Africa

Wildfire and flood cover for informal settlements.

Much of South Africa's urban population resides in one of around 2700 informal settlements: neighbourhoods built on the edges of large cities often without standardised construction or fire regulations.

Such settlements are especially vulnerable to damage from floods and wildfires and have until now been ineligible for insurance policies.

With a significant proportion of the local workforce living in informal settlements, wildfires and floods pose a significant risk not only to uninsured households but also lasting damage to the economy.

We have developed parametric products with our local partners for South African companies and private households wishing to provide cover for people living in informal settlements. In the event of flood or fire these policies pay a lump sum directly to the named beneficiary or to the employer, helping them provide much needed support and security for their staff.

Game reserves and eco-tourism

Wildlife tourism plays a considerable role in the sub-Saharan African economy through significant employment, tax and GDP contributions. This industry comprises thousands of businesses including game reserves, lodges and hotels, often in rural locations and built with traditional, natural materials.

Reserves are vulnerable to climate change in ways comparable to agriculture: droughts result in wildfires, loss of vegetation, animal famine and disease, however typical insurance policies are limited to property losses with construction restrictions often excluding thatched buildings.

Loss of wildlife, lasting damage to ecosystems and general aesthetic impact - critical in the modern tourism industry - are unaccounted for in traditional insurance models.

Yokahu provides parametric insurance products tailored to specific relevant risks including animal dehydration, vegetation loss, repopulation and irrigation costs or the destruction of reserve ecology due to fire with optional additions of building loss and income protection for employees.