An Insurance Company called African Risk Capacity Limited has expressed hope for a partnership with the World Bank and the African Development Bank to secure additional funding and capitalisation.
Chairperson for African Risk Capacity, Maxwell Mkwezalamba, said this would help reduce insurance premiums for the countries that contribute to the scheme.
Mkwezalamba made the remarks on Thursday during a meeting focused on strategies for lobbying additional funding to assist Malawi and other African nations in times of natural disasters, such as floods, cyclones, and droughts.
He further noted that Malawi is among the countries set to benefit from the second phase of a World Bank project aimed at alleviating some of the challenges the country faces due to natural disasters.
Minister of Finance, Simplex Chithyola Banda, opened the meeting with an appeal to the company to not only provide financial assistance in times of disasters but also aid the country to build its capacity to address challenges stemming from climate change.
In August this year, the company paid out nearly $12 million in insurance to Malawi, which will be used to purchase food in an effort to mitigate the hunger crisis caused by drought.
