Features
The road to COP29: How microinsurance is delivering resilience for vulnerable communities
As COP29 approaches in Baku, Azerbaijan, the role of microinsurance in advancing climate resilience for vulnerable communities is gaining attention. This month’s thematic feature highlights the increasing recognition of insurance as a key tool in climate adaptation strategies, particularly for economically vulnerable populations in areas heavily impacted by climate change. Examples from around the world illustrate the impact: in Asia, parametric insurance helps Nepalese farmers during extreme monsoons and protects Indian dairy farmers from heat stress; in Africa, innovative products tackle flood risks and improve resilience; and in Latin America, weather-based index insurance supports farmers facing extreme weather fluctuations. The piece underscores the importance of making microinsurance accessible, affordable, and tailored to those who need it most, calling for greater investment and innovation in the sector and a stronger focus on inclusive insurance solutions to enhance global resilience and adaptation efforts.
Microinsurance innovation: What Zambia can learn from the Philippines
This week’s Innovation Corner focuses on the outcomes of the first Microinsurance Technical Advisory Group Conference held in Livingstone, Zambia, which saw over 100 experts from more than 10 countries gather to discuss the theme of “accelerating the growth of the insurance sector through inclusivity, client-centricity, and technology.” Key insights from the event emphasised the importance of customer-centric solutions and leveraging existing technology to enhance microinsurance outreach. A standout case was the Philippines, where Pioneer Insurance's partnership with CARD Microfinance has successfully reached over 23 million customers. Their strategy highlights the significance of transparent, value-driven partnerships and long-term investment in infrastructure and agent training. For Zambia, adopting similar approaches could address challenges in distributing affordable health microinsurance and improving healthcare accessibility through basic mobile technology and platforms like WhatsApp.
Meet our new institutional members
Seguros Ademi | Dominican Republic
Seguros Ademi aims to be the leading insurance provider for individuals and for micro, small, and medium-sized entrepreneurs in the Dominican Republic. Its mission is to offer policies tailored to the needs of these groups through various sales channels, ensuring the protection of their assets and family stability. Their core values include integrity, commitment, transparency, solidarity, and equity.
Seguros Bolívar, a key component of Grupo Bolívar, is a leading Colombian insurance company founded in 1939. Embracing the motto 'Enriching life with integrity,' it is committed to safeguarding the everyday lives of Colombian families and businesses. Rooted in valuing human beings since its inception, the company has significantly contributed to Colombia's holistic development. With a customer-centric management model, it offers reliable solutions while upholding steadfast principles and values. Despite its historical depth, Seguros Bolívar remains at the forefront of innovation and social responsibility within the insurance sector.
Servicios Financieros Inclusivos S.A. | Nicaragua
SERINSA Servicios Inclusivos is a social enterprise that promotes the commercialisation of microinsurance through technical assistance to the microfinance sector in Central America, with the objective of increasing the resilience of low-income populations.
MiN, Members & Partners: Upcoming Events
- Fasecolda | Webinar “¿Por qué asegurar la biodiversidad?” | 3 de Julio | Regístrese ahora
- ABOCOSER, Microinsurance Network, Munich Re Foundation | Primer congreso latinoamericano de seguros inclusivos | Santa Cruz, Bolivia, del 15 al 19 de Julio | Regístrese ahora
- The First Joint Colloquium Of All IAA Sections (JoCo2024) by Actuaires du Monde | 25 September 2024 | Brussels, Belgium | Register here
- International Conference on Inclusive Insurance 2024 | 21-25 October 2024 | Kathmandu, Nepal | Call for rapporteur applications (deadline – 30 June 2024)
MiN, Members & Partners: News, Blogs & Resources
- Insurers must do more to close the protection gap: Read Lorenzo Chan's insights on Sustainable Insurer
- Harnessing Microinsurance to Close the Protection Gap: A Call to Action for Global Resilience. By Lorenzo Chan
- ACRE Africa: Munda Make Over Series 2 - Ep 22: Drought tolerant maize, Insurance, Weather and Gender
- CARD Pioneer Book celebrates Nanays in PH Microinsurance Journey
- IBISA raises $3 million to scale parametric insurance solutions, strengthening climate resilience across Asia and Africa
- inDrive teams up with MIC Global for driver accident and medical coverage
- World Bank Issues $175M Catastrophe Bond for Mexico's Pacific Hurricanes
Jobs, Internships & RFPs
- APA Insurance | Research Analyst | Apply by 30 June 2024
- Blue Marble | Multiple job opportunities
- Cenfri | HR Assistant | Cape Town, South Africa | Apply by 30 June 2024
- EFU Life | Actuarial Analyst / Senior Actuarial Analyst | More info & application
- Guardian Life | Executive / Senior Executive for the Finance & Accounts Department | More info & application
Elsewhere in the sector…
- Digital transformation must take precedence in the insurance industry
- FWD Insurance Berhad awarded Top Partnership Distribution Award for Malaysia's First Digitally Enabled QR Code Microinsurance Product
- Microinsurance for social inclusion: MAPFRE na Favela was born
- MicroInsurance Innovation Hub: Product Benefits - Hospital Cash
- Promoting Financial Inclusion via Micro Insurance
- To transform Kenya’s insurance industry, invest in tech and talent