Features
2023 Landscape Study: How data is the new Oil of Inclusive insurance
The 2023 Microinsurance Landscape report offers unique insights into the inclusive insurance sector, aiding industry strategies and policy decisions. This thematic feature highlights the key trends from the study, including the finding that, despite challenges like inflation, microinsurance shows growth, with premiums up by 12% and coverage by 28% in 2022. However, gender-disaggregated data collection remains a challenge, but one that is being proactively addressed by initiatives like A2ii's FeMa-meter. Companies like Río Uruguay Seguros and Seguros Bolivar innovate tailored products, highlighting growth opportunities. Find out how the Landscape of Microinsurance’s role in collecting quality data is crucial for future innovation and protecting vulnerable populations.
By invitation: Solène Favre explains how to tackle education and affordability issues
Solène Favre, recently appointed to the Board of Directors of the Microinsurance Network, and currently the Global Insurance Director at VisionFund International, discusses the evolution of the microinsurance sector, emphasising the need for improved education and affordability. Over her 15-year career, she has observed the rise of accessible, customised microinsurance products facilitated by technological advancements and supportive regulations. VisionFund, operating across diverse regions, tailors affordable products to local needs, often facing distribution challenges. In this Innovation Corner article, Favre highlights the importance of client education, innovative pricing models, and the bundling of insurance with other financial services to enhance affordability and uptake.
Meet our new institutional members
Insurance Regulatory Authority | Kenya
The Insurance Regulatory Authority is a statutory government agency established under the Insurance Act (CAP 487) of the Laws of Kenya. It regulates, supervises, and develops the insurance industry. A Board of Directors governs the Authority, vested with the fiduciary responsibility of overseeing its operations and ensuring consistency with the provisions of the Insurance Act.
In executing its mandate, the Insurance Regulatory Authority adheres to the core principles of objectivity, accountability, and transparency. It promotes not only compliance with the Insurance Act and other legal requirements by insurance/reinsurance companies and intermediaries but also sound business practices.
MBM develops strategies for its clients which enable optimisation and profitable distribution of personal insurance through alternative channels, increased market share, building customer loyalty, greater portfolio dispersion, reduced operating costs in the medium and long term, and higher profit margins in the insurance business.
Luxembourg's Directorate for Development Cooperation and Humanitarian Affairs aims to contribute to the eradication of extreme poverty and promote economic, social, and environmental sustainability, aligning its interventions with Agenda 2030 and the Sustainable Development Goals (SDGs). Luxembourg's focus lies on four interrelated thematic priorities: Improving access to quality basic social services, enhancing socio-economic integration of women and youth, promoting inclusive and sustainable growth and strengthening inclusive governance. In all of its activities, Luxembourg’s Development Cooperation places a particular emphasis on implementing its three cross-cutting priorities, namely human rights, gender equality and environmental sustainability.
MiN, Members & Partners: Upcoming Events
- Webinar de MiN y SERINSA: Mercado de microseguros y tendencias en centro América | 14 junio 2024 de 09:00 - 11:00 CST/17:00 - 19:00 CEST | Link de Registro
- MiN June Member Meeting 2024 | 18-20 June 2024 | Register now (members only)
- 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)
Recap past events:
- Microinsurance Network & UNDP: Bridging Gaps, Building Futures: Microinsurance in 2023 and the Path to the SDGs & Launch of The Landscape of Microinsurance 2023 | 2 May 2024 | Watch the recording
- A2ii-IAIS Public Dialogue: Impact of inclusive insurance regulations in Brazil | 30 April 2024 | Online in English with Spanish translation | Watch the recording
- UNEP Finance Initiative: Exploring the Challenges in Access to Climate Finance: Opportunities and Challenges for MSMEs in Latin America and the Caribbean | 30 April 2024 | Watch the recording
MiN, Members & Partners: News, Blogs & Resources
- Microinsurance Network | Landscape of Microinsurance 2023: Download in English, Spanish & Arabic
- Microinsurance Network | PRESS RELEASE: Latest Landscape Study Underscores Urgency To Close The Microinsurance Gap
- ILO’s Impact Insurance Academy | 30 September – 4 October 2024 | Enroll by 30 September 2024 and benefit from a scholarship provided by the MiN (deadline – 26 June 2024)
- Insurance Development Forum’s Annual Report: 2023 In Review – Prevent, Protect, Provoke
- MIC Global partners with New India Assurance to launch MiIdentity, India’s first digital identity monitoring and insurance solution
Jobs, Internships & RFPs
- ADA | Program Manager - - Financing and Digitalization of agricultural value chains | Luxembourg City, Luxembourg | Apply by 31 May 2024
- EFU Life | Assistant Manager – Business Support & Intelligence Analyst | More info & application
- Global Shield against Climate Risks | Expert in Senegal to support the development of solutions in the field of Climate and Disaster Risk Finance and Insurance (French speaker) | Apply by 10 June 2024
- ILO | Call for consultants: Elimination child labour in supply chains in Nigeria | Apply before 14 June 2024
Elsewhere in the sector…
- FWD Insurance partners with Bank Simpanan Nasional to drive financial inclusion and literacy among Malaysians
- Kenneth Matomola (Namibia Financial Supervisory Authority) urges closing Africa’s insurance gaps
- Microinsurance Market Size to Fly High as Demand Continues to Increase
- The Top Three Challenges Facing Leaders in Inclusive Finance