From July 10-14, GIIF, in collaboration with Gallagher Re, organized a study tour to Morocco as part of a capacity-building program for public and private sector stakeholders working on agriculture-based index insurance products in West African francophone countries. The overarching goal of this program is to evaluate the primary challenges in developing agricultural insurance in West Africa and identify the most promising solutions to address these issues. For the study tour, the South-South knowledge-sharing exchange brought together participants from Burkina Faso, DRC, Niger, and Senegal...

During 14-17 June 2023, Europe’s largest technology showcase – VivaTech – hosted more than 150,000 visitors and 450 speakers from 174 countries in Paris, France. VivaTech accelerates innovation by connecting startups, tech leaders, major corporations and investors who are using technology to respond to our world’s biggest challenges. Speaking at VivaTech, French President, Emmanuel Macron, announced his country’s bold plans and investments in positive-impact startups (nearly €6 billion) and artificial intelligence (€500 million), respectively. For the second year running, Viva Technology and...

In June 2023, the Insurance Development Forum (IDF) convened high-level global experts from governments, international organizations, civil society and academia at the IDF Summit in Zurich to chart the path towards delivering greater financial climate resilience and inclusivity. As climate change continues to intensify, the Summit's theme of “Ambition, Action & Impact” captured the urgency with which global actors must move to deliver the Sustainable Development Goals – especially those most vulnerable to the effects of climate change. The Summit focused on how partnerships among public,...

The recent panel discussion at the 2023 World Bank Group and International Monetary Fund (IMF) Spring Meeting, " Expanding Opportunities for Women's Leadership ," shed light on the importance of empowering women entrepreneurs and leaders. The panelists, Makhtar Diop, Managing Director, IFC; Melinda French Gates, Co-chair of the Bill & Melinda Gates Foundation; Adji Bousso Dieng, Assistant Professor of Computer Science, Princeton University, emphasized the need to increase the number of women in leadership positions and support women-owned businesses, highlighting the crucial role played...

It all started with a dream: to increase access to credit and contribute to securing the livelihoods of the rural poor in Uganda – mainly farmers. It was unfamiliar terrain. Typically, smallholder farmers lacked a credit history, and in the case of women, lacked both a credit history and acceptable forms of collateral such as land that could be used to secure a commercial loan from a bank. Where farmers could access informal loans, the money lenders charged them exorbitant interest rates. This discouraged farmers from using these loans to buy farm inputs such as quality seed that could...

In a recent interview with Pedro Pinheiro , the coordinator of the Insurance Development Forum (IDF) Inclusive Insurance Working Group, we gained insights into a new joint initiative to scale inclusive insurance in Africa and Asia. The IDF is a public/private partnership led by the insurance industry and supported by international organizations. The IDF was first announced at the United Nations Conference of the Parties (COP21) Paris Climate summit in 2015 and was officially launched by leaders of the United Nations, the World Bank and the insurance industry in 2016. The new phase follows an...

Niger is a Sahelian, landlocked and low-income country of approximately 25 million inhabitants with an estimated GDP per capita being among the lowest in the world (US$ 591 in 2021). The country is exposed to multiple risks of fragility, conflict and violence which coupled with extreme weather conditions and natural disasters result in increased food insecurity and other challenges. Successive shocks, most recently the Covid-19 pandemic and the 2020 flooding disaster only heighten the fragility. The WBG has initiated a new technical assistance project supported jointly by GIIF and by the CDRF...

AON(1) estimates that economic losses from global natural disasters in 2022 reached $ 313 billion. Of these, insurers covered $132 billion: ranking 2022 as the fifth costliest year for insurers on record. The range of extreme weather events included floods, droughts, earthquakes, typhoons and heatwaves. Floods were the deadliest and accounted for 88.4 per cent of total deaths globally(2). As a snapshot: in Pakistan floods affected 33 million people and caused 1,739 deaths while in Bangladesh and India floods affected 7.2 million and 1.3 million people, respectively. Though on a smaller scale...

IFC recently concluded two regional insurtech mapping studies in Africa and South-East Asia. The studies provided useful insights on industry trends and investable opportunities. Insurtech is reimagining insurance for incumbent (re)insurers and customers. Key trends include data-driven process optimization, industry-agnostic product development and cloud-based platforms . Usage-based personalized products and personalized customer service platforms such as offered by Naked Insurance are industry-agnostic and provide a large value add applicable across various insurance sectors. Remote claims...

During December 5 – 8, 2022, a delegation of seven Nigerian industry experts were on a learning mission in Kenya. The study tour was organized as part of the GIIF South-South knowledge exchange effort for incumbent insurers transitioning to digital insurers. The delegates work towards transforming Nigeria’s insurance industry through the agile design, promotion and adoption of insurtech to increase the protection cover for millions of Nigerians. This was the second phase of the Neo Insurer Training Initiative (NITI). The study tour took the delegates to Safaricom, APA Insurance, ACRE Africa,...