The company that will provide insurance against the harmful effects of climate change has already been selected. The announcement was made last night by the President of the Republic, Filipe Nyusi, during his speech at the ceremony to award the National Prize for Disaster Risk Management, the Environment and Climate Change.

For the President of the Republic, the existence of insurance against disasters is an innovation that should be taken seriously by various players in society, as it will provide the capacity to rebuild property lost during bad weather.

"At the moment, within the framework of the disaster risk and resilience management program, tropical cyclones and precipitation, the government in partnership with the World Bank has already contracted an insurance company to provide sovereign insurance against natural disasters, cyclones and precipitation. Naturally, this process will require the amendment of existing insurance legislation in the country," said Nyusi.

Filipe Nyusi also said that the government is unable to respond promptly to all the needs, even with the help of donors, which is why there is a need for "a fund that will increase the country's capacity to prevent and or respond promptly and thus avoid reducing the number of human victims and property".

Without giving details of the insurance company already selected, the head of state called on the private sector to invest in this initiative in order to reduce the impact of natural disasters.