Features
2022: A year of progress and possibility
With a long list of climate-related disasters, 2022 has been a stark reminder of how devastating the impacts of climate change can be; and what it has also revealed is how important financial resilience is. Unfortunately, for 80% of the world’s population, access to financial safety nets, such as insurance, is very limited. It is for this very reason that the Microinsurance Network has continued to drive the inclusive insurance agenda for 20 years.
Over the past 12 months we have explored and shared valuable market intelligence and best practice ideas to help insurers design and develop products and services that can help build the resilience of vulnerable low-income households, businesses and communities – the round-up of which you can read in this piece.
The power of technology in agriculture insurance
It is well-known that insurance can act as an economic lifeline, a financial safety net to help people rebuild their lives and livelihoods following a devastating event or financial shock. But while the benefits of agricultural insurance are far-ranging, uptake in climate-vulnerable countries is low.
So, how exactly can technology help insurers improve their agriculture and climate risk insurance products and services? And how are they able to deliver true value and therefore increase uptake? Farmers’ location, what they are producing, and the challenges they face are key to answering this question.
Kenya has established a diverse economy but growth has not been inclusive with many Kenyans continuing to live in poverty – an issue that was compounded by the global pandemic together with persistent socio-economic problems including high levels of inequality.
Despite being a leader in the mobile money market in Africa with a dynamic FinTech ecosystem, insurance penetration remains extremely low and the pace of change is slow. It is essential, therefore, that there are the right public policy interventions, a favourable regulatory environment as well as public-private partnerships and development partners working together to unlock the untapped potential of the inclusive insurance market in the country.
For further insights on the inclusive insurance landscape in Kenya, dig into our latest country briefing note. Our monthly country reports are available to download free of charge for members but also for non-members to purchase on our website.
MiN, Members & Partners: Events
- International Conference on Inclusive Insurance 2022 | Watch all session recordings
- MiN Expert Forum: What is the impact of different distribution channels for inclusive insurance health products | Watch recording (members only)
- European Microfinance Week 2022: watch plenary session recordings
- ILO’s Impact Insurance Facility - Scaling inclusive property insurance: Findings from market research in Kenya | watch recording
- COP27 – Loss and damage: From intention to action | watch recording
- UNEP-FI: Adapting to a new climate | watch webinar recording
MiN, Members & Partners: News, Blogs, Jobs & Resources
- MiN: Strong growth continues at the Microinsurance Network – 13 new institutional members welcomed
- MiN: Inclusive insurance in Kenya | download or purchase our latest country report (free for members)
- MiN: Inclusive insurance in Brazil | download now in Portuguese (English & Spanish versions also available)
- A2ii: Inclusive insurance developments in Latin America: Bolivia and Paraguay launch regulatory frameworks
- ACLI releases 2022 Life Insurers Fact Book
- Blue Marble: protecting the uninsured together
- BRS & ADA: Microfact end of year review
- CGAP Expands its Microfinance Digitization Community of Practice
- CGAP is seeking a Senior Financial Sector Specialist in Insurance | Apply by 23 December
- COP27: The Global Shield explained
- e-MFP publishes Financial Inclusion that Works for Women: Lessons and Best Practices from the European Microfinance Award 2022
- Frankfurt School is offering MiN members a 10% discount on all its Certified Expert courses incl. Microinsurance | Early bird period ends 15 January 2023 | Register now!
- IAIS: Stocktake on diversity, equity andinclusion in the insurance sector
- ILO’s Impact Insurance Facility: Selling insurance through agent networks
- MIC Global’s Lloyd’s syndicate named as top syndicate for increased capacity for 2023
- MIC Global: Providing Protection From ‘Porch Piracy’ With Doorbell Insurance
- MiCRO is hiring! Check out job vacancies and descriptions here & apply now
- Radiant Yacu: Agriculture insurance: Demystifying the role of public-private partnerships
- Rural Inclusion – Financial Education for Rural Communities in Africa: A Digital Approach
- UNCDF’s first portfolio guarantee launches in Zambia to improve access to finance for MSMEs
- UNDP: Call for applications for Insurance and Risk Finance Facility roster
- World Bank: Download the Country Climate and Development Reports
- World Bank & WFP: New consortium to support disaster risk insurance and finance solutions for smallholder farmers in Central America
- WFP is recruiting – check out the job openings & apply now
Elsewhere in the sector…
- Accenture and Planet to Collaborate on AI-Powered Geospatial Intelligence Tools for Sustainability, Traceable Supply Chain and Climate Risk Solutions
- COMUBA MFI: protecting women and mitigating climate risks in rural Benin
- Geneva Association: Insurers are rising to the world’s social sustainability challenges
- GSMA: Increasing awareness and preventing sexual and gender-based violence through mobile-enabled gamification
- Luxinnovation: Circular by Design Challenge – propose sustainable solutions to thematic challenges | Project submission deadline: 9 January 2023
- Protecting Farmers from Climate Change Risk in Fiji
- “Risks” special issue on Inclusive Insurance is calling for submissions | Deadline: 31 May 2023
- Telenor Microfinance Bank to continue its growth in Pakistan’s digital finance space
- The Global Development Sector Is Focused On Gender-Based Violence: Investors Should Be Too