HARARE, Zimbabwe, January 11, 2022 -/African Media Agency /- A global network of humanitarian agencies has today announced the purchase of an innovative insurance policy in partnership with African Risk Capacity and the Government of Zimbabwe. The policy is to protect more than 800,000 people in Zimbabwe from drought risk during the 2021/2022 agricultural season. …
The $2.5 million USD policy purchased by Start Network and provided by African Risk Capacity, is built on parametric insurance. This means it pays out before a crisis, according to pre-agreed scientific triggers, based for example on rainfall data.
Speaking on behalf of the African Risk Capacity Group, Ibrahima Cheikh Diong, Director-General/UN-ASG praised the strong alignment among the partners that made the initiative possible. He said, Start Network’s Disaster Risk Finance Coordinator for Zimbabwe/Start Fund Regional Advisor-East and Southern Africa, Nelly Maonde, commenting on the initiative said,
An innovative drought relief insurance policy✅💪
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