A group of leading insurance companies announced today that they have established a microinsurance consortium and microinsurance venture incubator (MVI). The consortium is made up of American International Group, Inc., Aspen Insurance Holdings Limited, Catlin Group Limited LLC, Guy Carpenter & Company, LLC together with Marsh & McLennan Companies, Inc., Hamilton Insurance Group, Ltd., Transatlantic Reinsurance Company, X.L. Group, plc, and Zurich Insurance Group.
The MVI was formed to create markets that deliver risk protection to the underserved in developing countries and will innovate technology-enabled platforms, achieve sustainability through adequate levels of profitability and advance the role of insurance in society. The MVI is currently evaluating opportunities in Latin America, Africa and emerging Asia. The MVI has committed to launching ten microinsurance ventures over the next ten years that will deliver solutions to address the risk management needs of the underserved. The initial venture will be launched in 2015.
Read the full press release here