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Collaboration between the public and private sector players to reach scale in Africa
31
Oct
The GIIF Program hosted a knowledge exchange session at the 2022 International Conference on Inclusive Insurance , held in Jamaica between 24-28 October 2022. The International Conference, hosted by the Munich Re Foundation , the Microinsurance Network and the Insurance Association of Jamaica , was attended by over 400 experts from 50+ countries. The objective was to offer a platform to discuss and identify ways of accelerating growth and economic viability in inclusive insurance for emerging markets. In this conference, the GIIF program hosted a session on agriculture index insurance...
30
Oct
With a population of 211 million(1) and a low insurance penetration of less than 1%(2) , Nigeria represents one of Africa’s most important insurance markets. Despite this potential, the market’s growth is constrained by a lack of suitable products, cumbersome claims’ processes and unsuitable premium collection methods, limited awareness among consumers, lack of trust in insurance and low purchasing power. Market actors are innovating to surmount these challenges and reach the underserved through insurtech: to fast-track customer acquisition, enhance insurance awareness and scale last mile...
29
Oct
Smallholder farmers hold the key to feeding Africa’s rising population. However, increasing risks from climate change-related crises threaten their ability to do so as these risks affect both agricultural productivity and food security. Though insurance can increase their resilience, few farmers have access to agricultural insurance. With overall insurance penetration at 2.78%(1) in Africa, and especially low agricultural insurance uptake, there is need to broaden the toolkit for smallholders to increase their resilience. To contribute to the efforts in increasing access to agricultural...
28
Oct
Kenya, dubbed, Africa’s “Silicon Savannah” is leading the charge in technological innovations in financial inclusion. It is among the continent’s leaders in insurtech innovations. Could the widespread use of mobile money, coupled with a supportive regulatory environment spur the development of inclusive insurance for the underserved? These were among the questions that more than 60 insurance stakeholders recently addressed during the First Insurance Development Forum (IDF) -Microinsurance Network (MIN) Country Workshop on Inclusive Insurance in Kenya during September 28 and 29, 2022. Kenya is...
27
Oct
Why was Kenya chosen as a focal country by the iDF Inclusive Insurance Working Group? According to Pedro Pinheiro the Insurance Development Forum’s (iDF) Inclusive Insurance Working Group (IIWG) has selected 21 focus countries through a rigorous process that aimed at ensuring diversity and took into consideration political will and stability; legal and regulatory environment; development of the insurance market; the presence and interest of the IIWG members, among other criteria. Out of those 21 countries, four priority countries (Mexico, Kenya, Indonesia and the Philippines) were chosen for...
IFC session panel participants
26
Oct
The Asosiasi Asuransi Umum Indonesia, the General Insurance Association of Indonesia, brought together regulators, practitioners, local and international (re)insurance companies at the 26th Indonesia Rendezvous conference held in Indonesia between 12-15 October. The theme of this year's gathering ‘Toward Sustainable Future and Inclusive Growth’ is in line with the main theme of G20 Presidency of Indonesia ‘Recover Together, Recover Stronger.’ The G20 Presidency theme is a reflection of the pressure the world has been under due to the COVID-19 pandemic, and it emphasizes the importance of...
25
Jul
The first part of the webinar session was a launch of the joint Geneva Association and Insurance Development Forum (iDF) paper titled " Insurance development in Emerging Markets: The role of public policy and regulation " introduced by Dennis Noordhoek (Director of Public Policy & Regulation at the Geneva Association). On the objectives of the paper Mr. Dennis Noordhoek began by noting that over the past ten years, the economies of many emerging markets have grown significantly, and during those periods insurance market in these countries has also experienced growth. Despite this growth,...
23
Jul
Well-designed insurance programs can help to improve farmers’ resilience, access to finance, and high-quality inputs. To this end, IFC and Zimbabwe's insurance regulator, the Insurance and Pensions Commission (IPEC), issued a press release highlighting their collaboration to create a market for agricultural insurance products in Zimbabwe. The goal is to protect smallholder farmers against weather-related crop damage and other shocks. Through this project, the team will assess the risks faced by smallholder farmers, and their coping mechanisms, and also evaluate the farmers' appetite for...
22
Jul
In August 2020, the GIIF team commissioned a study by the Wageningen University and Research (WuR) to generate lessons learned in perception, adoption, and understanding of agriculture index insurance by firms and smallholders in Kenya, Senegal, and Zambia. The study was recently concluded. A review of the portfolios and experiences among three companies – ACRE Africa (Kenya), Compagnie Nationale d’Assurance Agricole du Sénégal ( CNAAS ), and Mayfair Zambia – reveals successes, opportunities and challenges yet to be overcome in mainstream agriculture index insurance (AII) among farmers across...
27
Jun
On May 18, colleagues from the Gender Innovation Lab at the World Bank hosted a webinar titled "Let her Grow: Addressing the productivity gap in agriculture—Barriers and promising interventions." The webinar presented the findings from three studies on productivity gaps between women and men farmers in Timor-Leste, Democratic Republic of Congo (DRC), and Côte d’Ivoire. These studies presented new evidence on the most binding constraints faced by women farmers, and effective interventions to address these constraints. Each of the studies examined different aspects of this issue and presented...
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