https://en.sputniknews.africa/20240305/un-launches-insurance-and-risk-financing-facility-in-ethiopia-to-help-manage-shocks-1065395424.html
UN Launches Insurance and Risk Financing Facility in Ethiopia to Help Manage Shocks
UN Launches Insurance and Risk Financing Facility in Ethiopia to Help Manage Shocks
Sputnik Africa
Over the past five years, UNDP Ethiopia has mobilized more than $100 million in investments to improve the implementation of priorities identified by the East... 05.03.2024, Sputnik Africa
2024-03-05T15:08+0100
2024-03-05T15:08+0100
2024-03-05T15:16+0100
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The United Nations Development Program (UNDP) has launched the Insurance and Risk Financing Facility (IRFF) in Ethiopia to help the country build the capacity of communities and businesses to cope with shocks, UNDP said in a statement.Speaking at the launch ceremony, UNDP Resident Representative Samuel Doe said the start of the IRFF in Ethiopia is critical to strengthening the insurance sector and building the resilience of the population.Ethiopia, like many other countries, is vulnerable to various natural and man-made threats, the representative said.The IRFF also needs to support the National Bank of Ethiopia in establishing an insurance supervisory authority to act as an independent regulatory body to oversee the insurance industry, the UNDP added.Insurance coverage in sub-Saharan Africa is less than 3%, while the insurance penetration in Ethiopia was estimated at 0.3% in 2022, according to Jan Kellett, UNDP Global & Corporate Lead on Insurance and Risk Finance.
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ethiopia, united nations (un), east africa, development, economy, disaster
UN Launches Insurance and Risk Financing Facility in Ethiopia to Help Manage Shocks
15:08 05.03.2024 (Updated: 15:16 05.03.2024) Over the past five years, UNDP Ethiopia has mobilized more than $100 million in investments to improve the implementation of priorities identified by the East African country at the national level, the UN agency said on its website.
The United Nations Development Program (UNDP) has launched the Insurance and Risk Financing Facility (IRFF) in Ethiopia to help the country build the capacity of communities and businesses to cope with shocks, UNDP said in a statement.
"The facility will help to develop accessible, affordable, and innovative insurance products for farmers and businesses to bounce back stronger from socio-political as well as climatic shocks," the UN said.
Speaking at the launch ceremony, UNDP Resident Representative Samuel Doe said the start of the IRFF in Ethiopia
is critical to strengthening the insurance sector and building the resilience of the population.
"The establishment of the Ethiopia Insurance and Risk Financing Facility is a testament to our unwavering commitment to innovation, collaboration, and solidarity in addressing the complex challenges posed by disasters, emergencies, and climate change," he was quoted by the UN agency as saying.
Ethiopia, like many other countries,
is vulnerable to various natural and man-made threats, the representative said.
The IRFF also needs to support the National Bank of Ethiopia in establishing an insurance supervisory authority to act as an independent regulatory body to oversee the insurance industry, the UNDP added.
Insurance coverage in sub-Saharan Africa is less than 3%, while the insurance penetration in Ethiopia was estimated at 0.3% in 2022, according to Jan Kellett, UNDP Global & Corporate Lead on Insurance and Risk Finance.
