ARC Replica Insurance Payout: Kick-off meeting
Last week a kick-off meeting took place in Dakar, Senegal between Start Network NGOs and the government of Senegal to officially launch the beginning of ARC Replica payout activities.
In July 2020, Start Network and the government of Senegal purchased an insurance policy against drought. In December 2019, a large payout was received by both parties. In January 2020 a 6-month humanitarian intervention will begin delivered by Start Network member agencies operational in Senegal.
This intervention is done alongside, and in complementarity to the intervention of the Senegalese government. The kick-off meeting which took place on the 23rd January 2020, launched the official kick-off of this implementation phase – of which the first activity will be a targeting effort in different regions of Senegal. More information and a press release on this event will follow soon.
The ARC Replica payout has been triggered through a ‘parametric’ insurance policy, provided by African Risk Capacity, which has been developing products with African governments, to disburse funds early, based on pre-agreed scientific triggers. This is a new way of working and unlike the current model in which aid agencies are reliant on funding agreed after a crisis has taken place.
The initiative is run in a partnership between the Start Network, the Government of Senegal, the African Risk Capacity (ARC), and the World Food Programme (WFP), funded by the German Federal Ministry for Economic Cooperation and Development (BMZ) through the German Development Bank, Kreditanstalt für Wiederaufbau (KfW). ARC Ltd is also jointly funded by KfW on behalf of BMZ and the UK’s Department for Internal Development.
To find out more please contact Milli Cooper.