The report also marks 10 years of the company’s existence.
African Risk Capacity Limited (ARC Ltd) announced the release of its 2023 annual report, which recaps a year of remarkable growth and recovery, but also outlines strategies for future expansion that promise to reshape how climate and health risks are managed continent-wide.
Head of finance and investment Yusuf Bodiat said, “ARC Ltd celebrated several milestones in 2023, including a record gross written premium of$56.1 million and a net income of$13.2 million. In terms of impact, the company paid claims to the value of$ 18.5 million in the last year.
“Since 2014, ARC Ltd has paid claims in excess of $170 million. These positive results are setting us up to achieve our vision of becoming a $100 million insurer and covering all Africans whose lives and livelihoods are vulnerable to climate change.”
The report’s insights are particularly relevant to government officials, the insurance sector, agricultural leaders, and financial institutions invested in the stability and growth of their regions.
Key highlights from the report include:
- A record $56 million in premiums written in 2023, reflecting a significant growth trajectory.
- Total claims payouts surpassing $170 million over 10 years, underscoring ARC Ltd’s crucial role in supporting vulnerable populations.
- Expansion of innovative insurance solutions, including the introduction of Africa’s first flood risk insurance and a novel insurance mechanism for social protection in Malawi.
