NAIROBI, Kenya, Sept 24 – African governments are advancing plans to establish a regional risk pool aimed at protecting public assets and critical infrastructure from the financial impact of climate-related disasters.

The initiative follows the conclusion of the CDRFI Africa Forum in Nairobi, where representatives from 21 countries agreed to strengthen financial preparedness for climate and disaster risks, including through insurance and regional risk-pooling mechanisms.

The forum has mandated ZEP-RE, the COMESA specialized institution and pan-African reinsurer, to support the design, establishment and operationalization of a thematic risk pool that would provide insurance capacity for public infrastructure exposed to climate and disaster risks.

“Countries have called for financial protection to safeguard public assets before disaster strikes. ZEP-RE is ready to help governments assess their exposure, determine what can be pooled and develop a solution that meets their needs,” said Hope Murera, ZEP-RE Managing Director and Group Chief Executive Officer.

The proposed mechanism comes as governments face growing pressure to finance reconstruction and recovery following floods, droughts, cyclones and other climate-related events, which can place additional strain on already constrained public budgets.

Participants at the two-day forum identified reliable national and regional risk data as a key requirement for developing effective financial protection mechanisms.

They also called for greater analytical and modelling capacity to enable governments and insurers to better assess exposure and potential losses, while supporting the development of insurance products suited to African markets.

“Through the Community of Practice, participating countries will be able to voluntarily share tested approaches to designing and implementing national disaster risk financing strategies,” said Principal Secretary, State Department for Economic Planning, Dr Boniface Makokha.

According to Makokha, such approaches could include pre-arranged financing for critical infrastructure, regulatory alignment and complementary regional risk-pooling mechanisms.

Governments participating in the forum also launched a peer-to-peer Community of Practice on Climate and Disaster Risk Finance and Insurance in Africa.

The platform is intended to allow governments to exchange experiences and strengthen technical and institutional capacity as countries implement commitments under the Zanzibar Declaration.

Protazio Sande, Interim Chairperson of the East Africa Insurance Supervisors Association and Acting Chief Executive Officer of the Insurance Regulatory Authority of Uganda, urged participating countries to translate the forum’s commitments into concrete measures.

He called on each delegation to undertake at least one action following the meeting and report on progress when participants next convene.