Floodbase’s Innovative Flood Insurance for Farmers in Mozambique and Malawi

Flooding poses a severe threat to African economies, livelihoods, and food security, especially in countries like Mozambique and Malawi. However, Floodbase, in collaboration with USAID, ARC Ltd., and Global Parametrics, is revolutionizing the insurance industry with its parametric flood insurance programs. By leveraging innovative technology, local expertise, and risk transfer solutions, Floodbase aims to protect smallholder farmers against financial hardship caused by devastating floods.

Through a grant awarded by USAID under the PREPARE initiative, Floodbase is pioneering the development and scaling of private-sector led climate adaptation approaches in developing countries. This funding will enable Floodbase to implement parametric flood insurance programs in Mozambique and Malawi, providing quick payouts to farmers in the event of a flood. By utilizing satellite observations and machine learning, insurers can trigger payouts within days, injecting much-needed capital into local markets to minimize economic shock.

Floodbase’s partnership with Global Parametrics, ARC Ltd., and USAID is set to close the insurance gap in Africa and demonstrate the financial scalability and sustainability of parametric flood insurance. This collaboration combines strategic underwriting, capacity building, and distribution expertise to ensure that farmers have access to these innovative insurance products. By mitigating flood-related risks, Floodbase is not only protecting vulnerable communities but also promoting climate resilience across the African continent.

Mark Rueegg, CEO of the CelsiusPro Group, emphasizes the importance of parametric risk transfer and risk capacity deployment in strengthening the resilience of flood-vulnerable communities. By leveraging the expertise of Global Parametrics, ARC Ltd., and Floodbase, these programs are designed to support millions of people in Malawi and Mozambique against the impacts of climate change.

Lesley Ndlovu, CEO of ARC Ltd., highlights the significance of partnering with Floodbase to provide innovative parametric solutions to communities in need. With deep expertise in distributing insurance products across Africa, ARC Ltd. is committed to ensuring widespread participation in these flood insurance programs. Together, these organizations are paving the way for a more resilient and secure future for agricultural communities in Africa and beyond.

In conclusion, Floodbase’s parametric flood insurance programs are a game-changer in the fight against climate-related disasters. By combining cutting-edge technology, financial expertise, and strategic partnerships, Floodbase is at the forefront of climate adaptation efforts in Africa. Through collaborations with USAID, ARC Ltd., and Global Parametrics, Floodbase is making strides in protecting vulnerable communities and building a more resilient future for all.

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