To tackle climate change and impact on food security, which has reinforced poverty among vulnerable populations in Sub-Sahara Africa, expert has recommended large-scale risk management solution.
Ken Aghoghovbia, deputy managing director/ COO, African Reinsurance Corporation made the recommendation in a presentation at the Africa Financial Industry Summit (AFIS) held in Lomé Togo
He said that extreme weather events such as floods and droughts are becoming common in sub-Saharan Africa and affect over 40 percent of the region’s population, impacting production of staples like maize, and rice thereby reinforcing the poverty cycle for the most vulnerable people.
Aghoghovbia noted that in Africa as whole, a risk transfer solution “at scale” is needed to address widespread flooding and droughts, especially for the most vulnerable regions.
“In this regard, insurers need reliable data about the prevalent exposure, the historical losses, and the vulnerability of the regions assessed.”
“This requires targeted modelling of these perils and constant monitoring using advanced technologies. This also requires a multi-stakeholder approach…
