Non-profit association, the Microinsurance Network (MiN), is delighted to announce the launch of its unique Landscape of Microinsurance Study for 2022.
In a world of increasing complexity and risk, families are on the frontline of hazard and shock, and insurance can and must play a critical role in their financial resilience.
Published annually since 2010, the flagship Landscape of Microinsurance research and insights series provides a unique global benchmark – tracking the uptake of inclusive insurance products and services, along with insights into emerging trends connected with closing the people protection gap. Based on extensive primary research, the reports and data provide information that cannot be found anywhere else.
The annual benchmark studies – which are available in English, Arabic, French and Spanish – have become an invaluable reference for all stakeholders in the inclusive insurance arena, providing state-of-the-art market intelligence to directly inform their strategic decisions to support inclusive insurance initiatives such as microinsurance programmes in developing countries.
The 2022 study is the most comprehensive to date with 253 insurance providers reporting on 935 products in 34 countries across Africa, Asia, Latin America and the Caribbean. With an estimated value of USD 61.8 billion, the microinsurance market in these countries is one of opportunity – covering health, life and accident, agriculture, aquaculture and livestock, property and income, the study paints a broad picture of the microinsurance landscape, detailing market size and evolution, premiums, product development, social performance, reinsurance and claims.
Katharine Pulvermacher, Executive Director of the Microinsurance Network, said:
“The Landscape of Microinsurance Series is considered a unique benchmark for tracking insurance uptake in emerging countries. To date, the studies have proved highly influential, highlighting barriers, regulations, trends and opportunities in emerging markets – vital information which helps drive the development of suitable microinsurance products. And it is by offering valuable and actionable market intelligence that makes these reports such a success.
With insurance activities on the rise in developing countries and growing interest from a broader range of stakeholders, providing an overview of the industry and dynamics of any given region is crucial in helping drive growth and engagement. The reports not only help inform policy and business decisions, they help determine product design and provide market entry for the private sector as well.
The microinsurance market in the countries covered in the report is one of massive opportunity and the Landscape Series is targeted at encouraging progression in an effort to ensure the widespread delivery and uptake of microinsurance solutions to those who need it most by helping to create greater financial inclusion and security – and ultimately, to close the people protection gap.”
His Excellency Olivier Maes, Ambassador and Permanent Representative of Luxembourg to the United Nations in New York, said:
“Insurance has the potential to make a significant and enduring contribution to public policy goals and to closing the global people protection gap and by providing protection for households and businesses, it is a key tool to enhance resilience, prosperity and growth. However, the gap between current reality and the need for insurance is significant with around three-quarters of the world’s population left potentially unprotected against daily risk and natural disasters.
In recent years, The Microinsurance Network – through its diverse and fast- growing global membership – has been doing groundbreaking work to help address these gaps and drive progress in inclusion, responsibility and the development of a healthy, vibrant global insurance sector that serves the needs of the vulnerable. Luxembourg is proud to be supporting the tremendous efforts of the association including being a sponsor of this latest Landscape Study which over the last decade has become a key enabler for tracking the development of the inclusive insurance market.”
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