This archive report was first published on 7 October 2019.
On October 7, 2019, the African Risk Capacity (ARC) and the Southern Africa Development Community (SADC) signed a Memorandum of Understanding (MoU) on disaster risk management and financing in the region.
The agreement aims to reduce the negative impact of disasters and other vulnerability drivers in the SADC region by implementing proactive and comprehensive measures.
According to Dr Mohamed Beavogui, the Director-General of African Risk Capacity, the partnership will enable the region to better profile disaster risks, strengthen response capacities, and offer sovereign insurance options to facilitate rapid action during natural catastrophes.
The SADC region is prone to various climate and natural disaster risks, including droughts, floods, tropical cyclones, and epidemics, which have had devastating impacts on populations and hindered economic growth.
Dr Stergomena L. Tax, the SADC Executive Secretary, noted that the partnership with ARC will help augment the region's existing response mechanism against drought and other climate risks.
Since 2014, 32 ARC policies have been signed by member states, with $73 million paid in premiums for a cumulative insurance coverage of $553 million for the protection of 55 million vulnerable populations in participating countries.
