PRESS RELEASE: International Conference on Inclusive Insurance 2023: Key Takeaways
PRESS RELEASE: International Conference on Inclusive Insurance 2023: Key Takeaways
Attendees in Accra, Ghana, hear preliminary results of 2023 Landscape of Microinsurance Study, which reveal more than 300 million people in the 36 countries covered by the research have a microinsurance product
Accra, Ghana, 9 November 2023: The International Conference on Inclusive Insurance 2023 (ICII 2023) – hosted by the National Insurance Commission of Ghana (NIC), the Ghana Insurers Association (GIA) and the Insurance Brokers' Association of Ghana (IBAG) in cooperation with Munich Re Foundation and the Microinsurance Network - took place from 23-27 October in Accra, Ghana.
Around 430 participants from across the local, regional and international insurance sector as well as other key stakeholders came together for four days of workshops, plenary sessions, and networking opportunities to discuss and identify strategies for accelerating growth and economic sustainability in inclusive insurance for emerging markets.
During the conference, the Microinsurance Network (MiN) presented key preliminary data from the 2023 Landscape Study which will be published in early 2024 covering 36 countries, nearly 300 respondents, and over 1000 products, providing a summary of the status of the microinsurance sector based on data from 2022.
The report shows sustained growth in the number of people recorded as having a microinsurance product - totalling more than 300 million people in the countries covered by the research for 2022, up from 102 million in 2019. Although the addition of microinsurance products over the years has played a role in the increase observed, there was also underlying growth in other microinsurance products. Between 2019 and 2022, on a like-for-like basis, after a pronounced decrease in the total number of people covered in 2020 at the height of the COVID-19 pandemic, a notable recovery was observed in 2021 and this positive momentum continued in 2022 with further growth.
The flagship Landscape of Microinsurance report is published annually and is a research series tracking the uptake of inclusive insurance products and services, along with insights into emerging trends connected with closing the people protection gap.
The discussions at ICII 2023 covered a broad range of topics including how to bridge the protection gap especially in the field of climate change, regulatory issues, how to address the special needs of female customers as well as migrant workers, the development of insurance markets in West Africa as well as innovative solutions and business models.
Active practitioners and stakeholders also debated the increasing use of technology to design and disseminate insurance products and services; and the need for concerted efforts to be made in the area of financial education. Details of speakers and some of the presentations from the event can be found here.
Delivering the opening keynote, the Hon. Ken Ofori-Atta, Minister of Finance of the Republic of Ghana called for a “standing committee” to develop inclusive insurance in the country. It was also announced that the International Conference on Inclusive Insurance 2024 will take place from 21-25 October 2024 in Kathmandu, Nepal. The event will be hosted by the Nepal Insurance Association and the Nepal Insurance Authority in cooperation with Munich Re Foundation and the Microinsurance Network.
Pujan Dhungel Adhikari, Director, Nepal Insurance Authority, commented: “This year’s conference in Ghana has served as a vitally important platform by bringing together brilliant minds and industry leaders to share insight and pave the way for advancement in the field of inclusive insurance. As we celebrate the success of the 19th ICIII, I am thrilled to announce that the 20th ICII will be hosted in the breathtaking and culturally rich nation, Nepal, in October 2024. Nepal has made significant progress in the area of microinsurance; recognising the importance of providing financial protection to vulnerable communities, the nation has implemented innovative strategies which we look forward to sharing next year.”
Michael Kofi Andoh, Acting Commissioner, NIC, Ghana, said: “I would like to thank our conference partners for helping to organise such an engaging and thought-provoking event during which we were able to debate such a wide range of agenda topics. Closing the insurance protection gap for low-income earners and workers in the informal sector in particular must be an immediate-term priority to ensure greater resilience. Action must follow swiftly to achieve meaningful change.There is a clear opportunity for both the insurance sector and the public purse and we urgently need to accelerate growth.”
Lorenzo Chan, Chair of the Board of the Microinsurance Network (MiN) and President and CEO of Pioneer Inc, commented: “As highlighted at the conference, Africa is the second fastest growing region in the world and with a young population, this represents a significant opportunity for growth. The role of financial inclusion is therefore essential if this continent, or any continent for that matter, is to continue building or sustaining resilience. The market is too big to be ignored - inclusivity is no longer a possibility but an increasing reality in many parts of the world and accessible, affordable insurance must be available to everyone.”
Dirk Reinhard, Vice Chair, Munich Re Foundation and Chairman of the Steering Committee of the ICII 2023, concluded: “I would like to extend my sincere thanks to our ICII2023 hosts in Ghana for this outstanding conference and I hope that this conference will initiate the development of a long term strategy to increase insurance outreach in Ghana. The annual ICII events are a crucial vehicle for stakeholders to share best practices, lessons learned, and the need for innovations to ensure that many more people who are currently marginalised can access and benefit from inclusive insurance. Next year’s conference in Nepal promises to be equally rewarding and we look forward to convening again in Kathmandu next October.”
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Notes to Editors:
National Insurance Commission of Ghana
The National Insurance Commission (NIC) was established to ensure effective administration, supervision, regulation and control of the business of Insurance in Ghana. NIC is mandated to perform a wide spectrum of functions including licensing of entities, setting of standards and facilitating the setting of codes for practitioners. The Commission is also mandated to approve rates of insurance premiums and commissions, provide a bureau for the resolution of complaints and arbitrate insurance claims when disputes arise.
Ghana Insurance Association
The Ghana Insurers Association (GIA) is a prominent Trade Association for all companies registered and licensed to transact insurance business in Ghana. It serves as the collective voice and representative body for insurance companies, reinsurers, and other entities operating in the insurance sector. Established to promote the growth, development, and regulation of the insurance industry, GIA plays a crucial role in shaping policies, fostering collaboration, and advocating for the interests of its members.
Insurance Brokers' Association of Ghana
The Insurance Brokers' Association of Ghana is the Ghanaian national trade association for licensed Insurance Brokers in Ghana and is the national voice of Insurance Brokers and an advocate for insurance consumers.
Munich Re Foundation
People are ultimately at the core of what the Munich Re Foundation’s work is all about. The foundation’s task is to minimise the risks to which they are exposed. It clarifies issues and provides support, also in developing countries. The Foundation's work addresses major global challenges: the fight against poverty, environmental and climate change, water as a resource and risk factor, demographic development and disaster prevention – and supports people in risk situations.
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:
Dirk Reinhard
Munich Re Foundation
dreinhard@munichre-foundation.org
+49 160 704 6016
Helen Wright
Lysander PR
+44 7842 729 579
Steve Colton
Lysander PR
+44 7554 889 056