For the second year in a row, the African Risk Capacity Insurance Company Ltd (ARC Ltd) won the CFI.co award for Most Innovative ESG Risk Protection Provider for Africa. In 2016, ARC Ltd was recognized by CFI.co for “its proactive and solidly coordinated approach to risk management in Africa” that “not only saves money: it saves lives“.
ARC Ltd’s continued progress in providing unrivaled integrated, transparent, and efficient risk protection services to African governments has been recognized again. Through a dedication to capacity building, technological and financial innovation, and improving food security in Africa, ARC remains a leader in protecting against environmental, social and governance risks.
Read the full CFI.co judges’ report below.
[box type=”shadow” align=”” class=”” width=””]African Risk Capacity (ARC), a specialised agency set up by the African Union, deploys high-tech to increase the continent’s food security by creating comprehensive climate response systems and procedures that pool and transfer risk, thus allowing member states to protect vulnerable populations and offer effective help to those harmed by natural disasters. ARC also assists member states plan for emergencies and put the resources in place that enable a swift and targeted response to extreme weather events. The entity attaches great importance to transparency, governance, and efficiency. It uses Africa RiskView, an advanced satellite-based weather surveillance system, and software developed by the UN World Food Programme to continuously monitor continent-wide risk.
ARC is structured to provide fast response to any emergency in order to reduce the loss of both lives and assets. By adding a risk pooling and transfer layer to traditional disaster relief mechanisms, the agency has been able to reduce the punitive costs usually associated with humanitarian assistance programmes. ARC also helps to continent reduce its reliance on outside help which is often funded on an ad hoc basis. By offering member states a permanent yet pliable structure that can absorb shocks and manage risk, ARC aims to strengthen the resilience of governments in the face of adversity.
The CFI.co judging panel is pleased to note ARC’s continued progress. A repeat winner, African Risk Capacity is offered the 2017 Most Innovative ESG Risk Protection provider Africa Award. [/box]