As climate risks escalate globally, insurance emerges as a crucial tool to bolster financial resilience for vulnerable countries. Yet, the high upfront costs often deter economically challenged nations from opting into coverage. To address this, premium support programs - subsidies for insurance premiums - offer a promising, proactive (ex-ante) solution. Shifting away from reactive disaster aid, these programs aim to build sustainable resilience, especially as financial pressures compound in the wake of the COVID-19 pandemic. Despite these benefits, existing premium support models face challenges. This piece explores strategies to enhance their impact and sustainability, aiming for resilient, long-term protection against climate risk for vulnerable communities.
In this interview, Matthew Genazzini, the new Executive Director of the Microinsurance Network, shares his insights on the evolution of the sector and the unique role Luxembourg has played in fostering inclusive insurance. From the early days of credit-life insurance to the mobile technology wave, Matthew recalls the “buzz” moments that propelled innovation, along with the challenges that tempered industry expectations. He highlights how Luxembourg’s sustained support has been instrumental in creating a global platform for inclusive finance - an effort that continues to shape the sector and put Luxembourg at the heart of this global movement.
Uganda Insurers Association | Uganda
Founded in 1965, the Uganda Insurers Association (UIA) is a dedicated body established by insurance companies to promote the growth and resilience of Uganda's insurance and reinsurance sectors. UIA represents the collective interests of its thirty-seven member companies, including general, life, microinsurance, and reinsurance providers, by fostering cooperation, knowledge exchange, research, and advocacy. Through collaboration with the government and private entities, UIA influences favourable legislation and advances initiatives to enhance industry standards.
Palestine Capital Market Authority | Palestine
Established in 2004 by Law No. 13, the Palestine Capital Market Authority (PCMA) is an independent regulatory agency focused on fostering stability, growth, and consumer protection in Palestine’s capital market. The PCMA regulates, develops, and oversees the non-banking financial sectors under its jurisdiction, including insurance, securities, financial leasing, and financial mortgages.
Aligned with its five-year strategic plan (2021-2025), the PCMA is actively advancing financial technology by creating a supportive operational and regulatory environment for financial innovation. Through initiatives like the Regulatory Sandbox, the PCMA promotes the development of cutting-edge financial solutions, reinforcing its commitment to a robust and inclusive financial market.
ZEP-RE (PTA Reinsurance Company) | Kenya
Founded in 1990, ZEP-RE (PTA Reinsurance Company) is a leading reinsurer focused on advancing Africa’s insurance and reinsurance industries. As a specialised institution of the Common Market for Eastern and Southern Africa (COMESA), ZEP-RE was established to support industry growth and build regional capacity. Its core objectives include fostering the development of regional insurance and reinsurance sectors, expanding national and regional underwriting and retention capacities, and bolstering sub-regional economic development through improved financial resilience and capacity-building.
Recapping ICII 2024:
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