The Global Findex Report, 2014: Lots of positive news but insurance remains invisible

Monday, April 27, 2015

The Global Findex Database update reports that in 2014, 62% of the world’s adult population has an account, with either a bank, a financial institution or a mobile money provider. Between 2011 and 2014, more than 700 million people became first-time account holders, bringing down the number of unbanked population by 20%, a significant change.

With this World Bank Group programme, 150,000 households in 143 economies were asked 44 questions to conclude on financial inclusion trends worldwide. Although insurance is an essential service for determing sustainable development and inclusive growth, the report does not highlight specific insurance related questions.

With a reported coverage of over 260 million* lives and properties through microinsurance in the developing economies, it would be important to complement the available supply data with this household information. This is not to say that the information in the report is not interesting for the microinsurance sector.

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*Find out more about the Microinsurance Network’s World Map of Microinsurance Programme here