African Risk Capacity increases its underwriting capacity
By the year 2020, African Risk Capacity (ARC) will have substantially increased its underwriting capacity for natural catastrophe events which will rise from today’s 179 million USD to 1.5 billion USD. Only drought risk coverage is currently being marketed. It will soon be extended to 30 states on the continent accounting for 150 million people.
Niger, Senegal, Gambia, Mali, Mauritania and Kenya have already underwritten this insurance cover with ARC, with Burkina Faso, Zimbabwe and Madagascar following this summer. Drought has devastated the south of Africa, especially Malawi where half the population is in need of food assistance.
ARC is intent on introducing a new cover against cyclones at the end of the year while a flood scheme will see the light of day in 2017.
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