Reinsurance News
drought
Nepal drought parametric insurance payout supports families facing hunger and poverty
15th May 2026
Tearfund, the UK-based international humanitarian and development organisation, has reported what is believed to be the first drought insurance payout of its kind in Nepal, helping vulnerable families avoid severe food shortages and deeper poverty following failed harvests. The payout was triggered through a parametric insurance product developed by Global Parametrics, ... Read the full article
Aon updates Climate Risk Monitor 3.0 to assess heat stress and rising cooling demand
12th May 2026
Aon, a global professional services firm focused on risk and insurance-related advisory, has released an updated version of its Climate Risk Monitor platform, enhancing its ability to quantify physical climate risks and support decision-making across industries. The latest release, CRM 3.0, introduces Heat Stress analytics that assess how combinations of temperature, ... Read the full article
Report suggests that rapid warming in Europe poses growing risks for re/insurers
29th April 2026
Europe is warming faster than any other continent, according to the 2025 European State of the Climate (ESOTC) report, which findings also show a continuing trend of rapid warming across the coldest regions. The report, published jointly by the European Centre for Medium-Range Weather Forecasts (ECMWF) and the World Meteorological Organization ... Read the full article
Malawi receives over $3.3m insurance payout from ARC, addressing drought impacts
28th July 2025
The Government of the Republic of Malawi has received a total insurance payout of USD $3,376,783 from the African Risk Capacity (ARC) Group, a specialised agency of the African Union that helps member states manage the risks associated with extreme weather events and natural disasters. This payout follows a severe drought ... Read the full article
$7.9m payout triggered in Syria from WFP’s drought insurance policy
4th July 2025
A $7.9 million drought insurance payout from the World Food Programme is providing relief to vulnerable, conflict-affected communities in Syria, which are now facing the worst drought in 50 years. As Reinsurance New understands, the policy covers critical food-growing regions in Syria and is linked to a pre-agreed operational plan, with ... Read the full article
Skyline and the European Space Agency partner on parametric wildfire and drought solutions
3rd April 2025
Skyline Partners Ltd., a parametric outsourcing platform provider, has launched a joint project with the European Space Agency to utilise space assets and technology to efficiently provide parametric insurance products for drought and wildfire risks globally. The Business Applications and Space Solutions programme of the European Space Agency will be heading ... Read the full article
WTW teams with Cornell University to address global drought risks
19th February 2025
WTW, a global advisory, broking, and solutions company, has formed a new partnership with Cornell University to analyse the risks posed by severe and extended droughts worldwide. This collaboration will offer a deeper understanding of global vulnerability to drought risks and explore the potential effects of water scarcity on business operations. Around ... Read the full article
IDF unveils $9.25m macroinsurance policy for drought in Syria
17th February 2025
The Insurance Development Forum (IDF) has unveiled the launch of a $9.25 million macroinsurance policy for Syria that will trigger a payout in the event of a drought in strategic food production areas. According to the IDF, this macroinsurance policy is designed to support the World Food Programme’s (WFP) operations in ... Read the full article
Tearfund, Global Parametrics, and Humanity Insured launch drought insurance payout in Malawi
7th February 2025
Tearfund, a global Christian charity focused on ending poverty and injustice, has partnered with Global Parametrics, a provider of parametric risk transfer solutions, and Humanity Insured, a UK charity offering insurance to vulnerable communities, to announce the first-ever drought insurance payout for smallholder farmers in Malawi. The £80,000 payout is made ... Read the full article
UNHCR & ARC provide payouts to Malawi nationals and refugees dealing with drought
9th December 2024
Amid a crippling drought characterised by a delayed onset of rains and prolonged dry spells, refugees at Dzaleka Camp in Malawi received funds last month to prepare for the new agricultural season. These funds were facilitated as part of the African Risk Capacity (ARC) Group’s response in Malawi, in partnership with ... Read the full article
Saudi Arabia launches drought resilience initiative at UNCCD COP16
3rd December 2024
As part of Saudi Arabia's ongoing efforts to address the global impact of drought, the Kingdom, alongside its partners, has launched the Riyadh Global Drought Resilience Partnership at the opening of the 16th session of the Conference of the Parties (COP16) of the United Nations Convention to Combat Desertification (UNCCD). In ... Read the full article
Gallagher Re and ARC unveil parametric reinsurance product for drought in the Sahel
30th October 2024
Gallagher Re and African Risk Capacity Ltd (ARC Ltd) have developed a new parametric reinsurance product for the UN World Food Programme (WFP) aimed at providing timely financial responses to populations affected by drought and food insecurity in the Sahel region. Quantifying the impact of climate and weather on crops and ... Read the full article
Ghana secures first sovereign drought insurance policy from ARC
18th October 2024
The Government of Ghana has purchased its first sovereign drought insurance policy, marking a significant step toward protecting vulnerable communities and the agricultural sector from drought. Coordinated by the Global Shield Secretariat, this policy was issued by African Risk Capacity (ARC) Ltd. and funded with $1 million from KfW Development Bank ... Read the full article
LBIC partners with CelsiusPro to pilot index drought insurance in South Africa
14th October 2024
Land Bank Insurance Company (LBIC) has partnered with CelsiusPro to pilot index insurance in South Africa, offering affordable drought-risk coverage for smallholder crop and livestock farmers. Index insurance is a cost-effective way to protect smallholder and semi-commercial farmers. Payouts are triggered automatically when a pre-agreed index breaches a certain threshold. Since ... 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
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