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Friday, December 8, 2023

ARC and Floodbase collaborate on parametric flood insurance coverage

ARC and Floodbase will assist to shut the insurance coverage hole with parametric flood microinsurance merchandise that may be scaled throughout Africa to cowl smallholder farmers towards agricultural threat.

Floods have had a extreme humanitarian impression in Africa in current a long time, attributed to local weather change, speedy urbanisation, and overpopulation.

Moreover, flood threat in Africa is essentially uninsured, resulting in financial frailty, agricultural instability and group displacement in consequence.

Nonetheless, completely different to indemnity insurance coverage, these merchandise pays out inside days or even weeks when the magnitude of flooding exceeds a predetermined threshold. They are going to be designed with prearranged pricing and payout thresholds primarily based on Floodbase’s 23 years of research.

The mix of ARC’s region-specific specialisation and distribution community with Floodbase’s unmatched flood knowledge and experience will considerably mitigate the impression of flooding, insure beforehand uninsurable flood threat, and foster resilience throughout the African continent. 

“Since its inception in 2014, ARC has proven that the parametric insurance coverage mannequin works and is impactful. We’re excited to associate with Floodbase to enrich our portfolio of revolutionary parametric options to help flood-vulnerable communities throughout Africa to assist them rapidly rebuild and recuperate following harmful flood occasions,” stated David Maslo, head of enterprise improvement at ARC.

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By GlobalData

French insurance coverage main AXA-backed entities have joined a analysis hub arrange by the Cambridge Centre for Danger Research (CCRS).

AXA XL and the AXA Analysis Fund hope to scale back systemic dangers resembling pandemics, cyberattacks, geopolitical upheaval, local weather change, and financial downturns by their partnership with CCRS.

The Cambridge Systemic Dangers Hub researches the causes, penalties, and attainable options for systemic dangers to reinforce the insurance coverage business’s capability to handle current and rising risks.

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