Insurance brands have new opportunities every day around the world and offering affordable cover on various risks means a great deal to many people and smaller companies. Here’s the word;
The Microinsurance Network (MiN), in collaboration with the United Nations Development Programme’s Insurance and Risk Finance Facility (UNDP IRFF), released the report ‘The Landscape of Microinsurance 2024’ recently.
The report provides the most comprehensive analysis of global microinsurance markets, drawing on data from 294 insurers across 37 countries in Africa, Latin America and the Caribbean, and Asia and the Pacific region, covering 985 microinsurance products offered in 2023.
With support from Luxembourg’s Ministry of Foreign and European Affairs, Defence, Development Cooperation and Foreign Trade, Luxembourg’s Ministry of Finance, AXA EssentiALL, Munich Re Foundation, Barents Re, Swiss Re Foundation, AON Philippines, and the Insurance Federation of Egypt, the report demonstrates that microinsurance is increasingly used as a tool to build financial resilience, particularly in response to climate risks, economic shocks, and health-related uncertainties.
This unique benchmark report reveals that the number of people covered by the reported products has increased by 70% over the past three years, reaching 344 million across 37 countries in three regions. For the year 2023, these products generated USD 6.2 billion in written premiums. The report’s findings deliver critical insights for policymakers, insurers, donors, and development agencies focused on increasing financial protection for low-income populations.
Be the first to comment