The founding principles of the Non-Aligned Movement have focussed on ensuring the safety of the people of its Member Nations in particular and the world in general. Health and social security have been the key agenda of the Member States of the Non-Aligned Movement, Despite the challenges at hand, several regional and international organisations have come forward to assist African countries in their fight against the coronavirus pandemic.
The COVID-19 health pandemic has posed a devastating impact not just on the health infrastructure but also on the source of revenue and food security. The African Risk Capacity (ARC) is one such organisation working at the frontline for the betterment of the African nations, understanding its position and responsibilities at hand. The ARC has been a pioneering force amidst the COVID-19 pandemic. The policies of the ARC are well-aligned to the value system of the Non-Aligned Movement.
The African Risk Capacity (ARC) is a parametric sovereign disaster risk guarantor for the African nations and in the past have shielded several African countries from the impacts of numerous natural disasters. The African Risk Capacity (ARC) consists of ARC Agency and ARC Insurance Company Limited (ARC Ltd).
In order to assist people wedged by the ill-impacts of the natural disasters in the African continent, as a Specialized Agency of the African Union, the ARC Agency and ARC Ltd., are vested with the mission to use modern finance mechanisms, such as risk pooling and risk transfer to create a pan-African climate response systems. The efforts and schemes of the ARC have aided the needs of the African people who have been harmed by natural disasters and outbreaks.
The African economies have been at the most vulnerable position in the wake of the coronavirus pandemic and have attained the support of several international organisations including the WHO, the African Union, the United Nations, the IMF, etc. The African Risk Capacity being well-aware of its positions has adopted a collaborative and cooperative approach to cushion the African countries and the Member States from the adverse impact of the novel coronavirus. The health and food security crises have posited a heavy burden on African economies.
The ARC has also provided a business continuity plan to aid vulnerable communities of the continent give a tough fight back to the coronavirus.The detailed Business Continuity Plan of the ARC is laid out in a meticulous manner to check, supervise and lessen the impacts of the pandemic on its staff and their families along with an aim to sustain its operations in time if the crisis escalates in Africa. Under the Business Continuity Plan, the ARC in order to sustain its operations has switched to work from home module and reduced its work from the office to a ‘business-critical’ level. It has switched its operations to digital mode that includes carrying out meetings via video conferencing, organising webinars, etc.
In the time when economies are at a standstill, pertaining to the lockdown measures being put at place across the globe, the ARC has been active in its efforts by tooling upon technologies and advancement. In order to discuss how African economies can better prepare and respond to health and food insecurity risks aggravated by the coronavirus pandemic, the African Risk Capacity (ARC) also organised several webinars for African experts to gather on common platform to discuss the pressing issues.
To tackle the on-going COVID-19 pandemic, the African Risk Capacity (ARC) has planned to add coronavirus protection to its strategic outbreaks and epidemics parametric insurance product, which it aims to make available from 2021.
The impact and magnitude of the coronavirus outbreak has resulted in advancing the launch of its strategic outbreaks and epidemics parametric insurance product and the African Risk Capacity (ARC) has advanced its offering before its launch. The decision taken on the part of the ARC exemplifies the fact that extraordinary situations require extraordinary efforts. The step has been viewed as a cornerstone in fighting the COVID-19 pandemic. The ARC during the pandemic has realised the importance of digital infrastructure and thus have anchored the cause of making the risk management system much more digitally resilient. The ARC has been working with a dual intention of strengthening both the health and economic infrastructure of the African continent. In response to the COVID-19 health crisis, the ARC has focused on building lasting systems that can be stimulated for future outbreaks and epidemics.
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