A report from the Microinsurance Network reveals that inclusive insurance is making strides, but challenges remain in terms of scale and reach.
The report finds that 330 million individuals are covered globally by inclusive insurance products, including health, agriculture, and property insurance. However, despite these advancements, there is still an 88.5% protection gap-only 11.5% of the potential market is currently insured.
The report highlights that new product innovations, especially in health and agricultural insurance, are needed to extend coverage to millions of unprotected people.
Moreover, digital tools and mobile-based platforms have played a critical role in scaling inclusive insurance in developing countries, particularly in rural areas. These tools make it easier for underserved populations to access financial products through mobile wallets, reducing operational costs for insurers. Despite this progress, affordability, financial literacy, and weak infrastructure continue to hinder greater adoption.
Landscape of Climate Risk Insurance Solutions for MSMEs in V20 Countries
The 2024 report by the V20 Sustainable Insurance Facility and UNEP focuses on the vulnerability of MSMEs (Micro, Small, and Medium Enterprises) in V20 countries to climaterelated risks. The report underscores that MSMEs represent 70% of employment and 40% of GDP in V20 economies, but less than 15% of MSMEs are insured against climate risks.
The lack of protection exposes these businesses to significant losses from natural disasters such as floods and droughts.
This story is from the October 2024 edition of THE INSURANCE TIMES.
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This story is from the October 2024 edition of THE INSURANCE TIMES.
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"Bancassurance is at the heart of our growth strategy. It allows Bandhan Life to reach more customers and provide accessible, trusted insurance solutions through a familiar network."
About Indranil Dutta - Indranil Dutta brings 23 years of experience in insurance, banking, and sales, with a specialization in bancassurance. As the Chief Business Officer - Bancassurance at Bandhan Life Insurance, he leads the banca sales channel and plays a key role in driving the company's strategic vision of becoming a leading multi-channel life insurer with an expanded presence across product categories.
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International Conference on Inclusive Insurance (ICII) 2024
The 20th edition of the International Conference on Inclusive Insurance (ICII) concluded on a high note in Kathmandu, Nepal, after five days of insightful discussions, interactive workshops, and collaborative networking. Hosted by the Nepal Insurers' Association in partnership with the Life Insurance Association Nepal, Nepal Micro Insurance Association, Nepal Insurance Authority, Munich Re Foundation, and the Microinsurance Network, the conference brought together around 500 participants from around the globe. The Insurance Times was the media partner in the event.
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When you are single, you might focus on plans with basic coverage and low premiums. As you get married, look for family floater plans that cover your spouse. When you have children, ensure the plan covers pediatric care, vaccinations, and other child-specific healthcare needs.
My View on #20SIRC Conference
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