Insurance

Africa:Moving closer to pandemic insurance solution

By Osama Noor

Africa is one-step closer to an insurance solution for future pandemics, after Africa Risk Capacity (ARC) and Africa Centres for Disease Control and Prevention announced two modelling solutions for pandemic risk: COVID-19 Potential Outcomes Scenarios and COVID-19 Spread Simulation Tool for Africa.

The tools will help African Union member states evaluate the potential magnitude of COVID-19 in their country and make a decision on the appropriate response to mitigate the risks, according to Africa Ahead newsletter issued by Afah Publishing.

Specifically, COVID-19 Potential Outcomes Scenarios will help in modelling the potential impact of the outbreak using specific sets of scenarios and assumptions; while COVID-19 Spread Simulation Tool for Africa will enable simulations of different scenarios of the Covid-19 spread for each country.

ARC outbreaks and epidemics lead advisor Robert Kwame deGraft Agyarko said that these modelling solutions will enable data collection and pave the way for a potential pan-African insurance solution in the future through ARC. He noted that there is a dire need to look into the economic impact where four out of the five African regions are currently suffering reduction in their GDP.

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