The role of insurance for development

The role of insurance for development

February 28, 2019    
This research explores the role of insurance in sustainable development and inclusive growth.

DFID partnered with the World Bank, FSDA 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.

Key insights

Read the full diagnostic report on the state of the insurance market in Ghana


Download the Ghana insurance diagnostic Size 3.8MB

 

Read the full diagnostic report on the state of the insurance market in Nigeria


Download the Nigeria diagnostic Size 4MB
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


Download the introduction to the short note series Size 532KB

 

Read Note 2, which presents the summary of the larger study for Ghana


Download the short note for Ghana Size 539KB

 

Read Note 3,which presents the summary of the larger study for Nigeria


Download the short note for Nigeria Size 515KB

 

For more information on our insurance for growth research, please contact kate@cenfri.org.

Similar Articles
Insurtech Tracker
The rise of insurtechs in emerging markets In light of the insurtech trends, Cenfri...
The application of behavioural interventions
As we explore how behavioural science can narrow the gap between customer intention and customer action, we have started to look at examples from s...
Exploring insurtech
Insurtech: An insurance ...