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A consortium of international development agencies are engaging with other stakeholders to sharpen their knowledge on how best to execute financial planning needed to protect vulnerable populations against climate shocks, disasters and other crises.
The two-week training, focusing on index and disaster risk insurance which began on Monday in Dakar, Senegal, has in attendance 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).
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 media contact of African Risk Capacity, Chinedu Moghalu, said “the training will 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”.
