With insurance penetration as a percentage to GDP in Ghana at below at 1.85% at the end of Q1 2016, according to Africa Insurance Organisation statistics from 2014, there is general consensus the sector is underperforming.
The Expert Forum“Understanding donor engagements in microinsurance”, organised by the Network last month with support from Making Finance Work for Africa (MFW4A), presented findings from the the landscape of donor activity study, commissioned by the Network in 2015 and carried out by LMG Consulting and centred on the future outlook for donors in the microinsurance space and the priority areas in which they aim to focus their funding efforts going forward.
The third and final module, which concluded the Microinsurance in Africa Expert Forum series took place in April with around 40 participants joining facilitator Brandon Mathews, of Stonestep and topic expert Michael J. McCord, Chair of the Microinsurance Network and President of the MicroInsurance Centre in an interactive discussion centred on distribution and innovation in Africa.
The second module of the Microinsurance in Africa Expert Forum series took place at the end of March, with around 50 participants joining facilitator Bert Opdebeeck, Microinsurance Programme Coordinator at BRS, the Belgian Raiffeisen Foundation, and topic expert Michael J.
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.