As the international seminar marking 10 Years of Evolution in Inclusive Insurance in Latin America kicks off today in Bogotá, Colombia, the Microinsurance Network, together with the Munich Re Foundation are pleased to announce the release of the final report of the Landscape of Microinsurance in Latin America and the Caribbean 2017.
According to the data collected in the study, 8.1% of the Latin American population were covered by at least one microinsurance policy as of 2016, with an estimated total of 52 million people now insured. Based on data from regulators, reporting companies and other secondary sources, the total value of gross written premiums (GWPs) is USD 480 million.
Microinsurance service providers who responded to the survey reported that microinsurance GWPs account for an average of 2.45% of their total written premiums, and there was an actual increase of 19% in terms of the number of lives covered.
We would like to take this opportunity to thank all of our partners and co-funders of the study, namely AXA, ADA, FIDES, GIZ, BMZ, Seguros Sura and the Government of Luxembourg, as well as A2F Consulting for carrying out the report and the Munich Re Foundation.