Magazine date:
Feb 2015 Drought that hit Senegal, Niger and Mauritania during much of the year 2014 has affected many crops.
Farmers in all three countries will therefore benefit from the amount of 25 million USD in compensation paid by the catastrophe insurance pool, African Risk Capacity (ARC).
With 16 million USD, Senegal has reaped the most of the funds. The pool, which was set up in May 2014, is operating under the name of ARC Insurance Company.
The policies for natural catastrophe risks introduced by the pool are based on parametric triggers, the first of its kind in Africa.