ARC launches parametric flood insurance

African Risk Capacity (ARC) is developing its first parametric flood insurance product.

The new solution will help member States better manage flood risks and receive compensation in a timely manner.

The insurance program is currently available in Madagascar, Mozambique, Malawi, Côte d'Ivoire, Ghana and Togo. It will be rolled out in other African countries in 2024.

In recent years, the frequency of flooding in Africa has increased dramatically, resulting in numerous deaths, the displacement of millions of people and billions of dollars' worth of damage to property and farmland.