This article is brought to you thanks to the collaboration ofThe European Stingwith theWorld Economic Forum.
Author: Lesley Ndlovu, Chief Executive Officer, African Risk Capacity (ARC) Ltd
- In Africa, 490 million people (40% of the population) are living in extreme poverty.
- As a result, communities are highly vulnerable to natural disasters, which are increasing in frequency and severity owing to climate change.
- The continent loses between 5% and 15% of its gross domestic product to climate change.
- Parametric insurance has the potential to be a game-changer in mitigating disaster risk on the African continent.
Parametric insurance is not a new concept. Such products and solutions have been in existence for more than 20 years. On the African continent, however, parametric insurance is relatively new but becoming ever more crucial to climate resilience.
Also called index-based insurance, parametric insurance differs from traditional insurance…
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