Africa: Joint AU – ARC Press Release Launch of the First Parametric Tropical Cyclone Risk Insurance Product in Africa

[African Union] The African Risk Capacity (ARC) Group is proposing a new insurance mechanism to African countries in the South West Indian Ocean (SWIO) region to cope with the devastating effects of the tropical cyclones. This parametric insurance product will provide countries with predictable and rapid financing for early response to cope with emergency situations caused by tropical cyclones. The mechanism is a significant milestone to building resilience to climate-related disasters on the African continent.

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