Meet us at the 8th International Microinsurance Conference!
Meet the Microinsurance Network at our exhibition table during the 8th International Microinsurance Conference in Dar es Salaam, Tanzania.
The Technology Working Group will talk about its activities during the coffee break on Wednesday morning, and the Consumer Protection Task Force on Thursday morning. We have also prepared a knowledge quiz about the Network and its working groups. So don't miss the chance to win a special prize.
If you are not able to attend, don't miss out by getting live updates from the conference by following us on Twitter @NetworkFlash; hashtag #8IMC!
Microinsurance in Africa grows by 200% benefitting over 40 million low-income people
A new study of African microinsurance markets, published by Making Finance Work For Africa (MFW4A) and Munich Re Foundation, finds that the number of low-income households benefitting from insurance services has grown by over 200% in 3 years to in excess of 44 million people. “This is a tremendous achievement. The expansion of quality insurance services to large numbers of low-income households can have a significant role in achieving the Millennium Development Goals,” said the ILO’s Craig Churchill, Chair of the Microinsurance Network. With Munich Re Foundation and the Tanzanian Insurance Regulatory Authority (TIRA), the Network is co-hosting the 8th International Microinsurance Conference in Dar es Salaam, Tanzania, between 6 – 8 November 2012, where the study will officially be launched.
The conference will bring together over 500 experts from about 60 countries to discuss the challenges and opportunities in microinsurance, while also focusing on how to build upon the aforementioned growth. “One striking issue highlighted in the study is that the vast majority of Africans with insurance coverage, that is to say, close to 40 million people, are covered by life insurance. Other insurance products, related to health, agriculture, accident and property, are not as developed on the continent, which is inconsistent with the demand, especially for health insurance. This finding should drive the relevant stakeholders to take steps to address this shortcoming,” said Stefan Nalletamby, Partnership Coordinator of MFW4A.
Furthermore in geographical terms, the study noted that over 38 million of the insured people are concentrated in Southern and Eastern Africa, with South Africa alone covering 27 million. In Tanzania, the microinsurance sector is developing at a steady pace. “With 3.3 million people covered by microinsurance, which represents a growth of around 7% in three years, the Tanzanian regulatory authority has been focusing its efforts on raising the awareness and benefits of insurance amongst the poor, as well as working together with Access to Insurance Initiative (A2II) to stimulate the market through new regulations,” said Israel Kamuzora, Insurance Commissioner, TIRA.
From a global perspective, the microinsurance sector is moving forward at considerable speed. In Latin America and the Caribbean, another recent study identified over 40 million low-income people covered by microinsurance, and the publication of the second edition of the Microinsurance Compendium should continue to fuel additional interest in the sector. “With nearly 220 organisations providing microinsurance in Africa, the study clearly shows the rising interest in insuring the low-income market. This is underlined by the fact that the conference will welcome insurance regulatory and supervisory authorities from over 20 countries who will pave the way for increasing outreach and improving client value,” said Dirk Reinhard, Vice Chairman of Munich Re Foundation and Board member of the Microinsurance Network.
If you cannot make it, get live updates from the conference by following the hashtag #8IMC and the Network's Twitter account @NetworkFlash
Download press release
New addition to the Microinsurance Technology Inventory
In 2010, the Microinsurance Technology Inventory, an online inventory that both centralises and reviews software systems specifically designed for microinsurance, was launched by the Technology Working Group of the Network. To date, the inventory includes 24 software systems, all of which have been reviewed by the working group.
The latest addition to the inventory is an open source system developed for microinsurance called OpenQuote. Its aim is to remove the barriers traditionally associated with insurance software adoption, such as high cost of ownership. By nature, open source licensing means that there are no direct costs associated with owning and using the software, and can therefore be downloaded, used and tailored freely.
If you are a technology provider/vendor that specialises in the administration of microinsurance and would like your software system included in this inventory as well, please complete the following form.
For all other information, visit the working group page or the inventory
The Microinsurance Network seeks research consultant(s) for a consumer protection study
The Microinsurance Network wishes to appoint consultant(s) to research the challenges and good practices in consumer protection for which a series of case studies will be developed. The objective of the case study reports is to collect evidence from the field about current practices and different approaches to consumer protection among various microinsurance stakeholders.
The consultant is expected to produce the following outputs:
- Two comprehensive reports on country cases
- Brief case studies
- Development of a general assessment framework on how to conduct country case studies for consumer protection, which then will be used by the Consumer Protection Task Force for their future work
The Microinsurance Network welcomes proposals by individual consultants, consulting firms or consortia with up to three members. Complete proposals should be submitted electronically to Véronique Faber no later than October 29, 2012 (extended by a week). The evaluation and selection of submitted proposals will be done by October 31st.
The draft papers (two country case reports and thematic papers) need to be provided until December 10, 2012, while the final papers should be submitted by January 28, 2013.
Read terms of reference
Application paper on regulation and supervision supporting inclusive insurance markets
The International Association of Insurance Supervisors (IAIS) has recently adopted the Application Paper on Regulation and Supervision Supporting Inclusive Insurance Markets, which has been developed by the IAIS-Microinsurance Network Joint Working Group.
The purpose of IAIS Application Paper is to provide application guidance supporting inclusive insurance markets, towards implementation of the IAIS Insurance Core Principles in a manner that is consistent with that objective, while protecting policyholders, and contributing to local and global financial stability. It provides actual examples pertaining to areas covered by supervisory material for the practical application of principles and standards.
The approval of this Application paper is a great achievement of the Microinsurance Network's efforts for a better harmonisation of bilateral and multilateral engagement in regulation, supervision and policy over the last years.
The Microinsurance Network seeks microinsurance/social protection consultant(s)
The Microinsurance Network wishes to appoint a consultant(s) to generate a case study on the linkages and integration of microinsurance within social protection frameworks and policies. The project is conducted within the framework of the BMZ funding, which the Network received via a contract between GIZ and ADA.
Interested parties are invited to submit a brief letter to the Microinsurance Network, including:
- brief description of their understanding of the project;
- key qualifications and capabilities to undertake the project;
- curriculum vitae of the consultant(s);
- table listing tasks, relevant deadlines and estimated person days are approximately 20 at a rate of 55O EUR per day; and
- confirmation of availability to undertake the work as of November 1, complete a first draft by December 10, and submit final paper by January 28, 2013.
The Microinsurance Network welcomes proposals by individual consultants, consulting firms or consortia with up to three members. Complete proposals should be submitted electronically to Véronique Faber no later than October 22, 2012. The evaluation and selection of submitted proposals will be done by October 31st.
Consultants will be contracted by ADA (Appui au Développement Autonome) and the Microinsurance Network will manage and administer the project.
Queries can be directed to Eric Cimon or to Heather Metcalfe.
Read Terms of references