In Summary
  • A consortium of international NGOs that collaborates with the government, would receive the balance of USD10 million.
  • Senegal's Abdoulaye Noba acknowledged the transparency of the process and the promptness of pay-outs.
  • Since 2014, 32 policies have been signed by member states with USD73 million paid in premiums.

Senegal will receive at least USD22 million drought insurance compensation from continental firm, the African Risk Capacity Insurance Company (ARC).

ARC, in a press release, said the pay-out will cover losses from crop failures caused by the severe rainfall deficits in the 2019 agricultural season.

The African Union agency reiterated its strong commitment to working with member states to build resilience and reduce vulnerability against natural disasters in the continent.

It disclosed that a consortium of international NGOs that collaborates with the government, would receive the balance of USD10 million, in line with an existing policy signed with Senegal for expedited response in the event of a drought.

RISK PROFILES

“The vision of African Union in establishing ARC was to present a powerful value proposition that will help member states better understand their disaster risk profiles, access viable early warning tools, and develop a preparedness plan for protecting livelihoods of their vulnerable population from predictable natural disasters. The Government of Senegal has been exemplary in participating in various ARC risk pools since 2014,’” the statement quoted ARC Director General Mohamed Beavogui, as saying.

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