Features
Key Insights from the Microinsurance Network June Member Meeting: Day 1
Day 1 of the Microinsurance Network's June Member Meeting in Luxembourg focused on the challenges and opportunities in the microinsurance sector. While microinsurance is increasingly vital for climate resilience, only 11.5% of the target population is covered. Key barriers to entry for insurance providers include low profitability, distribution model challenges, regulatory hurdles, lack of technical capacity, and customer characteristics like distrust and low financial literacy. The meeting also highlighted successful initiatives like Pioneer Inc.'s partnership with Card MRI in the Philippines, emphasising the importance of customer-centric approaches and collaboration to overcome these challenges.
Blue Marble Microinsurance and Nespresso: Lessons from a model crop insurance scheme
This month’s Innovation Corner puts the spotlight on the lessons learned from Blue Marble Microinsurance’s partnership with Nespresso to launch Café Seguro, a crop insurance programme for smallholder coffee farmers in Colombia. The programme protects farmers against excessive rain and drought, key climate risks impacting coffee production. Initially funded by co-operatives, the programme now utilises a combination of government subsidies, Fairtrade premiums, and farmer contributions. Café Seguro has been successful in Colombia and has expanded to other countries. It serves as a model for public-private partnerships due to its longevity, graduated approach to premium payments, and the use of larger payouts based on weather severity, fostering trust among farmers. Nespresso's commitment and government support highlight the importance of collaboration in developing effective crop insurance solutions.
Special Announcement
The Microinsurance Network Welcomes New Director
We are pleased to announce the appointment of Matthew Genazzini as the new Executive Director of the Microinsurance Network, effective 1 October 2024. Genazzini, a 15-year veteran in the field of inclusive finance, brings a wealth of experience and a strong commitment to promoting financial resilience among vulnerable communities. His tenure as a member of the MiN Board of Directors since 2019 further solidifies his capabilities.
Meet our new institutional members
Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS) | Morocco
ACAPS (Kingdom of Morocco) is the competent authority for the supervision of insurance and reinsurance companies, insurance intermediaries, and social welfare organisations (pension funds, mutual welfare societies, and organisations managing compulsory health insurance).
Regarding inclusive insurance, ACAPS is actively involved in the national strategy for financial inclusion by implementing the actions outlined in the SNIF roadmap, particularly the development of new distribution channels and the promotion of micro-insurance products. ACAPS has been a member of the Microinsurance Network since April 2023 and aims to benefit from the MIN's forum for exchange to develop inclusive insurance and contribute to the debate on this issue with other stakeholders.
VisionFund International | France
VisionFund International (VFI) is the microfinance subsidiary of the development NGO World Vision International (WVI) and has been in operation since 2003. VFI’s financial inclusion efforts complement WVI’s long-term development work, which focuses on health, livelihoods, education, disaster response, WASH (household and institutional water, sanitation, and health), and child protection.
VFI oversees a network of 25 microfinance institutions (MFIs) across the globe. VFI promotes financial inclusion through loans, insurance, and access to savings, particularly targeting those who lack access to financial services. Globally, VFI has a portfolio of $706 million, lending to around 1 million clients. Approximately 70% of clients are women, and 65% live in rural areas.
Waadaa.Insure aims to provide insurance services to every citizen of Bangladesh with ease, access, and transparency. It strives to achieve this through a digital-first approach, ensuring that anyone with a simple smartphone can access world-class insurance. Waadaa is a brand dedicated to serving consumers. It looks out for the little man, the one too often forgotten in the complex insurance process. It’s a trustworthy, reliable team here to support each Bangladeshi citizen through the daunting insurance process without hassle or worry. It’s built to serve.
Waadaa.Insure is founded on two core values: providing reliable insurance to everyone and empowering individuals through knowledge and education.
MiN, Members & Partners: Upcoming Events
- National Bank of Rwanda, Kigali International Financial Centre, Elevandi | The Inclusive FinTech Forum | 26-27 August 2024 | Register here
- The First Joint Colloquium Of All IAA Sections (JoCo2024) by Actuaires du Monde | 25 September 2024 | Brussels, Belgium | Register here
- Fasecolda | Convención Internacional de Seguros (International Insurance Convention) | Cartagena, Colombia | 25-27 September | Regístrese aquí (Register here)
- Pakistan Microfinance Network | 8th Annual Microfinance Conference | Karachi, Pakistan | 1-3 October 2024 | Save the date
- International Conference on Inclusive Insurance 2024 | 21-25 October 2024 | Kathmandu, Nepal | Registration opens on 1 August (a special discount for our institutional members will be available)
Recap past events:
- ABOCOSER, Microinsurance Network, Munich Re Foundation | Primer congreso latinoamericano de seguros inclusivos | Santa Cruz, Bolivia, del 15 al 19 de Julio | Leer el resumen (Read the recap)
- Insurance Development Forum (IDF)-World Bank Group Knowledge Hub Day and IDF Summit | 27 June | Read the recap
MiN, Members & Partners: News, Blogs & Resources
- A2ii: A Capacity Building Case Study – Bolivia’s Journey to Inclusive Insurance
- CIC Group wins multiple awards at this year’s prestigious Think Business Insurance Awards
- Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH: How to promote digitalisation within rural youth employment programmes
- International Actuarial Association Interview Series with Irene Merk (SCOR) on the challenges and chances with regard to sustainability
- VisionFund International: Boosting Financial Access Amidst the Climate Crisis
Jobs, Internships & RFPs
- American Council of Life Insurers (ACLI) | Senior Level Policy Professional | Apply here
- Cenfri | Enterprise Digitalisation Manager | Apply by 31 July 2024
- Grameen Crédit Agricole Foundation (GCAF) | Alternance gestion financière et Middle-Office | Postulez ici
- Fundación PROFIN | Proyecto Inclusión Financiera | Solicitar antes del 7 de agosto de 2024
- InFiNe.lu is looking for a Communications Officer | Luxembourg, Luxembourg | Apply by 15 September 2024
Elsewhere in the sector…
- Accelerating sustainable development: The crucial role of microfinance and micro insurance institutions
- Bridging the Gap: How AI can drive financial inclusion in India’s insurance sector
- Empowering Women in Climate Resilience: The Role of Insurers in Bridging the Gender Gap
- How Microinsurance Impacts Poverty Reduction in Southeast Asia
- Parametric and agricultural insurances: Essential lifelines amidst climate change
- Southern African Drought: Extreme Hardship, Hopefully Only in the Short Term