Reinsurance News
drought
ARC Group and African Bank provide drought insurance payout to Zambian Government
17th June 2022
A symbolic $5.3m cheque has been presented to the Zambian Government as payout for the drought insurance taken under the Africa Disaster Risk Financing Programme Multi-Donor Trust Fund. The fund is supported by the Governments of the United Kingdom, through the Foreign, Commonwealth and Development Office, and Switzerland, through the Swiss ... Read the full article
IDF and Start Network partner on financial service for the humanitarian space
3rd November 2021
The Insurance Development Forum (IDF) has entered into a new partnership with Start Network, a coalition of more than 50 humanitarian charities, to support the buildout of a global financial service for the humanitarian sector. The new tool is called Start Ready and will help communities get ahead of the worsening ... Read the full article
ARC pays $2.13mn to Madagascar under drought policy
6th July 2020
The African Risk Capacity Insurance Company Limited (ARC Ltd) has paid US $2.13 million to the Government of Madagascar to cover anticipated losses to livelihood after crop failure in the last farming season. The ARC payout is the result of drought insurance taken by the country with the support of the ... Read the full article
German gov assists ARC members with €19mn COVID-19 support programme
18th June 2020
In light of the ongoing COVID-19 pandemic, the German government has committed to assume premium payments of approximately €19 million for the drought insurance offered by the African Risk Capacity (ARC). In a recent video message, Maria Flachsbarth, Parliamentary State Secretary at the German Federal Ministry for Economic Cooperation and Development ... Read the full article
Côte d’Ivoire receives $745k ARC payout after rainfall deficits
12th November 2019
The African Risk Capacity Insurance Limited, a financial affiliate of provider of parametric sovereign disaster risk insurance to African nations, African Risk Capacity (ARC), has paid out $745,000 to the Government of Côte d’Ivoire after rainfall deficits in the 2019 agricultural season. In September of this year, ARC's parametric tool, Africa ... Read the full article
Senegal to receive at least $22mn from ARC following drought conditions
5th September 2019
The Government of Senegal is set to receive at least $22 million from the African Risk Capacity Insurance Limited (ARC Ltd) to cover losses from crop failures driven by drought in the 2019 agricultural season. In August 2019, Africa RiskView, the software underpinning the Arc parametric model, informed the Government of ... Read the full article
Australian insurers propose new measures to support drought-affected farmers
29th October 2018
The Insurance Council of Australia (ICA) has lent its support to a series of proposals designed to improve the uptake of farm income and crop insurance for primary producers in Australia. Rob Whelan, Chief Executive Officer of the ICA, said that access to better data, removing unfair taxes, and introducing incentives ... Read the full article
Parametric drought insurance product to launch in Senegal
4th September 2018
The Start Network, an international network of Non-Governmental Organisations (NGO), has announced the launch of a new parametric insurance product designed to protect individuals in Senegal affected by drought. The product, due to be introduced for the 2018-2019 agricultural season, will trigger payouts when rainfall levels fall below a certain threshold. ... Read the full article
SCOR backs solution aimed at improving drought resilience in Ethiopia
26th June 2018
French insurer and reinsurer SCOR has announced that it supports a recently launched insurance solution that leverages technology to improve drought resilience in Ethiopia, called the Satellite Index Insurance for Pastoralists in Ethiopia (SIIPE). The project, which was started by the World Food Programme (WFP) and facilitated by re/insurance broker Willis Towers Watson, ... Read the full article
African farmers receive pay-outs of $1.5mn following drought
14th May 2018
Smallholder farmers under the R4 Rural Resilience Initiative (R4) climate risk management scheme have received pay-outs of US $1.5 million following poor rainfall in Ethiopia, Kenya, Malawi, Senegal, and Zambia. The R4 scheme, which was launched in 2011 by the United Nations World Food Programme (WFP) and Oxfam America, is designed ... Read the full article
RMS stress tests would see leading banks’ corporate borrowers downgraded when exposed to drought risk
5th April 2017
Risk modeler RMS found the clients of leading banks across the globe would see credit rating downgrades when tested against exposure to normal drought scenarios with a sophisticated drought stress testing tool RMS recently made in collaboration with financial institutions. RMS worked with leading banks from the U.S., China, Mexico, Brazil and other ... Read the full article
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