Alongside the United Nations 2021 United Nations Climate Change Conference (COP26), the Government of Germany has committed €18 million to subsidize the cost of disaster risk insurance for qualifying African Risk Capacity (ARC) Group Member States.
In a statement, the Parliamentary State Secretary to the Federal Ministry for Economic Cooperation and Development (BMZ), Maria Flachsbarth, explained that the commitment will help establish a Premium Support Facility for African governments and humanitarian agencies wishing to purchase climate related insurance.
ARC, an African Union initiative that is led by 35 AU Member States, provides insurance for droughts and tropical cyclones.
