Will Africa's disaster risk financing see private sector boost?

Devex, May 25, 2018
by Kelli Rogers

BUSAN, SOUTH KOREA — Several African countries are determined to help build a culture of insurance on the continent as a tool for disaster resilience. Already, it’s possible for governments to take out an insurance policy with African Risk Capacity and to approach the African Development Bank for premium financing support.

Down the road, African nations could see insurance premium relief in the form of private sector co-financing as well, based on an unexpected interaction between a renewable energy company and government leaders at the AfDB meetings this week in Busan, South Korea.

Africa contributes no more than 2-3 percent of greenhouse gas emissions, but suffers disproportionately from the negative impacts of climate change, AfDB President Akinwumi Adesina reminded attendees of the bank’s 53rd Annual Meeting on Wednesday.

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