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Descartes supports African Risk Capacity Group’s $10.7 million payout to the Government of Madagascar
2022-04-04

Descartes supports African Risk Capacity Group’s $10.7 million payout to the Government of Madagascar

As the strongest cyclone to hit Madagascar in close to five years, the devastating effects of tropical cyclone Batsirai are among the most recent examples of why building climate resilience is key to the global population and global economy.

Marking the first tropical cyclone of the 2021–22 South-West Indian Ocean cyclone season, Batsirai formed on 24 January 2022, leading to significant destruction as it continued to intensify, progressing into a category 4 cyclone, and landing into Madagascar as a category 3. With over 100 deaths and over 100 000 displaced persons reported to-date, alongside widespread power outages, ravaged infrastructure and destruction to agriculture across the island – a rapid response to the disaster was critical to support the country’s efforts to bounce back.

As part of our partnership with the African Risk Capacity (ARC) Group, Descartes Underwriting is pleased to announce our contribution to the insurance payout of $10.7 million with our longstanding partner, Generali Corporate and Commercial, to the Government of Madagascar – supporting the local population most affected by the disaster. We are proud to partner with key organizations such as the ARC to help governments build resilience against the destruction caused by natural catastrophes and the climate risks they increasingly face.

Descartes’ parametric insurance solutions are designed to answer challenging market evolutions and a changing climate, for both public sector clients and corporates.

Learn more about our parametric cyclone insurance here.