• ARC Ltd. and Milliman launch climate risk scholarship for Africans
• Program offers full funding, internships, and actuarial training
• Aims to boost local disaster risk and insurance expertise
  

The African Risk Capacity Ltd. (ARC Ltd.), an African Union agency specializing in disaster risk management, has partnered with international consulting firm Milliman Inc. to launch a scholarship program aimed at strengthening Africa’s ability to cope with the impacts of climate change.

The 2023 Africa Scholarship Programme (ASP) offers young Africans fully funded advanced training in actuarial science, insurance, and risk management at partner universities.

According to Africa Science News (Oct. 28), two Kenyan students were selected for the 2025 cohort from 78 applicants across the continent. The scholarships cover up to three years of study, including tuition, housing, and living expenses.

The program’s innovation lies in its integration of academic study and hands-on experience. From 2026, the first cohort will complete internships at ARC Ltd. and partner organizations, contributing to the design of climate insurance products adapted to Africa’s needs.

“This scholarship reflects our belief that lasting resilience starts with people,” said Anaïs Symenouh, Legal Officer at ARC Ltd.

Joy Schwartzman, an actuarial consultant at Milliman Inc., said that pairing advanced training with professional practice is essential for building long-term local expertise.

The initiative comes as natural disaster insurance coverage remains limited in Africa, just 3% in 2023, compared with nearly 40% globally, according to OECD data.

By training African actuaries, the ASP aims to reduce dependence on international firms and support the growth of local risk management expertise. Graduates are expected to help model loss risks, design sovereign and agricultural insurance products, and assist governments in planning disaster-response budgets.

For ARC Ltd., the initiative seeks to “put actuarial science to work for public policy and economic stability.” The African Development Bank (AfDB) views human capital development as a key driver of Africa’s structural transformation.

Félicien Houindo Lokossou