The role of insurance for development
The role of insurance for developmentOctober 2, 2019 •
This research explores the role of insurance in sustainable development and inclusive growth.
DFID partnered with the World Bank, FSDAfrica and Cenfri to conduct a series of diagnostics in Ghana, Nigeria, Kenya and Rwanda to understand how insurance market development can contribute to sustainable and inclusive growth. The diagnostics explore the insurance sector’s role from three perspectives:
- Building household resilience
- Supporting business resilience and enterprise development
- Capital market development
The diagnostics were informed by extensive in-country consultations, desktop research and analysis of available industry and demand-side datasets. The research followed a market-systems approach whereby the key features of the insurance market were mapped out to conclude on the sophistication of the market and to highlight pertinent market development challenges and opportunities. The key features mapped included the landscape of providers, products and distribution channels, premium trends and key market performance indicators.
Each study considers the interplay between the stage of market and economic development. It takes stock of the context drivers of market development, as well as the policy, legislative and regulatory frameworks that set the parameters for market participation. On this basis, key market development imperatives are identified to help unlock the full potential role of insurance in sustainable and inclusive growth.
These diagnostics form the foundation to highlight the key issues in insurance market development in sub-Saharan Africa. In addition to informing a global and regional agenda, each study is designed to highlight opportunities and challenges at a local level to policymakers, regulators and market stakeholders.
Read the synthesis report on imperatives for action from four countries for sustainable development and inclusive growth.
Read the full diagnostic report on the state of the insurance market in Ghana.
Read the full diagnostic report on the state of the insurance market in Nigeria.
Short summary series of the insurance for growth diagnostics
The notes in this series are summaries of larger studies that explore the development path and present state of the insurance market in four countries: Ghana, Kenya, Nigeria and Rwanda.
Read Note 1, which introduces the short summary series and positions the scope of the diagnostics.
Read Note 2, which presents the summary of the larger study for Ghana.
Read Note 3, which presents the summary of the larger study for Nigeria.
For more information on our insurance for growth research, please contact email@example.com.