African Risks Capacity Insurance Pays Côte d’Ivoire $738,835 As Claims
By Ngozi Onyeakusi — The African Risk Capacity Insurance Limited, ARC Ltd, is set to settle the government of the Republic of Côte d’Ivoire with $738,835 worth of claims following the severe rainfall deficits experienced in the central region of the country for the 2019 agricultural season.
The impending payout will be applied to help vulnerable families to better cope with the harsh effects of the rainfall deficit and ensure sustenance through a contingency plan developed between African Risk Capacity Agency and Côte d’Ivoire government.
Cote d’Ivoire joined the ARC Ltd insurance risk pool in 2019. This payout will be the first made by the facility to the government of Côte d’Ivoire.
The government has disclosed that its officials will meet with relevant experts and other partners between 12 and 13 September 2019, to discuss modalities to ensure that the funds from the planned payout promptly reaches the most affected population in line with the Contingency Plan.
“The Government of Cote d’Ivoire has been consistent in its relationship with African Risk Capacity. The expected trigger for a payout to the country will, once again, validate ARC’s proof of concept and enable the government to timeously assist the affected population thereby significantly reducing vulnerability and promoting resilience”, said Dolika Banda, chief executive office, ARC Insurance Limited.
As early as July 2019, Africa RiskView, the software underpinning the ARC parametric insurance model, signaled irregular and insufficient rainfall in the central region of Cote d’Ivoire providing an early warning that an estimated 400 000 people will be affected by the rainfall deficit by the end of the season.