Microinsurance

Regulating m-insurance in Zimbabwe: managing risk while facilitating innovation

M-insurance is insurance sold through and/or with a mobile network operator (MNO) and has gained significant attention in recent years due to its rapid growth in African and Asian markets and its potential to grow inclusive insurance markets. According to CGAP's brief on the emerging global landscape of mobile microinsurance, over 70 m-insurance schemes have been launched globally across 15 countries, with one initiative winning…

ILO's Microinsurance Innovation Facility Special Annual Report (2013)

The ILO’s Microinsurance Innovation Facility recently released there 2013 Special Annual Report to mark the end of 6 years of the ILO’s Microinsurance Innovation Facility. In this time the microinsurance industry has grown dramatically to cover around half a billion people with an increasingly wide range of products. Microinsurance has been increasingly taken up by mainstream insurers, with 33 of the world’s 50 largest insurance…

Mobile Phones and Microinsurance

Insurers are using mobile phones to address two main challenges facing the microinsurance sector: increasing efficiency and reaching scale. Mobile phones and microinsurance (ILO’s Microinsurance Innovation Facility Microinsurance Paper #26) looks at the mobile phone beyond just a self-enrolment device, but as infrastructure for delivering insurance. By leveraging mobile phone infrastructure insurers have made processes more efficient across the insurance value chain; reducing turnaround times…

Scale: Thinking big

Achieving scale is a significant success factor for microinsurance schemes, as low premiums with high costs require substantial volumes to make an initiative sustainable; however to achieve scale is difficult. In an effort to identify lessons that support practitioners, the ILO’s Microinsurance Innovation Facility commissioned Cenfri to review microinsurance initiatives that have achieved scale  to identify and understand their trends and drivers in scale.   Scale:…

CISNA MI Forum: Official launch of report on Regulating for Inclusive Insurance Markets in SADC

The report on Regulating for Inclusive Insurance Markets in SADC was officially launched at the SADC Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA) Microinsurance Forum in Johannesburg, South Africa on 6 December, 2013. This report supports the implementation of commitments made by Member States of the Southern African Development Community (SADC) to align the regulation of their financial sectors with international standards. These commitments…

Main findings from focus group discussions (FGDs) in Mozambique

Cenfri recently released a summary of the main findings from the focus group discussions (FGDs) in Mozambique conducted and authored by the International Capital Corporation (ICC) of Mozambique. The FGDs form part of the demand-side analysis inputs into the forthcoming Access to Insurance Diagnostic in Mozambique commissioned by the United Nations Capital Development Fund (UNCDF) and Gesellschaftfür Internationale Zusammenarbeit (GIZ) in Mozambique and funded in partnership…

Cenfri Learning Journey (2012)

Cenfri and the ILO's Microinsurance Innovation Facility have partnered to achieve the common goal of increasing the availability of better insurance products to a greater number of low-income households on the African continent. As an output to the partnership, Cenfri documents emerging lessons learned from its microinsurance activities. In an effort to share these emerging lessons with the wider microinsurance community, Cenfri in collaboration with the ILO's Microinsurance…

The nature of informality in the South African funeral services market - implications for policymakers and regulators

Funeral insurance is the most prevalent form of insurance in South Africa with just less than 90% of all risk cover being attributed to this form of insurance, more than a quarter of which is informal.   Cenfri recently released a study on the nature of informality in the South African funeral services market. The study was funded by the International Development Research Centre, Ottawa,…

ILO's Microinsurance Innovation Facility Annual Report (2012)

As one of the ILO’s Microinsurance Innovation Facility’s official partners Cenfri is pleased to announce the release of the Microinsurance Innovation Facility's 2012 Annual Report.   The ILO's Microinsurance Innovation Facility and Cenfri have partnered to achieve the common objective of increasing the availability of better insurance products to a greater number of low-income households on the African continent. The Facility's Annual Report contributes to this…

Tanzania Access to Insurance Diagnostic

Cenfri recently released the Tanzania Access to Insurance Diagnostic study on behalf of FinMark Trust. The study was funded as partnership between Financial Sector Deepening Trust Tanzania (FSDT) and FinMark Trust, with the support of the Tanzania Insurance Regulatory Authority (TIRA).   The study comprises a series of 8 documents consisting of one headline findings summary document and seven input documents, each focusing on a…

IAIS Application Paper on Regulation and Supervision Supporting Inclusive Insurance Markets

The IAIS Application Paper on Regulation and Supervision Supporting Inclusive Insurance Markets was officially adopted by the International Association of Insurance Supervisors (IAIS) Executive Committee at its Annual Conference in Washington, D.C. on 9 October 2012. Cenfri – on behalf of FinMark Trust – served on the drafting group that was formed within the IAIS-Microinsurance Network Joint Working Group on Microinsurance to draft the Application…

Kenya microinsurance landscape: Market and regulatory analysis (2010)

"If only 1 million M-PESA users and 1 million Kenyans with bank accounts who are currently uninsured buy insurance through these channels, market size will increase by more than three-fold from 3% to 10% of Kenyan adults."   This is just one of the many opportunities and findings from the recently completed Cenfri study, commissioned by the Insurance Regulatory Authority (IRA) of Kenya and funded by…

Review of Mzansi and Zimele product standards (2011)

Insurance usage in South Africa has for a long time been out of reach of the majority of the low-income population. For instance, in 2004, the FinScope survey of financial services usage reported that only 13% of the country’s low-income population (in South Africa, this income category is referred to as LSM 1 - 5) had at least one long-term insurance product. For the short-term…

Funeral insurance (2011)

Cenfri prepared a paper on funeral insurance as input to the forthcoming second edition of the Microinsurance Compendium. It considers the demand for funeral insurance and the unique supply and distribution characteristics thereof in a number of countries, as well as the consumer vulnerabilities typically related to funeral insurance and how it can be overcome. The paper has also been published as ILO Microinsurance Innovation…

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Microinsurance

Regulating m-insurance in Zimbabwe: managing risk while facilitating innovation

M-insurance is insurance sold through and/or with a mobile network operator (MNO) and has gained significant attention in recent years due to its rapid growth in African and Asian markets and its potential to grow inclusive insurance markets. According to CGAP's brief on the emerging global landscape of mobile microinsurance, over 70 m-insurance schemes have been launched globally across 15 countries, with one initiative winning…

ILO's Microinsurance Innovation Facility Special Annual Report (2013)

The ILO’s Microinsurance Innovation Facility recently released there 2013 Special Annual Report to mark the end of 6 years of the ILO’s Microinsurance Innovation Facility. In this time the microinsurance industry has grown dramatically to cover around half a billion people with an increasingly wide range of products. Microinsurance has been increasingly taken up by mainstream insurers, with 33 of the world’s 50 largest insurance…

Mobile Phones and Microinsurance

Insurers are using mobile phones to address two main challenges facing the microinsurance sector: increasing efficiency and reaching scale. Mobile phones and microinsurance (ILO’s Microinsurance Innovation Facility Microinsurance Paper #26) looks at the mobile phone beyond just a self-enrolment device, but as infrastructure for delivering insurance. By leveraging mobile phone infrastructure insurers have made processes more efficient across the insurance value chain; reducing turnaround times…

Scale: Thinking big

Achieving scale is a significant success factor for microinsurance schemes, as low premiums with high costs require substantial volumes to make an initiative sustainable; however to achieve scale is difficult. In an effort to identify lessons that support practitioners, the ILO’s Microinsurance Innovation Facility commissioned Cenfri to review microinsurance initiatives that have achieved scale  to identify and understand their trends and drivers in scale.   Scale:…

CISNA MI Forum: Official launch of report on Regulating for Inclusive Insurance Markets in SADC

The report on Regulating for Inclusive Insurance Markets in SADC was officially launched at the SADC Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA) Microinsurance Forum in Johannesburg, South Africa on 6 December, 2013. This report supports the implementation of commitments made by Member States of the Southern African Development Community (SADC) to align the regulation of their financial sectors with international standards. These commitments…

Main findings from focus group discussions (FGDs) in Mozambique

Cenfri recently released a summary of the main findings from the focus group discussions (FGDs) in Mozambique conducted and authored by the International Capital Corporation (ICC) of Mozambique. The FGDs form part of the demand-side analysis inputs into the forthcoming Access to Insurance Diagnostic in Mozambique commissioned by the United Nations Capital Development Fund (UNCDF) and Gesellschaftfür Internationale Zusammenarbeit (GIZ) in Mozambique and funded in partnership…

Cenfri Learning Journey (2012)

Cenfri and the ILO's Microinsurance Innovation Facility have partnered to achieve the common goal of increasing the availability of better insurance products to a greater number of low-income households on the African continent. As an output to the partnership, Cenfri documents emerging lessons learned from its microinsurance activities. In an effort to share these emerging lessons with the wider microinsurance community, Cenfri in collaboration with the ILO's Microinsurance…

The nature of informality in the South African funeral services market - implications for policymakers and regulators

Funeral insurance is the most prevalent form of insurance in South Africa with just less than 90% of all risk cover being attributed to this form of insurance, more than a quarter of which is informal.   Cenfri recently released a study on the nature of informality in the South African funeral services market. The study was funded by the International Development Research Centre, Ottawa,…

ILO's Microinsurance Innovation Facility Annual Report (2012)

As one of the ILO’s Microinsurance Innovation Facility’s official partners Cenfri is pleased to announce the release of the Microinsurance Innovation Facility's 2012 Annual Report.   The ILO's Microinsurance Innovation Facility and Cenfri have partnered to achieve the common objective of increasing the availability of better insurance products to a greater number of low-income households on the African continent. The Facility's Annual Report contributes to this…

Tanzania Access to Insurance Diagnostic

Cenfri recently released the Tanzania Access to Insurance Diagnostic study on behalf of FinMark Trust. The study was funded as partnership between Financial Sector Deepening Trust Tanzania (FSDT) and FinMark Trust, with the support of the Tanzania Insurance Regulatory Authority (TIRA).   The study comprises a series of 8 documents consisting of one headline findings summary document and seven input documents, each focusing on a…

IAIS Application Paper on Regulation and Supervision Supporting Inclusive Insurance Markets

The IAIS Application Paper on Regulation and Supervision Supporting Inclusive Insurance Markets was officially adopted by the International Association of Insurance Supervisors (IAIS) Executive Committee at its Annual Conference in Washington, D.C. on 9 October 2012. Cenfri – on behalf of FinMark Trust – served on the drafting group that was formed within the IAIS-Microinsurance Network Joint Working Group on Microinsurance to draft the Application…

Kenya microinsurance landscape: Market and regulatory analysis (2010)

"If only 1 million M-PESA users and 1 million Kenyans with bank accounts who are currently uninsured buy insurance through these channels, market size will increase by more than three-fold from 3% to 10% of Kenyan adults."   This is just one of the many opportunities and findings from the recently completed Cenfri study, commissioned by the Insurance Regulatory Authority (IRA) of Kenya and funded by…

Review of Mzansi and Zimele product standards (2011)

Insurance usage in South Africa has for a long time been out of reach of the majority of the low-income population. For instance, in 2004, the FinScope survey of financial services usage reported that only 13% of the country’s low-income population (in South Africa, this income category is referred to as LSM 1 - 5) had at least one long-term insurance product. For the short-term…

Funeral insurance (2011)

Cenfri prepared a paper on funeral insurance as input to the forthcoming second edition of the Microinsurance Compendium. It considers the demand for funeral insurance and the unique supply and distribution characteristics thereof in a number of countries, as well as the consumer vulnerabilities typically related to funeral insurance and how it can be overcome. The paper has also been published as ILO Microinsurance Innovation…

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