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Deeper risk pools at regional level may be required to cover insurers’ liabilities to increasingly frequent floods and droughts amid high reinsurance costs. The African Union’s African Risk Capacity, the COMESA-backed Africa Nature Risk Pool, and Morocco’s $275 million Solidarity Fund – funded via a levy on non-life policies – have emerged to reinforce insurance underwriting capacity and expand cover. But as Old Mutual last year projected a 10% premium hike across all products due to climate events, additional capital may be needed to keep insurance affordable as weather-related claims soar. A roundtable examines how regional cooperation among insurers, reinsurers, governments and DFIs, could strengthen or establish new risk pools.
Key points
- Smallholder farming, corporate property damage: Which policies and insurance penetration initiatives urgently need new or expanded risk pools?
- Levies on policies and development finance: Where will capital for risk pools come from?
- African Risk Capacity, AU, regional blocs, BRICs: Which platforms will be the basis of future regional or pan-African risk pools?