Africa-Press – Angola. The Chairman of the Board of Directors of the Angolan Insurance Regulation and Supervision Agency (ARSEG), Filomena Manjata, considered on Thursday (05), in Luanda, climate index-based insurance as an innovative and transformative solution to face climate risks and strengthen the maturity of the Angolan insurance market.
The official was speaking at the opening of a workshop on “Parametric climate insurance, an opportunity to manage natural disasters and increase insurance activity in Angola”, an initiative of ARSEG, in partnership with African Risk Capacity (ARC), with the aim of raising awareness among operators about the importance of this instrument in the management of natural disasters and adaptation to climate change.
According to Filomena Manjata, the development of solutions such as parametric insurance strengthens the country’s response capacity, by allowing for quick and automatic compensation, based on climate parameters such as precipitation and temperature, thus reducing the economic and social impact of extreme phenomena.
“It is necessary to prepare Angola to face an increasingly uncertain, severe and frequent climate scenario, taking into account the variability of rainfall, prolonged droughts, floods and the degradation of vulnerable ecosystems that have affected, above all, the southern region of the country,” she stressed.
According to the manager, the method guarantees advantages such as agility, transparency, inclusion of protection for vulnerable groups and planning that allows anticipating scenarios for responding to losses.
On the occasion, the coordinator of the agricultural business area of the company Viva Seguros, Abel Catata, said that, with the implementation of parametric climate insurance, the insurer will be able to accommodate several farmers or insurance beneficiaries, making the work faster and more efficient.
“The insurance component for the agricultural sector impacts the production of the national economy and allows several farmers to benefit from its services,” he concluded.
The workshop on Parametric Climate Insurance brought together representatives from the insurance sector, institutional partners and experts, in a debate on innovative solutions for climate risk management, highlighting the potential of parametric insurance in responding to natural disasters and strengthening the resilience of the most vulnerable communities.
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