Over 85 insurers partner to offer $14 billion climate risk insurance to Africa

A group of over 85 African insurers have come together to create a financing facility aimed at offering $14 billion worth of climate risk insurance to African nations and communities against natural disasters like floods and droughts by 2030, Reuters reported. The African Climate Risk Facility will be a scalable, local market-based funding tool that will not only manage financial risk of climate shocks, but also help vulnerable communities build resilience towards natural disasters.