Summary 85 insurers make pledge to extend climate coverComes as COP27 talks focus on issue of loss & damageAfrican Climate Risk Facility to cover 1.4 bln peopleSHARM EL-SHEIKH, Nov 9 (Reuters) - A group of over 85 African insurers has pledged to provide $14 billion of cover to help the continent's most vulnerable communities deal with climate disaster risks such as floods and droughts. Demand for compensation for the so-called 'loss and damage' caused by global warming has long been rejected by wealthy countries, wary of accepting liability for the emissions driving climate change. Against that backdrop, the African insurance plan is based around creating a scaleable, local market-based funding tool for resilience, the group said. "This is the African insurance industry saying let's come together and try and solve this ourselves," said Kelvin Massingham, director risk and resilience at FSD Africa, one of the partners behind the launch. The African Climate Risk Facility (ACRF) will provide protection for 1.4 billion people against floods, droughts and tropical cyclones by providing $14 billion of climate risk insurance by 2030 to African sovereigns, cities, humanitarian organisations and NGOs, the insurers said in a statement.

---