The European Microfinance Week which took place in Luxembourg last week (18-20 November 2015) was rich in new perspectives and insights into financial inclusion for sustainable development and included thought-provoking sessions on microinsurance.
Microinsurance following extreme climatic events
In the panel on “Financial Services to increase resilience to natural disasters”, Annalisa Bianchessi from the Microinsurance Network presented research on how microinsurance stakeholders responded to Typhoon Haiyan
Insurers are increasingly recognizing the tremendous potential in the lower-income market. As the microinsurance industry develops and more attention is focused on lower-income consumers, good market data and information is critical to support positive growth.
Millions of low-income people living across the Middle East and North Africa (MENA) region want a safe place to save… but can’t. Low-income individual can access a loan quite easily. But a savings account? Forget about it. Due to an age-old regulation in almost every country in the region, microfinance institutions (MFIs) are prohibited from offering savings to clients.
“Getting the data right” was one of the key messages at the Paris 2015 Global Index Insurance Conference that took place on the 14th and 15th of September 2015. Information on past production yields, natural disasters and historical weather data is crucial for insurers to price the product premiums. In many countries, this information is neither available nor accurate enough for insurers. Climate change is causing increasingly harsh weather anomalies throughout the globe.
Digital technologies are rapidly changing the insurance landscape worldwide. In Africa currently, mobile insurance is prevalent, but other digital technologies are on the rise too, helping to provide a large number of households with coverage for the very first time.
The Microinsurance Network attended the 2017 FARAD Finance Forum which took place in Luxembourg earlier this month. Organised by FARAD International, an independent insurance broker specialised in the Private Life Insurance sector, the event was held as a full-day forum for the first time, and brought together players of the three pillars of the financial industry: the banking sector, the insurance industry and investment funds.
While microcredit and savings have historically dominated the financial-inclusion conversation, there is growing recognition for the innovative ways that microinsurers are bringing services to the people who need them most.
“The Financial Inclusion Challenge” competition, run by The Wall Street Journal, showcases nonprofit and for-profit enterprises that are solving problems of financial access for the poor in the Asia-Pacific region.