Only three percent of losses caused by drought, floods and tropical cyclones have been insured on the African continent. This emerged at a recent DZ BANK Capital Markets Conference held in Berlin.
Insured losses on the African continent are close to 97 percent, which means, at best, only three percent of losses caused by drought, floods and tropical cyclones have been insured.
“These figures reveal the massive quantum of the gap,” said Africa Risk Capacity (ARC) Limited Chief Underwriting Officer, Malvern Chirume. He was speaking as part of a panel of seven risk-financing experts, discussing the role of capital markets in disaster risk funding (DRF).
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