African Risk Capacity Appoints Non-Executive Directors
The African Risk Capacity Limited (the ARC Ltd) has appointed three new Non-Executive Directors (NEDs) and a Special Advisor to join its Board of Directors to bring independent strategic guidance and oversight to its operations.
The ARC Ltd is a financial affiliate of the African Risk Capacity (ARC), which is a Specialised Agency of the African Union established to assist member states in tackling the impact of natural disasters on vulnerable people. ARC transfers the burden of weather and other natural disaster risks away from governments, enabling them to build resilience and better plan, prepare, and respond to extreme events.
ARC Ltd is a ground-breaking public-private partnership that focuses on facilitating economic development in Africa and empowering governments to protect their vulnerable populations from the impact of natural disasters through the provision of sovereign insurance. Seeded by the UK’s DFID and Germany’s BMZ through KFW, ARC Ltd is a mutual insurance company that will eventually be wholly owned by African sovereigns.
Working alongside the Board Chairman, Mr Dele Babade, the Non-Executive Directors will join a team that is making concrete strides in empowering African sovereigns to build resilience against the catastrophic effects of climate and other natural disasters. Mr Babade highlighted that “the new Non-Executive Directors are bringing on board deep expertise, versatile experience, tested knowledge, and expansive networks to chart new paths that will continue to place ARC Ltd as a leader in innovative natural disaster risk financing and management.”
In just over 4 years of operations, the ARC Ltd has led the early disbursement of $36.8 million to ARC Ltd policyholders against drought events. These funds have gone towards assisting over 2.1 million people whose livelihoods rely on agriculture, preventing the loss of hard-earned developmental gains. Governments have used ARC Ltd funding to scale up cash transfers, subsidize livestock feeds, replenish depleted food reserves, and distribute emergency food supplies.
Speaking on the timeliness of the appointments of the new NEDs, Mohamed Beavogui, the Director-General of African Risk Capacity Agency said, “the natural disaster risk insurance ecosystem is evolving rapidly with more diversified products and services being introduced to the market by many players. Africa’s resilience is best assured by fielding its best team; and this is what has been done by seeking out the most fertile and respected minds in the industry to ensure that disaster risks are transferred in the most cost-effective manner.”
Expressing strong faith that these appointments will be a game-changer for the work of the African Risk Capacity, the CEO of ARC Ltd, Ms Dolika Banda, stated,
“The high-level of combined international development experience, commercial insurance, savviness in building strategic global relationships, proven expertise in natural disaster financing, management and response systems, and a commitment to Africa that the new members are bringing on board will provide the requisite catalyst to the work of African Risk Capacity in providing customised solutions to Africa’s sovereigns for food security and economic growth.”
Mr Babade heartily welcomed Mr Abdoulie Janneh, Ms Delphine Traoré Maïdou, and Dr Frannie Leautier as Non-Executive Directors, as well as Dr Michel Jarraud, who will serve as Special Advisor to the Board.
The appointments take effect from Wednesday, August 1.