From 2008 to 2011 the number of microinsurance policies in Africa grew by 200% from 14.7 to 44.4 million lives and properties currently covered.

Growth has been largely driven by embedded products, but the industry in Africa is beginning to move away from credit-life – an evolutionary path towards more complex products. East Africa is leading the way, however the lack of expansion in products most needed by the low-income population (health, education and agricultural) suggests continued constraints.

In East Africa, the Cenfri Tanzania Access to Insurance Diagnostic (2012) revealed a potential microinsurance market of up to 16.4 million adults, with only 4.6 million currently served.

MFW4A Africa Microinsurance Landscape Study (2012) revealed that still only 3.2% of adult Kenyans are covered by insurance – driven predominantly by credit life and/or life.

So how do we realize this potential for microinsurance in East Africa?

Cenfri in collaboration with the ILO’s Microinsurance Innovation Facility and the African Insurance Organization (AIO) will present the Programme in Microinsurance Business Strategies for East African Markets for the first time outside of Cape Town, South Africa. The programme aims to provide participants with a thorough understanding of microinsurance issues and business strategies for the East African markets by focusing on topic areas such as current market trends, client behaviour, innovation in business models, adopting mobile phone technology to deliver microinsurance products, agriculture and health microinsurance offerings, business-relevant microinsurance regulation and proving and improving client value. Enrol now on the online registration system here.

What will you learn?

An overview of the regional insurance needs and usage trends and the implications on current microinsurance business models;

The opportunity for offering microinsurance through the current 120 mobile operators’ now offering mobile-money services of various kinds – with another 90 to join soon – to reach the 700 million phone subscribers in Africa;

Success factors for developing sustainable health and agricultural products for the low-income market;

Major regulatory considerations for doing business in microinsurance;

Latest market research tools for understanding the financial behaviour of the low-income market to inform product and channel design.

Who should attend?

Although aspects of the programme have been tailored to the East African market, the programme will be beneficial and valuable for all of Africa. Specifically, the programme targets:

• Banking and insurance professionals with a business development focus in Africa;
• Mobile network operators, retailers and technology providers interested in expanding their reach into low-income financial services;
• Policymakers and regulators interested in understanding microinsurance business dynamics in Africa;
• Consultants, expert advisors and researchers in the areas of microinsurance or low-income financial services.

What is the programme fee?

USD 1125

If you are interested in participating in the Programme in Microinsurance Business Strategies for East African Markets, please email Samantha Abrahams for further details.