Role of microinsurance highlighted at launch of UN´s Sustainable Development Goals

Wednesday, October 7, 2015
During the United Nations Sustainable Development Summit on Friday, 25 September, President and CEO of the International Insurance Society (IIS), Michael Morrissey acknowledged the importance of insurance in providing protection from the unique set of risks faced by the world´s poor.
 
To illustrate this in particular, he cited three examples of the role microinsurance plays in alleviating hunger and poverty. The first - German insurer and Microinsurance Network member, Allianz´s provision of agriculture insurance (crop, livestock and other), which covers 125 million farmers in India and China, as well as their participation in the Africa Risk Capacity pool to insure governments against natural disasters. Secondly, Morrissey mentioned La Positiva from Peru and their efforts to tailor agriculture coverage for rural farmers with limited access to communications and healthcare. Lastly, the recently-formed, Bermuda-based consortium of insurers, Blue Marble Microinsurance, which has been creating new opportunities, developing savings and protection products for low-income populations.
 
“Through our industry´s efforts, and through public-private partnerships with governments and international institutions to capitalise on both the risk assessment and long-term investing capabilities of insurance organisations, the sustainable development goal of ending extreme poverty and hunger can and will be achieved,” he concluded.

To read Michael Morrissey address at the Summit, please click here.