The African Risk Capacity Insurance Company Limited (ARC Ltd) has appointed Abdoulie Janneh, Delphine Traoré Maïdou, and Frannie Leautier as Non-Executive Directors and Michel Jarraud as a Special Advisor on its Board of Directors, bringing new strategic guidance to its operations.
ARC Ltd is a financial affiliate of the African Risk Capacity (ARC), which is a Specialised Agency of the African Union that was established to assist member states in tackling the impact of natural disasters on vulnerable people.
Seeded by the UK’s DFID and Germany’s BMZ through KFW, ARC Ltd is mutual insurance company that promotes economic development in Africa and which will eventually be wholly owned by African sovereigns.
The newly appointed Board members will work alongside ARC Ltd Board Chairman Dele Babade, who commented: “The new Non-Executive Directors are bringing on board deep expertise, versatile experience, tested knowledge, and expansive networks to chart new paths that will continue to place ARC Ltd as a leader in innovative natural disaster risk financing and management.”
Mohamed Beavogui, Director-General of ARC Agency, also stated: “The natural disaster risk insurance ecosystem is evolving rapidly with more diversified products and services being introduced to the market by many players.
“Africa’s resilience is best assured by fielding its best team; and this is what has been done by seeking out the most fertile and respected minds in the industry to ensure that disaster risks are transferred in the most cost-effective manner.”
Dolika Banda, Chief Executive Officer (CEO) of ARC Ltd, added: “The high-level of combined international development experience, commercial insurance, savviness in building strategic global relationships, proven expertise in natural disaster financing, management and response systems, and a commitment to Africa that the new members are bringing on board will provide the requisite catalyst to the work of African Risk Capacity in providing customised solutions to Africa’s sovereigns for food security and economic growth.”
During its four years of operations, ARC Ltd has led the early disbursement of $36.8 million to its policyholders against drought events, assisting over 2.1 million people whose livelihoods rely on agriculture.
Governments have also used ARC Ltd funding to scale up cash transfers, subsidise livestock feeds, replenish depleted food reserves, and distribute emergency food supplies.
