In a world fraught with uncertainties, understanding the landscape of microinsurance has become paramount.
In a world fraught with uncertainties, understanding the landscape of microinsurance has become paramount.
The Microinsurance Network (MiN), in partnership with the United Nations Development Programme’s Insurance and Risk Finance Facility (UNDP IRFF), presents the latest benchmark ‘Landscape of Microinsurance Study’, offering insights into this evolving sector.
Published annually, this report serves as a tool to comprehend global risks, from climate change to food insecurity and social instability. Drawing from data collected in 2022, it sheds light on emerging trends aimed at bridging the protection gap for vulnerable populations worldwide.
What are the experts saying?
Lorenzo Chan, president and CEO of Pioneer Life Inc and chair of the Microinsurance Network Board, emphasises the role of micro insurance in mitigating risks for marginalised communities. He states, “Microinsurance is an affordable safety net, helping individuals manage losses from illness, death, loss of livelihoods, or natural disasters.”
The 2023 report encompasses insights from 294 insurers covering 1,040 products across diverse sectors, e