39 “We were covered by up to $7 million, and we received the maximum payout, but the actual need for the response was around $200 000 000. The donors and the governments still have to find a way to cover the shortfall, which is why we need a better way of increasing coverage, especially for the big shocks. This could be through additional products that are structured differently and by making sure that stakeholders have a better understanding of risk. “We’re now looking at how we can contribute more meaningfully to the financing of the response; how can we respond early enough, and efficiently at scale? For example, if we receive $7 million like we did in Mali, about 200 000 people will benefit from it. Imagine if we get $20 million? How would we manage that? It would require a different response mechanism linked to social protection systems. We tend to focus on the money aspect, but the delivery needs to become a priority as well.” Suggested focus areas for 2024 A focus on risk layering is essential for the WFP, and Dubreuil also believes there is a need for further product diversification. “The outbreaks and epidemics product is available, but not yet for Replica, although the WFP is not necessarily the target client. We do welcome the flood product which is being piloted. However, the continent urgently needs these products at different levels. For instance, floods can follow a tropical cyclone, but floods also occur in capital cities or regions like South Sudan. More innovation in R&D in terms of product design is needed. “The ARC Limited insurance brokers have done good work to reduce the cost of access, but this also needs to be explored more. Elsewhere in the world, we’ve seen devastating climate events, such as in Florida, California, and Europe in terms of heatwaves and fires, resulting in high insurance costs. This will be happening more frequently in the future, making it important for ARC Limited to explore building their long-term strategy in the face of Africa’s massive humanitarian need.” REP L I CA PARNTER I NTERV I EW: WFP
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