CASE BRIEF: FIELD ACCIDENT INSURANCE - PROFIN FOUNDATION

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From the design phase to achieving inclusive insurance for those who really need it, companies that have embarked on this path must overcome great challenges. This is especially the case in jurisdictions that do not have a regulatory framework that facilitates the development and commercialization of these products. In Bolivia, the Foundation for Productive and Financial Development (PROFIN) found that the key to achieving sustainability lies in being able to design and adapt products and strategies to the needs and interests of both the client and the relevant stakeholders.

Briefing Paper: Managing risks (more) effectively: Rethinking insurance for MSMEs

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Micro, small and medium enterprises (MSMEs) account for 90% of businesses and are a source of more than 50% of employment worldwide. Should they suffer risks, the implications for livelihoods and economic activity are severe. Yet only 2% of MSMEs in Sub-Saharan Africa have insurance and most of that is personal rather than business insurance.

The Landscape of Microinsurance 2020

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A total of 194 insurance providers in 27 countries in Africa, Asia and Latin America and the Caribbean participated in this study. Whereas previous landscape studies have attempted to cover all countries in a region, we have now adopted a methodology which focuses on selected countries across three regions. Although this study is based on data from 2019, it is clear that the trends explored in this report will be impacted by the COVID-19 pandemic.

IDF Report: The Development Impact of Risk Analytics

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Risk insight is the foundation on which risk prevention and resilience programmes are built. The good news is that the key ingredients for widespread risk understanding already exist - the science, the computing, the satellite and ground data, the indigenous knowledge, and most of all innovative multi-disciplinary methodologies of risk understanding developed over the last three decades. Yet the world has been unable to move away from a continuous cycle of disaster–respond–rebuild–repeat.

Case Brief: Tunajali

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El que en los diferentes países de Latino América y el Caribe la población vulnerable tenga necesidades similares, ofrece a la industria aseguradora la posibilidad de desarrollar y expandir el mercado de los seguros inclusivos a un nivel regional. Aun así, para aprovechar esta oportunidad, es instrumental que las compañías concentren esfuerzos en el diseño de productos centrados en el cliente, que se adapten rápidamente al entorno y utilicen canales alternativos que faciliten su distribución masiva.

Responses to COVID-19: the Scope for Hope

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The COVID-19 pandemic hit the world by surprise, and has taken its toll on individuals, businesses, and the wider economy across the entire globe. And while the world economy has been severely disrupted, microinsurance clients have been hit particularly hard by the global crisis. Insurers face tremendous challenges as they work out how to buffer the future of billions of low-income households and small businesses against this new shock.

Case Brief: Fasecolda

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Colombia has become a regional benchmark in the inclusive insurance industry. It hosted the first international InsurTech seminar, it is recognised for being one of the first countries to collect statistical data on inclusive insurance, and it has an environment that is conducive to the development and commercialisation of innovative products.

COVID-19 and the Insurance Industry: Why a Gender-Sensitive Response Matters

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According to IFC’s 2015 SheforShield report, due to women’s improving socioeconomic status, by 2030, they will represent a $1.7 trillion opportunity for the insurance industry, and 50 percent of this growth will be in emerging economies. According to Swiss Re, global insurance premium growth is driven by emerging markets as a result of innovations in insurance, and the narrowing of the insurance protection gap. However, despite this positive outlook for industry growth in emerging markets, as IFC has reported, most insurers fail to see women as a key consumer segment.

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