Reinsurance News
microinsurance
Microinsurance is key to closing the protection gap, says Clyde & Co.
4th October 2018
Microinsurance, also known as inclusive insurance, is the best tool at the industry’s disposal for closing the protection gap in developing countries, according to a report by global law firm Clyde & Co. A worldwide shift from low to middle incomes, technological developments and an increasing governmental landscape that recognises the ... Read the full article
Blue Marble & Nespresso launch parametric insurance pilot for Colombian farmers
3rd October 2018
Blue Marble Microinsurance - a consortium of nine companies including Zurich, AIG, Aspen, and Hamilton - has collaborated with Nespresso on the launch of a pilot weather index insurance program for smallholder coffee farmers in Colombia. It has commenced with 1,975 farmer participants across 5,724 hectares belonging to the farmers of ... Read the full article
IRDAI to allow distribution of microinsurance products through PoS
3rd October 2018
The Insurance Regulatory and Development Authority of India has allowed distribution of all microinsurance products through point-of-sales as it aims to accelerate insurance penetration in the country, The Hindu Business Line reports. IRDAI in a circular agreed to the suggestions of insurance companies by abandoning the practice of prefixing the word ... Read the full article
CIC launches microinsurance product for Kenyan farmers
24th September 2018
Over the next five years Kenyan cooperative insurer CIC Insurance Group plans to issue over 250,000 livestock microinsurance policies to previously-uninsured, low-income farmers. The venture, formulated as part of the International Cooperative and Mutual Insurance Federation’s 5-5-5 Mutual Microinsurance Strategy, will equate to 500,000 more cows insured in a country that ... Read the full article
MiCRO launches new parametric microinsurance product in El Salvador
27th June 2018
The Microinsurance Catastrophe Risk Organisation (MiCRO), a reinsurance company established in Barbados, has launched ‘Produce Seguro’, a new index based insurance product in El Salvador that protects small businesses and low-income families against natural disasters. “Anyone who may be affected by a catastrophic weather or earthquake event will be able to get the ... Read the full article
Blockchain could allow developing countries to ‘leapfrog’ current tech: Fitch
29th May 2018
Fitch Ratings has suggested that blockchain technology could allow insurers and reinsurers in developing nations to make a faster technological leap than those in more established markets, as they can circumvent current operational systems. In its report, "Blockchain and Insurance - The Trust Machine," Fitch observed that many emerging markets and ... Read the full article
Huge potential for mutual microinsurance growth in the Philippines: Report
25th May 2018
A report undertaken by the International Cooperative and Mutual Insurance Federation (ICMIF) and Microinsurance MBA Association of the Philippines, Inc (RIMANSI) has illustrated massive potential for mutual microinsurance in the Philippines. The study shows the existence of two types of mutual microinsurance organisations in the country: The Cooperative insurance Societies (CIS), which ... Read the full article
Allianz becomes microinsurer BIMA’s largest shareholder with $96.6mn investment
28th December 2017
Allianz has become digital microinsurer BIMA's largest strategic shareholder and sole insurance shareholder after investing $96.6 million in a transaction that's expected to strengthen the re/insurers position in emerging markets. BIMA’s award-winning micro-insurance tech platform is designed to provide low-income families with access to insurance products across 14 emerging markets, using mobile ... Read the full article
Munich Re underlines microinsurance growth in Latin America & Caribbean
13th November 2017
Preliminary findings of a recent study on microinsurance across Latin America and the Caribbean (LAC), published by the Munich Re Foundation and the Microinsurance Network, highlights substantial growth in take-up rates in recent times, but warns that more must be done to enable the poorest and most vulnerable with access ... Read the full article
Mutual & Cooperative microinsurers key to re/insurance growth in emerging markets
28th July 2017
With over 422 million lives and properties covered, India leads microinsurance scale in Asia, but despite impressive microinsurance growth rates overall insurance penetration levels remain low at just 3.44% and non-life penetration have been nearly static, rising by just 0.5 -0.8% over the last ten years. The first ever report published on ... Read the full article
Blue Marble agrees microinsurance deal for Nature Conservancy programme in Latin America
21st July 2017
The Nature Conservancy and Blue Marble Microinsurance have announced an agreement to embed insurance protection into ecofriendly Silvopastoral Systems in Latin America. The Silvopastoral system minimises greenhouse gas emissions from cattle ranching - reportedly one of the highest contributors to global warming - helping to prevent climate change and create sustainable ... Read the full article
Agricultural index insurance gains momentum in Sub-Saharan Africa
26th May 2017
Re/insurance supervisors and players in Sub-Saharan Africa have highlighted the success of agricultural index insurance in improving the region’s disaster resilience, as, they say, momentum for index insurance solutions continues to grow. Speaking ahead of the 10th Consultative Forum on building disaster resilience amongst smallscale farmers through agricultural index insurance, Jonathan Dixon, ... Read the full article
Blue Marble Microinsurance & Nespresso launch Colombia crop insurance pilot
25th May 2017
Blue Marble Microinsurance, an association of eight firms aiming to improve the socio-economic environment of the underprivileged through commercially viable insurance solutions, has partnered with Nestle Nespresso SA to create a pilot crop insurance program for smallholder coffee farmers in Colombia. The pilot project's objective is to protect the coffee industry and ... Read the full article
Microinsurance: Should You Rely on Regulation to Drive Distribution?
23rd May 2017
‘Compulsory’ is perhaps the most tempting potential characteristic of any insurance business model. It nods to the prospect of complete market coverage. Total. One hundred percent. The need to attract customers becomes unnecessary—the regulation does that for you! And you can begin to imagine a wide range of operational alternatives ... Read the full article
Global microinsurance sector to experience CAGR of 8.2%: Report
5th May 2017
The international microinsurance market is predicted to grow at a compound annual growth rate (CAGR) of 8.2% during 2016 to 2020, suggesting that more of the world's poorest, and most vulnerable will have access to invaluable insurance protection, according to new research. Microinsurance solutions target low-income households and farmers, among other ... Read the full article
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