Microinsurance Network Announces Partnership with The African Insurance Organisation

Luxembourg, 3 October, 2024 — The Microinsurance Network (MiN), the leading global community dedicated to developing and promoting inclusive insurance, is excited to announce a strategic partnership with the African Insurance Organisation (AIO). This collaboration marks a significant milestone in advancing the development of inclusive insurance markets across Africa. Together, MiN and AIO, with additional support from the International Labour Organization (ILO)’s Impact Insurance Facility aim to create a robust platform for knowledge sharing, capacity building, and the promotion of product development to enhance the inclusive insurance landscape on the continent.

The partnership between MiN and AIO is underpinned by a shared commitment to supporting the growth of inclusive insurance in Africa. To further promote its development, AIO intends to set up a Microinsurance and Agriculture Insurance Pool. As a first step toward achieving this goal, AIO has established the AIO Microinsurance Working Group (AIO MWG), which will focus on three core objectives: knowledge sharing, product development promotion, and capacity building for inclusive insurance. Over time, this initiative will evolve into a full-fledged pool, mobilising resources to better manage these risks and retain premiums within the continent, thereby contributing to the sector's development.

Key Objectives of the Partnership:

1. Knowledge Sharing: The AIO MWG will serve as a hub for sharing best practices, lessons learned, case studies, and other relevant information among group members and with external stakeholders. This will help to create a more informed and collaborative environment, driving the advancement of inclusive insurance practices across Africa. The ILO, a key partner in this effort, will provide substantial support by contributing expertise, research, and content for the knowledge-sharing sessions. The ILO will also assist in organising discussions that draw on global experiences in inclusive insurance, further enriching the exchange of ideas within the group.
2. Promotion of Product Development: By identifying key areas of opportunity and conducting targeted activities, the AIO MWG aims to encourage the development of innovative inclusive insurance products which are appropriate for the unique needs of African populations. This will not only help to address existing gaps in insurance coverage but also contribute to the overall economic resilience of communities across the continent.
3. Capacity Building: The partnership will also focus on enhancing the skills and knowledge of stakeholders involved in inclusive insurance through training, events, and programmes at the country, regional, and global levels. These efforts will help to build a more competent and capable workforce, better equipped to tackle the challenges of developing and growing inclusive insurance markets.

The MiN will play a crucial role in supporting the activities of the AIO MWG, providing technical expertise and access to the sharing of best practicing, facilitating the exchange of knowledge and ideas. Through this partnership, MiN, AIO, and the ILO will work closely to organise workshops, webinars, and other events that will drive the growth of inclusive insurance in Africa.

The AIO MWG will also leverage MiN’s extensive network and resources to support the collection of data for the annual Landscape of Microinsurance Study, the yearly benchmark evidence-driven report aimed at tracking the evolution of inclusive insurance and driving market development. MiN representatives can be expected to participate in the African Insurance Conference and other workshops and seminars furthering the cause of inclusion.

This partnership comes at a crucial time as the need for inclusive insurance solutions in Africa continues to grow. The collaboration between MiN, AIO, and the ILO will undoubtedly play a pivotal role in shaping the future of inclusive insurance on the continent, helping to make insurance more accessible and affordable for all and contribute to closing the protection gap.

Matthew Genazzini, Executive Director of the Microinsurance Network, said:

“The Network is both pleased and excited with this new cooperation. We look forward to our engagement in globally - one of the youngest as well as fastest-growing regions. The partnership with AIO plus the valuable support of the ILO has much to contribute to the development of financial inclusion, closing the protection gap and empowerment of one of the quickest rising populations in the world.”

Craig Churchill, Head of ILO’s Social Finance and Impact Insurance, said:

“We look forward to continuing this long-standing collaboration with AIO and the Microinsurance Network to expand access to viable and valuable insurance products across the continent.”

Jean-Baptiste Ntukamazina, AIO Secretary General, said:

“The African Insurance Organisation (AIO) is delighted with this new and important partnership with the MiN. We believe this partnership plus the support of ILO, is a significant step towards enhancing inclusive insurance growth in Africa. This collaboration aims to expand access to inclusive insurance information, training, and products in the African continent. Partnerships are at the core of AIO’s strategy, and we believe that such partnerships are essential for promoting financial inclusion and building resilience among vulnerable populations in Africa.”

 

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About the Microinsurance Network 

The Microinsurance Network is the global multi-stakeholder platform for professionals and organisations that are committed to making insurance inclusive. Membership-based, we bring together diverse stakeholders from across the value chain who share our vision of a world where people of all income levels are more resilient and less vulnerable to daily and catastrophic risks. We encourage peer-to-peer exchange and learning, facilitate the generation of knowledge and research, and act as advocates, promoting the role that effective risk management tools, including insurance, play in supporting the broader development agenda.

 

Media Contacts:

Helen Wright

Lysander PR

helen@lysanderpr.com

+44 7842 729 579

 

Joe Malone

Lysander PR

Joe@lysanderpr.com