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.
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About Dr Anil Subba Rao Paila
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