Now reading: Role of inclusive insurance in risk reduction

Role of inclusive insurance in risk reduction

Role of inclusive insurance in risk reduction

14 June, 2017    

The Microinsurance Network’s 2017 member meeting brought together over 70 microinsurance experts from across the globe to discuss sector trends, share lessons learned over the past year and identify future focus areas. The meeting was opened by Mr. Romain Schneider, Luxembourg Minister for Development Cooperation and Humanitarian Affairs, who reaffirmed the Government of Luxembourg’s ongoing commitment to supporting financial inclusion worldwide.

The two-day event provided a broad and integrated outlook on how inclusive insurance can help to reduce and manage risk and support international development. Recurring themes included:

  • Building resilience through insurance-linked solutions and pre-event mitigation measures
  • Innovations in InsurTech that can help reach the underserved
  • Opportunities for innovative partnerships
  • Regulatory challenges associated with rapidly changing technology
  • The role of insurance supervisors in market development
  • The need for proportionality in actuarial services
  • The importance of industry data for sector development as well as the need for data protection
  • How to position the sector vis-à-vis the global development agenda and a changing global landscape

One of the key takeaways from the event was a presentation done by Mia Thom, Technical Director at Cenfri, on how innovations in the global technological landscape are transforming the way microinsurance can be delivered to low-income and emerging customers, opening the door for a whole new set of opportunities and challenges. A study on the landscape of InsurTech for development, done by Cenfri, looked at 157 InsurTech initiatives from across the world and identified six different categories of Insurtech currently observed in the emerging world:

  • new data and analytics,
  • digital platforms,
  • technology-enabled partnerships,
  • peer-to-peer insurance,
  • index-based insurance,
  •  demand-based insurance
June 27, 2017 - June 28, 2017