The inaugural risk pool, which covered the 2014/2015 rainfall seasons, consisted of:
These countries made history by becoming the first African Union Member States to operationalize Pan-Africanism through a ground-breaking financial instrument, taking a major step towards transforming the disaster response paradigm on the continent and pioneering a move towards African ownership in this space.
Criteria for Certificates of Good Standing
Countries wishing to take out contracts for insurance with the African Risk Capacity Insurance Company Limited must hold a Certificate of Good Standing (CGS) with the ARC Agency. The criteria governing the issuance and withdrawal of CGS, undertaken by the Governing Board, were approved by the Conference of the Parties at their second meeting in Nairobi in November 2013. The criteria can be downloaded below:
Contingency Planning Standards and Guidelines
Among the requirements to achieve a Certificate of Good Standing, all countries must have their Operations Plans approved by the Agency Governing Board. The Standards and Guidelines against which countries’ Operations Plans are measured are below:
The Conference of the Parties approved Compliance Rules for ensuring countries’ compliance with approved Contingency Plans as described in the Establishment Agreement (15.1.m). These Rules outline a schedule of penalties for deviations from Plans, differing in severity depending on the nature of the breach. The rules can be downloaded below:
The Plans of the members of the first pool have all been approved and are available for download below:
ARC Insurance Company Limited (ARC Ltd) has paid more than US $26 million to Mauritania, Niger, and Senegal in a payout triggered by drought in the Sahel.