PRESS RELEASE: Strong Growth Continues at the Microinsurance Network
PRESS RELEASE: Strong Growth Continues at the Microinsurance Network
The MiN welcomes 13 new institutional members and looks ahead to a year of further impact in 2023 as momentum continues to build in inclusive insurance markets worldwide.
Luxembourg, 1 December 2022: Non-profit association the Microinsurance Network (MiN) is pleased to announce strong growth in its worldwide membership in 2022, with 13 new institutional members joining the Network during the year. The MiN now has around 90 institutional members, achieving more than 10% growth in membership for the second consecutive year.
The MiN is a dynamic, non-profit, multi-stakeholder platform of members from across the entire insurance ecosystem, which together represent a diverse, global community of more than 500 experts and practitioners from over 70 countries who are committed to building a world where people of all income levels are more resilient and less vulnerable to daily and catastrophic risks through improved access to effective risk management tools, including insurance services.
Katharine Pulvermacher, Executive Director of the Microinsurance Network, said:
“The reach, engagement and influence of our membership continues to flourish and we are always delighted to welcome new members to the Network. Our members represent every facet of the global inclusive insurance ecosystem and we are uniquely positioned to drive systemic sectoral change to deliver effective insurance to more than four billion emerging consumers at scale.
Inclusive insurance has the potential to make a significant and enduring contribution to public policy goals and to closing the global people protection gap. However, only a tiny fraction of emerging customers and small-scale producers around the world have insurance of any kind - even for smaller, more frequent risks that can have a devastating effect on their way of life and economic well-being.
This presents a clear opportunity for both the insurance sector and the public purse. While much more remains to be done, I am delighted that the valuable contribution our members bring in terms of resources, expert insight and partnerships is helping us to stimulate and drive the development of inclusive insurance markets around the world.”
The institutional members who have joined MiN in 2022 are:
- Asociación de Compañias de Seguros del Ecuador (ACOSE) - Ecuador
- Consultative Group to Assist the Poor (CGAP) - Global
- Crediseguro - Bolivia
- Dreamlopments Foundation - Thailand
- EFU Life Assurance Ltd - Pakistan
- Instituto Nacional de Seguros (Grupo INS) - Costa Rica
- La Citoyenne Vie SA - Togo
- Direction Nationale des Assurances du Togo - Togo
- Rand Mutual Assurance (RMA) - South Africa
- Rio Uruguay Cooperativa de Seguros Limitada (RUS) - Argentina
- Rural Inclusion CIC - United Kingdom
- United Nations Capital Development Fund (UNCDF) - Global
- Weather Risk Management Services Private Limited (WRMS) - India
The MiN is based in Luxembourg, a recognised centre of excellence for financial inclusion. Supported by the Luxembourg Ministry of Foreign and European Affairs – Directorate for Development Cooperation and Humanitarian Affairs – and Ministry of Finance, it celebrated its 20th anniversary in 2022 and is uniquely positioned within the inclusive insurance ecosystem.
Through its diverse, global membership, the MiN multiplies the impact of its activities around the world, accelerating the development of an inclusive, responsible insurance market. The Network’s strategic vision to 2026 contains a number of clear actions that will further deliver accessible insight, data and country-level knowledge on implementing inclusive insurance programmes around the world.
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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:
Hugo Fulco
Microinsurance Network
hfulco@microinsurancenetwork.org
+352 26297884
Helen Wright
Lysander PR
+44 7842 729 579
Steve Colton
Lysander PR
+44 7554 889 056
Roddy Langley
Lysander PR
+44 7547 901 618