Indonesia: World Bank unit invests $5m in PasarPolis
Source: Asia Insurance Review | Mar 2021
The International Finance Corporation (IFC), a part of the World Bank Group that focuses on accelerating financial inclusion and literacy in various developing countries, has officially become an investor in PasarPolis, according to a statement issued by the Indonesian InsurTech company yesterday. PasarPolis raised $5m in equity finance from IFC.
Through this strategic collaboration, PasarPolis and IFC will jointly continue and strengthen PasarPolis’ mission to democratise insurance more broadly, one of which is through the development of microinsurance products.
Now, after operating for five years, PasarPolis has been able to provide insurance protection to as many as 11% of the Indonesian population or around 30m Indonesians. This is a positive achievement, given that the general insurance penetration rate in Indonesia is less than 2%. A