The African Risk fund ( ARC ) has revealed $ 23.1 m in annual pay - offs to Senegal , slightly ahead of earlier $ 25 m forecasts , after a drought triggered the country ’s parametric insurance . The payments , including $ 25 m to the Senegal government and $ 10.6 m to the Start government , cover crop failure losses from the 2019 drought . Senegal was one of ARC ’s founders and signed one of AR Insurance ’s first parametric policies in 2014 . Its annual premium is XOF1.5bn ( $ 2.5 m ) .
The African Risk Capacity (ARC) has revealed $23.1m in insurance pay-outs to Senegal, slightly ahead of earlier $22m forecasts, after a drought triggered the country’s parametric insurance. The payments, including $12.5m to the Senegal government and $10.6m to the Start Network, cover crop failure losses from the 2019 drought. Senegal was one of ARC’s founders and signed one of ARC Insurance’s first parametric policies in 2014. Its annual premium is XOF1.5bn ($2.5m).