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Catastrophe Risk Pools Protect Against Natural Disasters by Mariano Huaman, City-Tech BLogger

In the last few years, many countries in the Caribbean have experienced abnormal climate conditions which have caused drought. These conditions could continue this year. Drought affects the economy in many countries that depend on agriculture for their income. People in those countries have called on the government to focus on the impact of drought in the economy. There has been efforts to promote intervention reform on natural disasters and this article in The Guardian tells about catastrophe risk pools such as the African Risk Capacity (ARC) where Senegal, Mauritania, Niger, and Kenya formed a mutual insurance company where they pooled resources.

Over the last 10 years, these catastrophe risk pools have been able to assess losses and provide insurance against natural disasters with funds that can protect cities and villages hit by droughts and other natural disasters. The Caribbean version of the catastrophe risk pool paid out almost $30m to countries hit by Hurricane Matthew last year.

In 2015, the ARC paid out more than $26m to Senegal after a drought in the Sahel just south of the Sahara Desert. The money helped distribute food to 750,000 people. 87,000 livestock herders were subsidized with food for their livestock.

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