Features
COP16: Inclusive insurance’s role in biodiversity protection for the planet and for business
November’s thematic article explores how the insurance sector is emerging as a key player in supporting biodiversity and nature-positive strategies. Reflecting on discussions from COP16 in Colombia, it highlights the urgent need for businesses to align with biodiversity goals to ensure both environmental and economic resilience. The role of inclusive insurance, such as parametric policies for ecosystem restoration and disaster response, gained prominence at the conference as a tool to bridge biodiversity financing gaps. Collaborative efforts, including public-private partnerships and the development of biodiversity financial hubs in megadiverse countries, were identified as critical to scaling sustainable solutions. The article connects these themes to broader climate action debates at COP29, emphasising the growing expectation for insurers to integrate biodiversity considerations into their strategies. Above all, it calls for turning ideas into action, underscoring the importance of scalable, long-term solutions for a resilient future.
Index insurance innovation: Protecting families against extreme heat in India
November’s Innovation Corner article highlights the development of a heat index insurance product by the Mahila Housing Trust (MHT) to protect low-income women in Gujarat, India, from the financial impacts of extreme heat. Launched in 2024, the scheme targeted 26,000 women across Ahmedabad, Surat, and Vadodara, offering income protection and covering heat-related expenses like electricity and healthcare. With premiums of $4.5 and payouts up to $25 per beneficiary, the pilot phase saw payouts triggered for 2,000 women, demonstrating the product’s potential to mitigate climate risks and empower vulnerable communities. This initiative underscores the transformative role of inclusive insurance in addressing urban climate challenges.
Meet our new institutional members
GOXI Microinsurance Company Limited | Nigeria
GOXI Microinsurance is the first specialised microinsurance company licensed by NAICOM in Nigeria. It operates as a composite microinsurance provider, offering a variety of affordable, customer-focused microinsurance products. Over the past five years, the company has enrolled more than 532,000 individuals.
Securities and Exchange Commission of Pakistan | Pakistan
The Securities and Exchange Commission of Pakistan (SECP) acts as the primary regulator of Pakistan’s insurance industry, ensuring its growth, transparency, and stability. It oversees the licensing and supervision of insurance companies, brokers, and agents to ensure compliance with legal and regulatory frameworks. Additionally, the SECP works to safeguard policyholders’ interests, encourage innovation in insurance products, and enhance the sector’s contribution to Pakistan’s economy.
Instituto del Seguro Agrario | Bolivia
Bolivia's Agrarian Insurance Institute (INSA) is a public entity dedicated to protecting agricultural production and farmers' livelihoods against adverse climatic events. Its mission is to develop risk transfer mechanisms that provide democratic, equitable, and inclusive solutions, while respecting the traditions and customs of local communities.
With a vision to be a reliable and efficient institution, INSA aspires to gain national and international recognition for its innovation and strength in agricultural insurance, benefiting both farmers and the broader Bolivian population. Beyond its role as an insurer, INSA also performs regulatory and research functions, enhancing the resilience of the agricultural sector and contributing to the country's food security.
MiN, Members & Partners: Upcoming Events
- Cenfri’s Learning session: Building a data dashboard | 14:30-17:00 CAT, 29 November 2024 | Westerwelle Haus Kigali, 4th Floor (Fairview Building), Kigali, Rwanda | RSVP here
- Microinsurance Network (MiN) & Cenfri | Expert Forum by MiN’s MSMEs Best Practice Group: Adopting a Data-Centric Approach to Serve MSMEs | 10 December 2024 | 14:00 – 15:30 UTC / 15:00 – 16:30 CET | Online | Register here
- CONSEGSA | Charla sobre derechos y obligaciones en contratos de seguros | 11 de diciembre, 17:00 (hora Bolivia) | Virtual | Regístrate gratis aquí
- Microinsurance Master | Webinar ¿Cómo prosperar en microseguros? | 11 de diciembre, 2024, 11:00 - 12:00 EST / 17:00 - 18:00 CET | Regístrese aquí
- Feed the Future MRR Innovation Lab | Webinar Series: Behavioral Economics and Beyond | 2 October 2024 – 23 January 2025 | Online | Register here
- International Conference on Inclusive Insurance 2025 (ICII 2025) | 13-17 October 2025 | Quito, Ecuador | Save the date
MiN, Members & Partners: News, Blogs & Resources
- MiN & Cenfri | Toolkit: Implementing a data-driven approach to MSME insurance (by MiN’s MSMEs Best Practice Group)
- MiN General Assembly 2024 | Register now & join us on 4 December from 14:00 to 16:00 CET (members only)
- EFU Life and GenMo Join Forces to Empower Financial Wellness
- e-MFP: Rural Finance Initiative Limited (RUFI) wins the 2024 European Microfinance Award for Empowering Refugees Through Financial Inclusion
- GOXI Microinsurance named “Microinsurance Company of the Year” at the 2024 Almond Insurance Industry Awards
- International Conference on Inclusive Insurance 2024 (ICII 2024) Summary
- ICII 2024 Field trip, hosted by Shikhar Insurance - Exploring the success of inclusive insurance in Nepal's Gagalphedi region
Jobs, Internships & RFPs
- AXA | Performance Management & Business Intelligence Senior Analyst | Puteaux, Île-de-France, France | Apply here
- EFU Life | Multiple positions | Learn more & apply
- Global Shield Against Climate Risks | Expert.e technique CDRFI - appui à la coordination pays | Postuler avant le 29 novembre 2024
- MiCRO | Product Specialist | México, Mexico | Apply here
Elsewhere in the sector…
- Chhaya expands to Middle East with microinsurance for expats
- From cross-border payments to micro-insurance, here’s what African fintech investors want to see
- Microinsurance to bridge protection gap in the Philippines
- On microinsurance for the underserved population
- University of Hyderabad Partners with Micro Insurance Innovation Hub (MIIH) to advance microinsurance initiatives and insurance inclusion