COP 28, which was hosted by the UAE last November, was an historic event and a very positive meeting for the inclusive insurance sector in particular. In this article, we highlight some of the key takeaways including the positive progress being made in terms of inclusive insurance initiatives and why this gives hope that microinsurance can play a pivotal role in building resilience among the most vulnerable communities around the world.
The International Conference on Inclusive Insurance (ICII) 2023, held in Accra, Ghana, in October provided an ideal platform for delegates from the local, regional and international insurance sector as well as other key stakeholders to come together to discuss and identify strategies for accelerating growth and economic sustainability in inclusive insurance for emerging markets.
Among the most significant benefits of the conference was the ability of attendees to network, collaborate and share lessons learned. In this article, we share some of the valuable insights and innovative case studies MiN member companies spoke about during the event.
Access to Finance Rwanda (AFR) | Rwanda
Access to Finance Rwanda is part of the broader Financial Sector Deepening (FSD) in Africa that seeks to create a transformative impact on the ending of poverty by supporting efforts to improve financial inclusion and financial sector development by helping financial institutions and markets drive a more inclusive and sustainable economic growth.
AFR supports the removal of systemic barriers that hinder access to financial services by low-income people, particularly the rural poor, women, youth and MSMEs. AFR supports the development and provision of financial services including savings, credit, insurance, investment, payments, and remittances.
AFR is guided by the Market System Development (MSD) approach recognising that efforts to increase financial inclusion and financial sector development must be market-led, profitable and sustainable.
African Risk Capacity Limited (ARC Ltd) | South Africa
The African Risk Capacity (ARC) Group is comprised of ARC Agency, a Specialised Agency of the African Union founded in 2012; and ARC Insurance Company Limited (ARC Ltd), a hybrid mutual insurer and the commercial affiliate of the Group founded in 2014.
ARC Agency was established to help African governments improve their capacities to better plan, prepare, and respond to natural disasters triggered by extreme weather events, as well as outbreaks and epidemics. On the other hand, ARC Ltd offers complementary risk pooling and risk transfer services. Together, the two provide Member States with capacity building and contingency planning services, access to state-of-the-art early warning systems, and risk pooling and transfer facilities towards building resilience against natural disasters such as droughts and tropical cyclones.
Asociación Uruguaya De Empresas Aseguradoras (AUDEA) | Uruguay
The "Uruguayan Association of Insurance Companies (A.U.D.E.A.)", established in 1898, represents the majority of private insurance companies in Uruguay. With over a century of existence, it promotes the development of the insurance sector, focusing on service, public image, and entrepreneurial freedom. Its mission is to represent, develop, and defend the sector, promoting professionalism, transparency, and social responsibility. Its vision is to be recognised leaders, facilitating collaboration between market operators and promoting training. Its values include ethics, teamwork, innovation, and commitment. AUDEA aims to increase insurance penetration in Uruguay, identifying a potential growth of 650 MM USD, primarily in life insurance.
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