Reinsurance company Munich Re has estimated total reported losses from disasters were $3.8 trillion from 1980 to 2012, attributing 74 percent of those to extreme weather.
Presently in the country, there are 28 non-life insurance companies, 14 life insurance companies, 13 composite firms, two reinsurance companies and two takaful insurance firms.
In 2006, the World Food Programme partnered with French reinsurer AXA Re to pilot a programme to provide cash payouts to Ethiopian farmers in the event of severe drought.
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