ARC and Floodbase to develop parametric flood insurance

African Risk Capacity (ARC) has partnered with U.S. based insurtech Floodbase to develop parametric flood insurance in Africa.

The new microinsurance products will compensate policyholders within days or weeks of the occurrence of a predefined event, as measured by technological tools developed by Floodbase.

The African continent has suffered several floods in recent years, resulting in heavy human losses and damage to small farmers in particular.