This preliminary briefing note summarises some of the key trends and insights from the 2015 Landscape of Microinsurance in Africa, the full report for which will be published in early 2016.
This year's Africa study identified 61.9 million people in the region covered by at least one microinsurance policy, up from 44.4 million people identified in the 2011 study. Total written microinsurance premiums amounted to almost USD 647 million, representing an impressive 31% comparable increase since 2011 for institutions who reported data for both studies. Interestingly, this growth was identified not just in credit life products but across all product lines. Though life covers still dominate the region in terms of coverage, the largest growth was seen in health and agriculture covers. Mass market channels are playing an important role, accounting for 45% of the distribution of microinsurance in the region.
- Microinsurance Network
Munich Re Foundation; Microinsurance Network
With support from Making Finance Work for Africa, and the Deutsche Gezellschaft für Internationale Zusammenarbeir (GIZ)