Senegal Receives Insurance Payout of US$23,1 Million from the African Risk Capacity (ARC)
4th November 2019 Dakar, Senegal, African Risk Capacity (ARC) proceeded with the announced payout to the government of Senegal to cover losses from crop failures caused by the severe rainfall deficits in the 2019 agricultural season. Already in August 2019, the software underpinning the ARC parametric model, Africa RiskView, alerted the Government of Senegal to the irregular and insufficient rainfall in the western regions of the country. Based on pre-agreed parameters, the indicated number of affected people was above the threshold for the triggering of an ARC Ltd insurance payout.
(c) Photo Credits ARC
In a ceremony at the Senegalese Ministry of Interior, UN-ASG Mohamed Beavogui, DG, ARC Agency and Dolika Banda, CEO, ARC Ltd. handed over cheques for US$12,5 million to the Government of Senegal and US$10,6 million for Start Network, a consortium of international NGOs that collaborates with the government. The cheques were received by the Senegalese Minister of Interior, Honourable M. Aly Ngouille Ndiaye, and the Country Director for Catholic Relief Services on behalf of Start Network, Ms. N. Anta Gueye-James.
The payout happened earlier than expected and is therefore about two weeks before the end of the farming season, which is set on 21 November 2019. It will permit the Government of Senegal and Start Network to initiate early response and support for affected people. This is the second time the Government of Senegal is receiving the payout from ARC Insurance Ltd.
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