Bima Mandi, an InsurTech launched in India, will focus exclusively on rural markets and make available specific products catering to this segment of the population.
Great Eastern has announced a strategic investment of US$70 million in Axiata Digital's financial services (DFS) business, via a newly created holding company wholly owned by Axiata Digital, the digital services arm of Axiata Group Berhad.
Premiums generated by the microinsurance sector hit PHP9.12bn ($182m) last year, 12% higher than the PHP8.14bn chalked up in 2018, according to data compiled by the Insurance Commission (IC) from the unaudited reports of insurers.
The lack of data on crops, pests and related agricultural matters, is one challenge facing the agricultural insurance segment, according to the
Insurance Federation of Egypt (IFE) which is working to develop this class of insurance.
Insurers are working to provide new microinsurance products, including cover for livestock owners and small craftsmen, Mr Alaa El-Zoheiry, chairman of the Insurance Federation of Egypt, has said.
Bangladesh, a country virtually unknown to the world, is today giving its Asian big brothers a run for their money by clocking an average annual GDP growth of 8%.
Malaysia's public health protection scheme, mySalam, has been expanded to cover the middle 40 (M40) income group.
Insurance regulator IRDAI has set up a committee to examine prospects for standalone microinsurance companies.
A working committee appointed by the IRDAI has recommended that holders of microinsurance policies be allowed to pay the premium on such policies in daily, fortnightly, monthly or quarterly instalments, to deepen insurance penetration among low-income groups.
The Reserve Bank of India (RBI) has released its five-year (2019-24) National Strategy for Financial Inclusion to include all, particularly the poor and underprivileged class. The strategy aims to provide access to formal financial services in an affordable manner, broadening and deepening financial inclusion and promoting financial literacy and consumer protection.