC) was expecting a severe drought across the southern African region to trigger its parametric insurance policies for at least four countries.
Zimbabwe has received $16.8 million in parametric insurance payout and organisations buying the replica parametric insurance product also made recoveries, with the United Nations World Food Programme (WFP) and Start Network getting payouts of US $6.1 million and US $8.9 million respectively.
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