Why the 2025 European Microfinance Award was a win for the microinsurance sector

If microinsurance were an Olympic sport, then the 2025 European Microfinance Award (EMA) result is equivalent to Kenya’s performance at the men’s steeplechase: the country usually wins gold, silver and bronze, and occupies other positions below the podium. All three finalists – Radiant Yacu, Britam and DHAN Foundation – were members of the Microinsurance Network (MiN). This was a first for the Network and the industry in general; APA Insurance was the last MiN member to win the award, back in 2019. For the Network, the overall result represented a win for the industry: seven out of 12 semi-finalists are members of the MiN (Figure 1).

Figure 1: The EMA 2025 semi-finalists

Source: e-MFP and the MiN

While Radiant Yacu won the 2025 prize, it did so in the face of stiff competition from both Britam General Insurance and DHAN Foundation. The two runners-up presented very compelling impact stories from Kenya and India respectively: their insurance services have covered millions of low-income and rural dwellers. Both organisations are considered models for others to aspire to. Britam is among a select group of microinsurance providers that have seen profitability. DHAN’s mutual-based approach has enabled it to issue over 26 million policies to around 6.5 million clients. 

DHAN Foundation: Championing poverty eradication and resilience in India

DHAN Foundation is a pan-India grassroots development organisation based in Tamil Nadu. Its mission is to eradicate poverty, provide water and nutrition security, and promote balanced development through value-driven institutions. DHAN organises and empowers women, smallholder farmers, fisherfolk and tribal communities through federated self-help groups and farmer or village associations. This model is one of India’s oldest and largest community-based mutual insurance programmes.

DHAN Foundation offers a range of microinsurance products (Figure 2). As of 2025, it has reached over 5.8 million families across 16 Indian states, through more than 500 community federations. Its network of partners, including federations and local distribution, gives it a presence in rural, coastal, and tribal areas. Hybrid partners include the Life Insurance Corporation of India, TATA AIA, HDFC ERGO and IFFCO TOKIO. DHAN Foundation also works through several national schemes (PMJJBY, PMSBY and Ayushman Bharat). Claims are paid with cultural sensitivity, such as by visiting those affected and enabling funeral rituals. This has led to high renewal and trust rates.

Figure 2: Details of DHAN Foundation’s insurance products

Source: e-MFP

Britam: Insuring farmers’ crops, livestock, health and more

Britam General Insurance is a pan-African insurer that specialises in accessible and tailored insurance for underserved communities. In Kenya and six other markets, it offers innovative products through strategic partnerships. This is part of the company’s drive towards growing financial inclusion and resilience among vulnerable populations. Given its focus on microinsurance, the company launched a dedicated business arm, Britam Connect, in 2025. Its aim is to target last-mile groups with affordable and digital-first products, aided by rapid claims processes.

Among its microinsurance portfolio, Britam offers products for smallholder farmers and pastoralists (Figure 3). Different distribution strategies are used for each product. This relies on a range of partnerships with co-operatives, NGOs, mobile network operators and government agencies. Co-operatives and farmers’ associations are used to aggregate user demand and for enrolment. Given its high use and acceptance in Kenya, mobile money is used to collect premiums and pay out claims. As of 2024, Britam’s microinsurance products had covered over four million people, including 1.8 million women and over 655,000 rural residents. 

Figure 3: Details of Britam’s insurance products for smallholder farmers

Source: e-MFP

What do they both do well 

Both organisations operate in environments where insurance penetration remains very low, underscoring both the challenges and the opportunities for inclusive insurance. Across both India and Kenya, a heavy reliance on agriculture exposes many smallholder farmers to climate change. The resulting market volatility often leads to unstable incomes. Barriers to healthcare access can lead to crippling medical expenses, which can lead to debt for those affected. In addition, crop failure and natural disasters can compound families’ vulnerability by forcing them to adopt often ineffective and insufficient traditional coping strategies.

Despite these challenges, both organisations have succeeded in scaling their microinsurance services (Figure 4) among vulnerable and underserved communities. There are several ways to measure their respective impact. Half of Britam’s customers are under the age of 25, which can be attributed to its use of digital technology, while most of DHAN’s customers are rural dwellers. Importantly, closing the gender gap is a key part of each company’s strategy: over 80% of DHAN’s customers and 40% of Britam’s customers are female. For DHAN, much of this is driven by its community ownership approach.

Figure 4: Britam and DHAN Foundation’s impact (2024)

Source: e-MFP

Sometimes, silver is as good as gold – if not better

Over the last few years, several examples of impactful microinsurance providers have emerged, which include Britam and DHAN. Each organisation’s success is linked to specific attributes based on the markets it operates in and the communities it serves. For the sector, this is why the semifinal result and list of finalists are a true success story. In competitive sport, a different podium finish is sometimes just as good as the gold medal. In this case, three highly regarded members of the Microinsurance Network making the final was already a boost for the sector. Each of them are winners.