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Launch of the first parametric pool of natural catastrophes

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Magazine Issue: 
Training, an investment [3]
Magazine date: 
Jun 2014
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.

Mon, 23/06/2014 - 08:59

Source URL: https://www.atlas-mag.net/en/article/launch-of-the-first-parametric-pool-of-natural-catastrophes

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