African Risk Capacity Limited (ARC Ltd.), the financial affiliate and parametric insurance underwriting entity of the African Risk Capacity (ARC) Group, has commemorated its ten-year anniversary and said it has now paid out over $170 million in claims.
“From covering 12.9 million people in 2014, we protected 26.4 million in 2023. We have also expanded our footprint to 39 member states,” ARC Ltd. CEO Lesley Ndlovu explained. “We are pleased that behind the figures are communities that have benefited.
“We are also encouraged to see an increase in the number of countries utilising insurance as part of their disaster risk financing matrix.”
Expansion and diversification across Africa has helped ARC Ltd. to deliver a net profit of $13 million in 2023, much better than the $29 million loss it experienced over the last two years.
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