Luxembourg puts the spotlight on microinsurance

Friday, June 16, 2017
Experts from across the globe gather in Luxembourg from June 26 to discuss how inclusive insurance can reduce vulnerability of the poor.
 
The Grand Duchy is increasingly establishing itself as a centre of excellence for the promotion of financial inclusion within the international development sphere. Two key events in Luxembourg during the week of June 26 will centre on the role of inclusive insurance in poverty alleviation and development. 
 
On June 27 and 28, over 60 experts in microinsurance from around the world will gather at the Abbey of Neumünster Cultural Centre to discuss “The role of inclusive insurance in risk reduction”. The Minister for Development Cooperation and Humanitarian Affairs, Mr. Romain Schneider will be giving the opening speech at the event, highlighting the Government of Luxembourg’s ongoing commitment to supporting financial inclusion worldwide. The event is the annual member meeting of the Microinsurance Network, a non-profit dedicated to the development and delivery of effective insurance services for underserved people. The organisation, which is based at the Luxembourg Maison de la Microfinance and largely funded by the Government of Luxembourg, is the only global network that brings together stakeholders from across the insurance value chain, comprising policymakers, regulators, donors, private sector and non-profit insurance organisations of all sizes, as well as other industry players, in an effort to mitigate the risks faced by the world’s poorest households. 
 
“On the occasion of the Microinsurance Network’s 15th anniversary and in recognition of the ongoing support by the Government of Luxembourg to the financial inclusion sector, we are delighted to hold our annual member meeting in Luxembourg this year”, explains Katharine Pulvermacher, the newly appointed Executive Director of the Microinsurance Network. Speakers at the event will include Network members from A2ii, Cenfri, CGAP, DHAN Foundation, GIZ, ILO’s Impact Insurance Facility, KfW Bankengruppe, Munich Re Foundation and the World Food Programme, covering topics such as fostering resilience to climate change, innovations in pre-event disaster mitigation measures, the role of InsurTech in overcoming challenges in microinsurance, and the collection of strategic data to support the development of the sector, to name but a few. 
 
As a side event to the annual member meeting, on June 26, the Microinsurance Network, in partnership with ACA (The Association of Insurance and Reinsurance Companies of Luxembourg) and SOGELIFE, is holding an after-work seminar on microinsurance targeted at Luxembourg’s local insurance industry. The event “Lessons learnt in microinsurance from South to North” aims to provide local industry players with an introduction to microinsurance and its significance within the broader development agenda, and start a dialogue on the possible involvement and contribution of local companies in the inclusive insurance space.
 
“Financial inclusion, which encompasses inclusive insurance, is central to the Government of Luxembourg’s strategy for international cooperation and development and is a natural extension of Luxembourg’s position as a centre of financial excellence”, underlines Manuel Tonnar, Deputy Director from the Ministry of Foreign and European Affairs. The Luxembourg Government’s commitment to financial inclusion has fostered the establishment of an increasing number of organisations active in the sector, many of them headquartered in Luxembourg. These include ADA (Appui au Développement Autonome), InFiNe.lu (Inclusive Finance Network Luxembourg), LMDF (Luxembourg Microfinance and Development Fund), e-MFP (European Microfinance Platform), who organise the annual European Microfinance Week in Luxembourg, and Microlux, the Grand Duchy’s first microfinance institution for small enterprises.
 
“We are looking forward to taking part in the discussion this coming week on the role of inclusive insurance for building resilience to financial shocks amongst the world’s most vulnerable”, emphasises Olivier Massart, General Manager at ADA. “In line with this event, we would also like to highlight the African Microfinance Week (known as SAM) which ADA is organising with our partners in Ethiopia from October 9 to 13, bringing together microfinance players from across Africa.”
 
The Microinsurance Network supports and organises a variety of microinsurance events around the world. In 2017 these include a regional workshop on disaster resilience taking place in Madurai, India in September, organised in partnership with DHAN Foundation; the International Microinsurance Conference co-organised annually with the Munich Re Foundation, taking place this year in Lima, Peru in November; and three Consultative Forums, organised in partnership with IAIS and A2ii in Singapore, Uganda and Peru, which foster dialogue between regulators, supervisors and the insurance industry on key microinsurance topics. The Network also holds a series of online Expert Forums, open to anyone wishing to stay up-to-date with the latest developments in the microinsurance sector. To receive invitations to Network events, subscribe to our website