• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Wednesday, March 29, 2023
  • Login
  • Register
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

African Risk Capacity Targets Addition Of Somalia To Parametric Risk Pool

Nwanne Ikemefune by Nwanne Ikemefune
May 12, 2021
in Insurance
0 0
0
ARC’ Agric Cover To Deflate Climate Risks In Africa
0
SHARES
22
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The African Risk Capacity (ARC), a provider of parametric disaster insurance products to countries and now other entities in Africa, is targeting adding Somalia to its risk pool, signing an MoU with the Government to help it work through the onboarding process.

The Government of the Federal Republic of Somalia has signed a Treaty and Memorandum of Understanding (MoU) with the African Risk Capacity (ARC), with the organisation set to help the country better prepare, plan and respond to extreme weather events and natural disasters.

Somalia is exposed to a range of severe weather and natural disaster risks, making the use of planning and resilience tools vital, but also financial preparation, with the use of parametric disaster insurance likely an ultimate goal of the signing.

Hon. Khadija M Diriye, the Minister of Humanitarian Affairs and Disaster Management, Federal Republic of Somalia, commented, “Somalia’s hazard profile is dominated by droughts, floods, tropical cyclones, desert locust, diseases (epidemic/pandemic), and terrorism that disrupt people’s livelihoods, destroy the infrastructure, divert planned use of resources, interrupt economic activities and retard development.

“The impacts of natural hazards do not occur in isolation; but recognition of such cause and effect on a national scale has encouraged the Government of Somalia in taking on a paradigm shift from crisis management to risk management. This will enable us to utilise our finite resources in a more efficient and timely manner towards assisting the vulnerable populations in the event of disasters. Therefore, we are proud to sign the ARC Establishment Agreement,asits35th Member,as well as the MoU, with a strong commitment to taking the necessary steps to ensure that the collaboration leads to building of our national response capacities against the adverse impacts of natural disasters.”

UN-ASG and ARC Group-Director General, Ibrahima Cheikh Diong also said, “As the nature and intensity of natural catastrophes evolve across the region, we maintain that the continent will be better protected through a pooled-risk approach bringing together countries and leveraging smart partnerships. Today, the ARC Group proudly welcomes the Federal Republic of Somalia as its 35th Member State. By simultaneously signing the ARC Treaty and MoU, the Government (of Somalia) has demonstrated a clear commitment to strengthening the country’s disaster risk reduction capacities; and thereby joining a growing number of African Union Member States that are accessing our tools to create coordinated contingency plans before catastrophes strike.

“We would like to particularly convey our readiness to work with the (Somalian) Authorities in accurately profiling their natural disaster risks and designing quantified response plans to better secure the lives and livelihoods of vulnerable populations in the event of a peril.”

A framework will be developed to facilitate cooperation between African Risk Capacity (ARC) and the Somali Government to address the impact of extreme weather events.

This will include provision of training to support Government personnel, as well as preparing Somalia’s potential participation in future parametric (drought/flood/tropical cyclone) insurance risk pools operated by ARC.

Since 2014, 65 policies have been signed by African countries, providing cumulative parametric insurance coverage of US $719 million.

ARC relies on efficient access to global reinsurance markets to underpin its ability to pay claims against the growing risk pool, meaning that expansion and diversification of the risk pool are both key to recognise economies of scale.

Recent developments at ARC add diversification to the risk pool, such as plans to expand into flood risk, an expansion of the ARC client base to include non-sovereign actors, ARC’s recent plan to further expand its risk pool by underwriting inwards reinsurance, and the writing of its first parametric tropical cyclone cover.

These efforts and continued work to ready other countries in Africa, such as Somalia, to take up parametric disaster insurance promise to further expand ARC’s risk pool and therefore its ability to access reinsurance markets more efficiently.

Previous Post

Half Of Manufacturers Hit By Cyber Crime In The Past Year

Next Post

Behind The Struggle To Make Pandemic Insurable

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert
Insurance

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

March 29, 2023
Global Insured Natural Catastrophes Losses Hit US$100bn
Insurance

Global Insured Natural Catastrophes Losses Hit US$100bn

March 27, 2023
Insurance

Invest In Speaking Customers Language Not Yours, Insurance Industry Charged

March 26, 2023
Next Post
Behind The Struggle To Make Pandemic Insurable

Behind The Struggle To Make Pandemic Insurable

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

July 30, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
ncrib logo

NCRIB And Universal In Pictures

August 23, 2020
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
NCRIB Sets The Stage For Adaramola’s Tenure

NCRIB Sets The Stage For Adaramola’s Tenure

March 18, 2021
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

PenCom Board Back-To-Work Pass, Gets Tick Over

February 1, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
How Strong Is The Reinsurance Sector Going Into 2021?

How Strong Is The Reinsurance Sector Going Into 2021?

7221
Scib CEO Tinubu

Professionals Want Value Dimension Added To Enhance Compulsory Insurance

6812
Allianz Claims Survey Shows Changing Claims Patterns

Internal Failures, Major Cause Of Cyber Claims

5465
Anchor MD Loses Father

Anchor MD Loses Father

1574
As Nat Cat Losses Mount A Resilience Mindset Matters More Than Ever

As Nat Cat Losses Mount A Resilience Mindset Matters More Than Ever

1566
Leadway Assurance Leads With ISO/IEC Re-certification

Leadway Assurance Leads With ISO/IEC Re-certification

1001
NIID: Dare Project To Take back Motor Policy From Touts Still Surging Despite Odds

NIID: Dare Project To Take back Motor Policy From Touts Still Surging Despite Odds

965
PenCom Trigger Lifts Transfer System Off The Starting Block With Split Responsibilities

Pension Funds Encounter First Waterfall

398
National Assembly Principal Officers Set To Strip Staff Of CPS Without Consent

PenOp Rails Against National Assembly Secret Bill To Exempt Own Workers From CPS

356
Old Mutual Points Nigerians To Insurance-backed Savings Plans To Hedge Economic Volatilities

Old Mutual Points Nigerians To Insurance-backed Savings Plans To Hedge Economic Volatilities

338
Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

March 29, 2023
Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

March 27, 2023
Global Insured Natural Catastrophes Losses Hit US$100bn

Global Insured Natural Catastrophes Losses Hit US$100bn

March 27, 2023

Invest In Speaking Customers Language Not Yours, Insurance Industry Charged

March 26, 2023
NAICOM Head office

Insurers Claims Obligation Increases By 18% In Q4 2022, N244.3bn Paid

March 26, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

Nigeria’s Insurance Industry Gross Premium Muscle Lifts N776.2bn To Closs 2022

March 23, 2023
Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

March 23, 2023
Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023

FIRS Feast Of MoU Snaps UK Counterpart

March 18, 2023

Recent News

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

March 29, 2023
Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

March 27, 2023
Global Insured Natural Catastrophes Losses Hit US$100bn

Global Insured Natural Catastrophes Losses Hit US$100bn

March 27, 2023

Invest In Speaking Customers Language Not Yours, Insurance Industry Charged

March 26, 2023
NAICOM Head office

Insurers Claims Obligation Increases By 18% In Q4 2022, N244.3bn Paid

March 26, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

Nigeria’s Insurance Industry Gross Premium Muscle Lifts N776.2bn To Closs 2022

March 23, 2023
Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

March 23, 2023
Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023

FIRS Feast Of MoU Snaps UK Counterpart

March 18, 2023
Guinea Insurance Sets For Return To Profit Turf

Guinea Insurance Sets For Return To Profit Turf

March 18, 2023
Image Spin: Farewell For Omolola Adekunle Bankole

Image Spin: Farewell For Omolola Adekunle Bankole

March 17, 2023
Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

March 16, 2023
Transactional Risk Insurance Now Mainstream Product – Report

Transactional Risk Insurance Now Mainstream Product – Report

March 15, 2023
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

March 29, 2023
Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

March 27, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In