Launch of the first parametric pool of natural catastrophes

The first African insurance pool of parametrically-based (induced) natural catastrophes was set up by African Risk Capacity (ARC). ARC is a specialized agency established by the African Union to help member States to minimize the effects of extreme weather events.
Photo credit: U.S. Marine CorpsTana river, Kenya

This pool is designed to offer African countries the possibility to sell parametric insurance policies, a coverage that protects crops against drought when it reaches certain predefined criteria. A mechanism for prompt payment has been set up. Kenya, Mauritania, Mozambique, Niger, and Senegal are the first countries selected to benefit from these covers.

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