15 Valued members, donors, partners and stakeholders. In this annual report, we reflect on the milestone of 10 years – a profound achievement. Mr Abdoulie Janneh CHAIRMAN, ARC Ltd. MESSAGE FROM THE CHAIRMAN Having been appointed to the Board in 2018, I have seen first-hand ARC Ltd.’s impact in the disaster risk finance arena, on the lives and livelihoods of the most vulnerable and on the global stage. From 12.9 million people covered in 2014 to 26.4 million this year, and over $170 million paid out since its establishment, the figures speak for themselves. As climate-change disasters increase and move between extremes, ARC Ltd.’s relevance and impact is increasingly evident. The growth of the risk pools over this last decade has allowed for greater access and affordability and culminated in two records – in 2021, the highest payout in our history and this year, a record in premiums underwritten for Pool 10A. To keep pace with evolving weather phenomena and the unique needs of our member states, this past decade has seen much innovation. In 2023, we launched two firsts – a multi-year, multi-peril product for Djibouti and a flood risk product for Africa. The company has grown from strength to strength with a staff complement that has doubled. We welcomed several experts to the team and were pleased to increase the number of women employees in what is a traditionally male-dominated arena. ARC Ltd. prides itself on a strong Board comprising esteemed members with a wealth of knowledge and expertise across Africa and the insurance, financial and humanitarian sectors. This year, two new members joined us. International recognition continues to reinforce our credibility and standing in the industry. We have retained our position as the No. 1 company in Environmental, Social, and Governance (ESG) practices for the third year in a row, and rating agency Fitch upgraded us to A- for our progress in meeting our development objectives, enhancing our payouts and for driving product diversification. Our continued relevance in years to come will be seen in our expansion of coverage, further product diversification, increased sovereignty and sustainability and technical assistance to our member states to improve their preparedness and response to natural disasters. We will continue to drive private sector engagement and our nonsovereign business to support, among others, farmers. As always, we are deeply grateful to our donors and partners, who not only support us in our mission, but also share it. Over the last decade, we have accomplished a great deal together to expand coverage across Africa, address the affordability of premiums, and ensure that products meet the real needs of beneficiaries. We look forward to the next decade of making inroads and ensuring no one is left behind. Sincerely, Abdoulie Janneh ARC Ltd. Board Chairman MESSAGE FROM THE CHA I RMAN
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