Luxembourg insurance industry is intrigued by microinsurance

Friday, June 17, 2016
Jenny Nasr, Senior Development Coordinator, represented the Microinsurance Network at a conference organised by ILAC – the Luxembourg Institute for Actuaries and the Inclusive Finance Network Luxembourg (InFiNe) on the last week at the Ernst & Young headquarters in Luxembourg.
She presented the definition of microinsurance and examples of delivery channels, the latest findings in microinsurance coverage and gross written premiums in Africa, Asia, Latin America and the Caribbean. The audience showed particular consideration for the concept of microinsurance, the way it is evolving, and the opportunities to reach 4 billion people in the developing world. The participants were interested in the way in which microinsurance is packaged or bundled in order to meet the needs of low-income populations and how parametric insurance plays a role in enhancing livelihoods of smallholder farmers. Participants were from various insurance companies in Luxembourg including AIG, Foyer, Allianz and the global financial firm UBS. 
Philippe Goutiere, General Manager of AIG in Luxembourg, explained how they partnered with Blue Marble to launch a pilot programme in Zimbabwe to offer farmers with 1-2 acres of land, insurance protection against rainfall uncertainty affecting maize production for their subsistence and that of their families. Payments will be done via mobile solutions and an innovative approach in farmer education via mobile sites. An online community is to be tested for impact and efficacy.