On the 18th of January 2018, a new insurance programme launched with the goal of supporting mostly women and their families in African and Asian countries. The African and Asian Resilience in Disaster Insurance Scheme (ARDIS) is led by VisionFund International which is the microfinance arm of development charity World Vision, and Global Parametrics, a new venture backed by the British and German governments.
ARDIS will cover countries such as Kenya, Malawi, Mali, Zambia and Cambodia, and tropical cyclones in Myanmar. All farmers eligible for the scheme are clients of VisionFund and about 80 percent of them are women.
According to Stephan Hirche, Board Chairman of the InsuResilience Investment Fund, which is helping finance the new scheme, “African and Asian countries are highly vulnerable to the effects of climate change and natural catastrophes,”. In fact, the goal is to reduce the vulnerability of small businesses and low-income households in those regions, he added.
The mission of the loans is to provide support to entire communities that have endured severe drought or cyclone and particularly to help prevent families cutting down on meals, taking children out of school or migrating to cities to find work, said Stewart McCulloch, global insurance director of VisionFund International.
By 2020, InsuResilience Investment Fund’s Hirche expects that the scheme would contribute towards a G7 goal to increase the number of vulnerable people with access to direct or indirect insurance against disaster.