Reinsurance News
ARC Ltd
ARC returns to profit in 2023 as product expansion continues
12th August 2024
African Risk Capacity (ARC) Ltd., the parametric insurer and financial affiliate of the ARC Group, has released its 2023 annual report, revealing a net profit of $13 million, a significant recovery from a $29 million loss over the past two years. According to the firm, the net profit was largely driven ... Read the full article
ARC $11.6m insurance payout to help Malawi farmers affected by El Niño-driven drought
8th August 2024
The Government of Malawi and its Replica partner, the United Nations High Commissioner for Refugees (UNHCR), have received insurance payouts of just over $11.6 million from the African Risk Capacity (ARC) following the 2023/23 El Niño-driven drought. The payout will support immediate humanitarian efforts to address food insecurity and reach the ... Read the full article
ARC welcomes insurance specialists Kasinga and Amarquaye to its Board
13th March 2024
African Risk Capacity (ARC) Limited has announced the appointment of two new non-executive directors to its Board, Susan Kasinga and Helen Amarquaye, who bring specialised technical experience in finance and insurance with them. With over three decades of experience in the financial industry, Kasinga has expertise in raising capital through debt ... Read the full article
ARC payouts exceed $170m as parametric insurer celebrates 10th anniversary
4th March 2024
African Risk Capacity Limited (ARC Ltd.), the parametric insurer and financial affiliate of the ARC Group, has paid out over $170 million in claims to support vulnerable communities since its inception. Founded in 2014, ARC Ltd. celebrates its 10th year of establishment with the intent to help governments better respond to ... Read the full article
Floodbase’s parametric flood insurance programs to support farmers in Mozambique and Malawi
4th March 2024
Floodbase has been awarded a grant to launch parametric flood insurance programs for farmers in Mozambique and Malawi, with support from African Risk Capacity Limited (ARC Ltd.) and Global Parametrics. In Mozambique, over 80% of people depend on agriculture for their livelihoods, and 99% of smallholder farmers in Africa are uninsured ... Read the full article
ARC Ltd. partners with US gov to expand parametric insurance in Africa
13th February 2024
African Risk Capacity Limited (ARC Ltd.) and the United States Government (USG) have entered into a $11.7 million partnership to increase access to parametric insurance in Africa and safeguard food security. According to ARC Ltd., this newly announced project aims to protect vulnerable smallholder farmers facing increasing climate change-related disasters while ... Read the full article
Climate-related death toll in Africa underlines urgency for COP28 action: ARC
29th November 2023
In 2023, 15,700 people have lost their lives to extreme weather disasters in Africa, while another 34 million have been affected, highlighting the urgent need for action at COP28, says African Risk Capacity Limited (ARC). In a recent report, ARC observed that 2023 has been a year of "climate carnage" in ... Read the full article
Floodbase and ARC Ltd. partner to address Africa’s flood insurance gap
25th October 2023
In a significant move towards mitigating the devastating impact of floods in Africa, Floodbase has recently announced a strategic partnership with African Risk Capacity Limited (ARC Ltd.). The collaboration aims to develop, distribute, and scale parametric flood insurance solutions across the continent. Floods have emerged as a critical humanitarian challenge in Africa ... Read the full article
African Risk Capacity assists Malawi in scaling up World Bank’s SSRLP
19th September 2023
The African Risk Capacity (ARC) will assist the Malawi Government to scale up the World Bank’s Social Support for Resilient Livelihoods Project (SSRLP) through innovative insurance, which reinforces Malawi’s Social Cash Transfer Programme. Malawi’s flagship safety net, the Social Cash Transfer Programme (SCTP), will be reinforced with a risk transfer instrument ... Read the full article
ARC sets new record with $60m payout in 2022, pioneering climate resilience in Africa
12th September 2023
African Risk Capacity Limited (ARC Ltd), Africa's pioneering sovereign parametric development insurer, has announced a groundbreaking achievement with a record total payout of US$60 million in 2022. This milestone marks the largest payout since the company's establishment in 2014, underscoring the invaluable impact of its work in protecting African nations from ... Read the full article
African Risk Capacity pays out $188,000 to Gambia for drought recovery
21st April 2023
The African Risk Capacity (ARC) Group has announced a $188,000 insurance payout to the Government of the Republic of The Gambia to assist with recovery from drought. ARC explains that as drought conditions spread across West Africa’s Sahel region during the 2022/23 agricultural season, The Gambia was amongst the most affected. This ... Read the full article
Risk pools ARC, CCRIF and PCRIC agree to partnership at COP27
21st November 2022
Global risk pools African Risk Capacity Limited (ARC Ltd.), CCRIF SPC (formerly The Caribbean Catastrophe Risk Insurance Facility) and Pacific Catastrophe Risk Insurance Company (PCRIC) have agreed to a partnership at the recent COP27 climate conference. The parties signed a memorandum of understanding (MOU) on the sidelines of COP27 in Sharm ... Read the full article
African Risk Capacity receives €9m grant from EU Commission
15th November 2022
The African Risk Capacity (ARC) has received a grant funding of €9 million from the European Union Commision at a special COP 27 event as part of marking the 10th anniversary of the specialised agency of the African Union. The ARC was established in 2021, it is a provider of parametric ... Read the full article
More African countries need to come into the parametric fold: ARC CEO
3rd November 2022
The impacts of climate change see Africa lose up to 15% of its gross domestic product per capita, every year, suggesting there's an urgent need to expand the use of alternative risk solutions, such as parametrics, to help more countries effectively navigate the changing climate. This is according to the African ... Read the full article
Building resilience to climate change is of paramount importance in Africa: ARC
29th September 2022
Ahead of COP27, the African Risk Capacity (ARC) outlines the importance of parametric insurance on the African continent, highlighting the need for further collaboration with more developed nations. ARC provides parametric insurance services to African Union member states and farmer organisations to pool disaster-related risk across Africa and transfer it to ... Read the full article
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