Zimbabwe finance executive on Time Magazine 2024 top 100 list
AFRICAN Risk Capacity Limited (ARC Ltd) chief executive, Lesley Ndlovu, has been selected as one of Time Magazine’s 100 Most Influential Climate Leaders in Business for 2024.
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, the United Kingdom and South Africa.
“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. The African Risk Capacity has paid claims to different countries in the region, including Zimbabwe,” Ndlovu, who was also selected into the World Economic Forum’s Young Global Leaders Class of 2022, said.
“The recognition is the culmination of the tremendous work that has been undertaken by the African Risk Capacity. Although it has been awarded to me personally, I view it as the recognition of an outstanding team effort.”
“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 and epidemics in 2023.
“We have increased the number of African countries taking up insurance from six to 17, (and together with) humanitarian agencies using insurance via the Replica Programme such as the World Food Programme, START Network, UN High Commission for Refugees, and local insurance company partners – we now cover about 50 million vulnerable Africans through our insurance programmes, which is by far the largest in Africa,” he added.
According to Ndlovu, ARC Ltd 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 ARC chief was also recently appointed vice chairperson of Zimbabwe’s sovereign wealth fund, the Mutapa Investment Fund.
Time Magazine described finance as the climate story of 2024.
“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 in a note.
“We valued measurable, scalable achievements over commitments and announcements. We favoured more recent action. The result is our second annual TIME100 Climate list which represents multitudes of individuals making significant progress in influencing the business of climate change. We asked them to talk about it, hoping their words will stir others to do the same.”
ARC Ltd is a hybrid mutual insurer and financial affiliate of the African Risk Capacity Group. In a statement, the organisation expressed delight at the recognition.
“This prestigious acknowledgment underscores his unwavering commitment to enhancing Africa’s resilience against climate change.
“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 said.-ebsinessweekl
