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PRESS RELEASE: Latest Landscape Study Underscores Urgency To Close The Microinsurance Gap

PRESS RELEASE: Latest Landscape Study Underscores Urgency To Close The Microinsurance Gap

The Study estimates the value of the microinsurance market across 36 countries at USD 41.4 billion. With only 15% of that market currently captured by value (USD 5.8 billion), and just 11.5% of the target population covered (330 million people) by a microinsurance product, there is enormous potential to close the people protection gap.

Luxembourg, 2 May, 2024: The Microinsurance Network (MiN), a non-profit association, in partnership with the United Nations Development Programme’s Insurance and Risk Finance Facility (UNDP IRFF) has released the benchmark Landscape of Microinsurance Study. Published annually, the report provides unique insights on the microinsurance sector, delivering the most extensive data to date. 

Mounting global risks, ranging from climate crisis to food insecurity and social instability, make the study an indispensable resource for understanding and addressing the evolving landscape of risk mitigation. By tracking the uptake of inclusive insurance products and services based on data from 2022, the report sheds light on emerging trends aimed at closing the protection gap for vulnerable populations worldwide.

The 2023 Study, drawing on extensive primary research, encompasses insights from 294 insurers covering 1,040 products across diverse sectors, including health, life, agriculture, and property. These products extended coverage to an estimated 330 million individuals in 36 countries across Africa, Asia, Latin America, and the Caribbean, reflecting the breadth and depth of microinsurance’s reach. The total number of people reached by participating insurance providers represents up to 11.5% of the population that could benefit from microinsurance, highlighting a significant 88.5% protection gap.  

The Study underscores the significant value of the microinsurance market in these 36 countries, standing at a staggering USD 41.4 billion. This figure, however, indicates that a mere 15% of the market is being reached, highlighting massive unmet need and a substantial market opportunity for insurance providers. This data signals a promising growth trajectory for insurance providers and policymakers, hinting at the vast opportunities that lie ahead.

Lorenzo Chan, President and CEO of Pioneer Life Inc and Chair of the Microinsurance Network Board, said:

“Marginalised communities, informal workers, and those living in low-income countries face the harshest impacts from environmental and societal risks. For many of these populations, the availability of accessible, affordable, comprehensible tools such as insurance  - which can help them manage, adapt, and recover from the risks they are exposed to - remains a challenge. 

Microinsurance is a key tool that can help build resilience when faced with losses arising from illness, death, loss of livelihoods or natural disasters.  It is an affordable safety net, which can spell the difference between recovery and poverty. It is therefore encouraging to note an increase in awareness of the risks that form part of the protection gap.”

Jan Kellet, Special Advisor: Global and Corporate Lead on Insurance and Risk Finance, Head of the UNDP Insurance and Risk Finance Facility, said:

“The latest Landscape of Microinsurance report tells us that while the market grew in 2022, almost 9 out of 10 people in low-income communities still lack the formal safety net provided by insurance and risk falling back into poverty with any unexpected shock. With climate change and food insecurity highlighted as key drivers of both rising insurance uptake and rising risks, bridging the financial protection gap is an opportunity for insurance providers and a critical step to safeguarding development.”

Marc Bichler, Ambassador, Permanent Representative of Luxembourg to the United Nations Office in Geneva, said:

“There is no sustainable development without sustainable financing for development! On that background, we highly appreciate the value that the Landscape of Microinsurance provides. This year’s report is a testament to the ever increasing work and commitment of all those involved in this benchmark project. We trust that over the coming years, inclusive insurance will become a critical element in building global resilience, especially as an effective financial tool against the risks of the accelerating climate challenge and the devastating impacts these risks present to climate-vulnerable populations. This is where the role of insurance supervisors, regulators and governments will come to the fore - and where studies such as this one will play a crucial role in helping define and shape insurance products for the markets they serve, to foster greater resilience both now and in the years to come.”

The Microinsurance Network would like to thank the sponsors of this study, namely the Luxembourg Ministry of Foreign and European Affairs, Defence, Development Cooperation and Foreign Trade, the Luxembourg Ministry of Finance, the UNDP, AXA Emerging Customers, Barents Re Reinsurance Company, Munich Re Foundation, Swiss Re Foundation, AON Philippines and the Insurance Federation of Egypt for their financial support and other contributions that have made this study possible. It likewise extends its gratitude to all the insurers and aggregators who dedicated their time and efforts in providing the data essential to this study.

The MiN is based in Luxembourg, a recognised centre of excellence for financial inclusion. The 24 year old Network is uniquely positioned to promote inclusive insurance to low income households worldwide by way of its diverse, global community of more than 500 experts and practitioners from over 70 countries.

The Landscape of Microinsurance Study 2023 is available in English, Arabic, French and Spanish. Download the report  here

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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.

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About UNDP 

As the United Nations lead agency on international development, UNDP works in 170 countries and territories to eradicate poverty and reduce inequality. UNDP helps countries to develop policies, leadership skills, partnering abilities, institutional capabilities, and to build resilience to achieve the Sustainable Development Goals. UNDP’s work is concentrated in three focus areas; sustainable development, democratic governance and peace building, and climate and disaster resilience. UNDP’s Insurance and Risk Finance Facility is charting the way forward for insurance to safeguard and incentivize development. Housed within UNDP’s Sustainable Finance Hub, the Facility is currently working in 34 countries, with a focus on increasing the financial resilience of communities, households, businesses, nature and food systems. Learn more at