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“Today we still face an enormous global protection gap estimated to be at US$1.4 trillion, that is why we are committed to working with the Microinsurance Network to close this gap and increase awareness about microinsurance products globally. “
H.E. Franz Fayot
Luxembourg Minister for Development Cooperation and Humanitarian Affairs
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The Microinsurance Network June Member Meeting (JMM) convened from 12-15 June, 2023 in Luxembourg, and saw a series of constructive and forward-thinking knowledge sharing sessions, interventions and keynotes from members and speakers from around the world.
The JMM has a particular objective to exchange points of view and foster collaboration between the global members. A unique and invaluable opportunity to share knowledge, best practice, and lessons learned from the successes - and failures - of implementing inclusive insurance projects around the world, this year’s JMM saw three key themes emerge: Measurement, Sustainability, and Technology.
The JMM underscored the importance of closing the global protection gap and increasing awareness of microinsurance products worldwide. Collaboration, sharing best practices, and forging partnerships were emphasised as crucial for achieving this goal.
Building social capital, focusing on people, leadership, and governance, and fostering mainstream collaboration were identified as essential approaches. Digitisation was seen as a means to reduce the cost of selling and servicing insurance, making microinsurance more commercially viable for vulnerable segments.
The exchange of ideas and knowledge between public and private stakeholders was recognised as valuable for learning important lessons and driving progress. Indeed, time and again speakers highlighted the important lessons they have learnt through exchange - exchange of ideas and knowledge between multiple stakeholders from across the public, private and development sectors.
Everyone has something to bring to the table.
As Mr. Lorenzo Chan, Chair of the Board, Microinsurance Network, told attendees at the JMM:
“The need for affordable, accessible and comprehensible insurance to minimise the setback and avoid the need to start all over again each time a calamity or death occurs, persists… We need to continue sharing best practices, collaborating, and forging partnerships with those who share the same goal in pursuit of a common vision.”