AXA Climate structures parametric rainfall coverage for Pikine

AXA Climate has structured a parametric insurance policy for Pikine, Senegal’s second-largest city, providing protection against excessive rainfall. The policy pays out 200 million CFA francs if rainfall exceeds 126 mm over two consecutive days, a trigger expected to occur on average once every 4.7 years.

Rainfall will be measured using local weather stations operated by Senegal’s National Meteorological Agency. The coverage is underwritten by a consortium of Senegalese insurers (AXA Sénégal, ASKIA Assurances, and SUNU Assurances) and reinsured by ARC Ltd.

The premium is subsidized by Humanity Insured, with additional co-financing from the InsuResilience Solutions Fund, supporting the project’s climate resilience and climate justice objectives.