A consortium of international
development agencies including the United Nations African Institute for Economic
Development and Planning (IDEP), the African Risk Capacity (ARC), the International Finance Corporation (IFC),
and the Association of African Insurance
Supervisors (AAISA), opened a two-week
training event on index and disaster risk insurance, on Sunday, reports ITREALMS.
The
training, ITREALMS gathered would help build the knowledge of African governments, the private
sector, and the international community to better carry out financial planning necessary
to protect vulnerable populations against climate shocks, disasters, and other
crises.
Index
and disaster risk insurance products help protect agribusinesses, farmers, and
other low-income populations against environmental risks such as drought,
floods, irregular rainfall, natural disasters and other effects of climate
change. Access to these types of affordable insurance products will help the affected
population mitigate the effects of these climate-related shocks, protecting
them against catastrophic losses and unlocking access to finance.
The training workshops – offered in English the first week: from
June 24 – 29; and
in French the second week: June 30 – July 6, 2019 – will allow participants to discuss ways
of exploiting their relative strengths to successfully implement these innovative
types of insurance in their countries.
In his remarks, UN-ASG and Director-General, ARC, Mohamed
Beavogui said, “Capacity building is key to our efforts in working with Member
States. ARC and its partners work with Member States to provide development
insurance instruments by determining risk profiles, customization of its tools,
and development of a contingency plan that fits into a country’s broader risk
management framework. This helps to strengthen resilience and protect
development gains from being wiped away by weather-related risks.
Faheen Allibhoy, IFC Country
Manager for Senegal, said: “The World Bank Group is committed to working with
the African Union and UNECA to create new, sustainable agricultural and
disaster risk insurance markets in Sub-Saharan Africa. Working together, we can
achieve greater combined results that contribute to the development goals of
all three institutions.”
One of the sponsors of the training, the African
Institute for Economic Development and Planning (IDEP), is UNECA’s training
institute. It is responsible for providing capacity development and training
programs aimed at improving public sector management and development planning
in support of member States’ structural transformation. Also, it contributes
towards strengthening the capacity of member States to develop and adopt better
approaches to development planning, economic policy formulation, management,
monitoring and evaluation.
The
training workshop in Dakar is the first of a series of activities that will be
run jointly by the three institutions. Participants include representatives of
ministries of agriculture and finance, insurance regulators, the media, as well
as insurance companies offering (or planning to offer) index and disaster risk
insurance in Sub-Saharan Africa, from Chad, Burkina Faso, Democratic Republic
of the Congo, Mauritania, Guinea, Niger, Senegal, Cote d’Ivoire, Kenya, Malawi,
and Zimbabwe.
Remmy Nweke/DoP
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