ARC and UN Partner to increase insurance coverage in Africa

Abstract

The African Risk Capacity (ARC), an agency of the African Union, and the United Nations Economic Commission for Africa (ECA) today announced a new partnership which will see the two organisations work together to increase insurance coverage against climate risks for African states. The multilateral deal was announced at the African Union’s Annual Summit in Addis Ababa, and commits ARC and ECA to build the capacity of their 33 common Member States by embedding risk management investments into government planning through policy development. ARC and ECA also will share expertise and commit financial resources to joint analytical work in areas of economic and climate risk research in order to promote risk transfer instruments. ECA is a UN regional commission established by the Economic and Social Council (ECOSOC) of the United Nations (UN) in 1958. ECA's mandate is to promote the economic and social development of its member States, foster intra-regional integration, and promote international cooperation for Africa's development. Made up of 54 Member States, and playing a dual role as a regional arm of the UN and as a key component of the African institutional landscape, ECA is well positioned to make unique contributions to address the Continent’s development challenges. ARC is using its expertise to help tackle some of the greatest threats faced by the continent, including droughts, outbreaks and epidemics, and tropical cyclones.