AFRICAN Risk Capacity Limited (ARC Ltd) chief executive officer Lesley Ndlovu has made Time Magazine's 2024 list of the 100 Most Influential Climate Leaders in Business.
This also comes after he was selected for the World Economic Forum's Young Global Leaders Class of 2022.
Ndlovu was also recently appointed Mutapa Investment Fund vice chairperson.
Born in Filabusi, Matabeleland South, Ndlovu is an international financial services executive with experience in corporate finance, investment management and insurance and has worked in Bermuda, Singapore, France, United Kingdom and South Africa.
"We are delighted to announce that our CEO, Lesley Ndlovu, has been recognized in TIME's 2024 list of the 100 Most Influential Climate Leaders in Business. This prestigious acknowledgment underscores his unwavering commitment to enhancing Africa's resilience against climate change," ARC said.
'Under Lesley's visionary leadership, ARC Ltd has pioneered the use of parametric insurance to provide swift financial support to African Union Member States facing climate-induced disasters. This innovative approach ensures rapid payouts to communities affected by droughts, floods, and cyclones, enabling timely and effective responses without the delays of traditional damage assessments."
ARC Ltd is a hybrid mutual insurer and financial affiliate of the African Risk Capacity Group. The organisation provides parametric insurance services to African Union member states and farmer organisations, employing innovative financing mechanisms to pool disaster-related risk across Africa and transferring it to international risk markets.
Since its inception in 2014, ARC Ltd has become Africa's largest provider of parametric insurance, covering 50 million people and disbursing over $170 million in claims. The organization aims to extend its climate and health insurance coverage to all 55 African Union member states by 2034, demonstrating a steadfast commitment to safeguarding vulnerable populations across the continent.
"Lesley's dedication to climate resilience is further exemplified by ARC Ltd's recent U$11,7 million partnership with the US government to enhance food security and strengthen African climate resilience over the next three years. This collaboration underscores the critical role of innovative financial solutions in disaster preparedness and response," ARC said.
"Lesley Ndlovu's inclusion in TIME's 2024 list of influential climate leaders is a testament to his impactful work in transforming disaster risk management in Africa. His leadership continues to inspire and drive meaningful change, fostering a more resilient and sustainable future for the continent."
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Ndlovu said the recognition was the culmination of the tremendous work that ARC has undertaken.
"Although it has been awarded to me personally, I view it as the recognition of an outstanding team effort," he said.
"We have expanded the number of perils insured from one in 2020 - crop drought to five - crop drought, livestock drought, tropical cyclone, flood, and outbreaks & epidemics in 2023.
"We have increased the number of (i) African countries taking up insurance from six to seventeen, and we now cover about 50 million vulnerable Africans through our insurance programmes, which is by far the largest in Africa."
According to Ndlovu ARC has raised over US$250 million from donors to create a fund with the African Development Fund (ADRIFI) to subsidise insurance programmes and expand access to insurance coverage
"The award demonstrates the importance that is being attached to disaster preparedness and financing which is increasingly important due to the rising frequency and severity of natural disasters in Africa. This year El Nino caused a devastating drought in Southern Africa," he said.
Time Magazine said finance was the climate story of 2024.
"And it's a theme that has proved inescapable in our TIME100 Climate list of influential climate leaders in business this year. Around the world, decision makers, executives, researchers, and innovators are working to help unlock the necessary funding and resources needed to drive successful and equitable climate action," Time said.
