African Risk Capacity: Insurance For African Development
Thursday, 12 24 2015, Category: Insurance and Reinsurance, Country: Africa
In even the wealthiest African countries, private insurance is uncommon. However, insurance could mitigate the agricultural challenges Africa faces every year. Drought and flooding are particularly common natural disasters, and from 1994 to 2013 Africa suffered more droughts than any other continent–a total of 131–75% of which occurred in East Africa. Since 2000, each year saw an average of 341 weather-related disasters. Each disaster sets African development back as farmers and businesspeople are forced to sell their livestock and tools to buy food in times of crisis.