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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...
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...
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...
Collaboration between the public and private sector players to reach scale in Africa
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...