First Ever African Natural Disaster Insurance Pool Launched
The first ever African catastrophe insurance pool has been launched by the African Risk Capacity (ARC), which has issued policies to Kenya, Mauritania, Mozambique, Niger and Senegal.
Germany Commits €50m to ARC
The African Risk Capacity Insurance Company Limited is a financial affiliate of the African Risk Capacity (ARC), a specialized agency of the African Union (AU), an initiative designed to improve current responses to climate-related food security emergencies. The Company is a mutual, owned by its members and incorporated for an interim period in Bermuda.
2014 Membership includes the following countries, which have taken out insurance contracts for coverage of agricultural seasons beginning this year: Kenya, Mauritania, Mozambique, Niger and Senegal. The membership also includes its capital contributors. Germany (KfW) and the United Kingdom (DFID) have contributed the first tranches of their respective EUR 50 million and GBP 90 million commitments.