Companies

African climate insurer targets Kenya as its eighth customer

global warming, rising temperatures, climate change

COP27 comes in a year of new weather extremes on all continents: prolonged droughts, freak floods, melting polar ice. PHOTO | SHUTTERSTOCK

The African Risk Capacity (ARC) Limited has now set sights on the Kenyan government as it eyes to bag the eighth deal on the continent.

The firm, which offers insurance policy covers for governments, communities as well as other humanitarian non-governmental organisations, says the renewed efforts to incorporate more clients are in line with the ongoing global climate debate.

Founded in 2012, ARC is a specialised agency of the African Union (AU) that was incorporated to help African governments improve their capacities to better plan, prepare and respond to disasters.

ALSO READ: Investors now drink to a free tea sector in Kenya

ARC chief executive Lesley Ndlovu told a press briefing yesterday that insurance against natural occurrences by States would be the only sure way to achieve preparedness adding that it is also in line with the loss and damage conversation that prominently featured during the just-concluded COP27 talks.

“The loss and damage conversation that came up during the Egypt conference was very timely. The talk was about the provision of financial instruments and one of the surest ways of making more resources available to combat climate change is actually pooling funds together through commercial insurance,” said Ndlovu.

ALSO READ: Insurance startup Pula to pay Kirinyaga farmers for March-May losses

Kenya initially subscribed to the policy in 2013 under retired President Uhuru Kenyatta and remained on board for five years before terminating the contract in 2017 under unclear circumstances.

President William Ruto has since taking office in September branded himself as a climate action ambassador.

[email protected]