2013 Annual Conference and General Assembly
from 15/10/2013 to 18/10/2013
Addis Ababa, Ethiopia
The Africa Microfinance Network (AFMIN) will organize its 12th Annual Conference and General Assembly at African Union Conference Center, Addis Ababa, Ethiopia on...
Discover job opportunities available and their contactsClick here
Africa has 5% market share as world micro insurance reaches 500 million persons – ILOApril 18, 2012
ghanabusinessnews.com Friday, April 13, 2012 - The number of microinsurance schemes worldwide has increased substantially over the past five years and now reaches an estimated 500 million worldwide as Africa’s share of the market remains low, according to a new report published by the International Labour Organization April 10, 2012.
Titled “Microinsurance Compendium, Protecting the poor”, the report, which was prepared by the Microinsurance Innovation Facility of the ILO and the Munich Re Foundation, said “the number of people covered by microinsurance rose from 78 million in 2007 to 135 million in 2009, reaching nearly 500 million today.”
The growth of the microinsurance was driven by persons in Asia as the report said “two microinsurance powerhouses: China and India – are spearheading the trend, covering roughly 80% of the market. It is estimated that 60% of people around the world who are covered by microinsurance live in India.”
Africa’s share of the microinsurance world market was 5% while Latin America accounted for 15%, the reported indicated.
Explaining why Asia is ahead of the game, the report said it was due to “large and dense populations, interest from public and private insurers, proper distribution channels and active government support.”
The microinsurance aims at protecting poor people against risks – such as accidents, illnesses, death in the family, natural disasters and property losses – in exchange for insurance premium payments tailored to their preferences and capacity to pay.
Mr Craig Churchill, Team Leader of the ILO’s Microinsurance Innovation Facility in a statement said “Since 2008, we have seen numerous innovations emerging to overcome the challenges of providing viable insurance services to more low-income people.”
Churchill advised that efforts now should “focus on increasing effectiveness so that insurance products can successfully reduce their vulnerability”.
- Mobile POS Technology introduced in Kenya
- Rwanda: Central Bank implements several payment systems innovations
- New microinsurance regulatory regime launched in Ghana
- Ivory Coast: IFC to invest €533 million in the private sector
- A Guide to Regulation and Supervision of Microfinance
- Ivory Coast: The banking sector wants to ease the requirements for accessing housing finance
- Press Release : AFMIN CEO on SEEP Board of Directors
- Two new Islamic banks in Mali and Benin
- Micro-insurance 'could help tackle poverty in Nigeria'
- Ethiopia: International Bunna automates the processing of credit applications