French global insurer has teamed up with the Universal Postal Union (UPU) to promote inclusive insurance, including in Africa. The partnership to scale inclusive insurance through postal networks globally starts with joint research, followed by technical assistance programmes.
Microinsurance premium contributions grew by 17.35% to PHP13.54bn ($237m) in 2023, according to data released by the Insurance Commission.
The Insurance Regulatory and Development Authority of India (IRDAI) held deliberations with insurance companies on the pricing and other modalities of the all-in-one affordable insurance product, Bima Vistaar.
The Insurance Commission (IC) has announced that the net income of the insurance industry, comprising life and non-life insurance companies and mutual benefit associations (MBAs), reached PHP48.46bn ($848m) in 2023, 3.8% higher than the PHP46.69bn chalked up in 2022.
An earthquake model and sovereign risk transfer instrument are under development in Nepal and will be rolled out in 2024. Flood models are also being worked on, according to the UNDP which leads the Insurance and Risk Finance Facility (IRFF), a global initiative working with governments and the insurance industry, to put financial resilience at the heart of sustainable development.
Finafrica, a pan-African provider of microfinance and insurance services and a subsidiary of the French group, Groupe Duval, has welcomed a strategic investor in Proparco which has acquired a 10% stake in the company.
There are ongoing discussions between the Insurance Regulatory Authority (IRA) and the Uganda Bankers Association to mobilise and license banking agents to distribute insurance products, particularly in rural areas.
The Financial Supervisory Commission (FSC) has revised the island's regulations to promote the scope of microinsurance.
The Insurance Commission (IC) is planning to grant incentives to new microinsurance players to boost financial inclusion in the Philippines.
The insurance sector in Egypt rakes in microinsurance premiums of around EGP377m ($12.2m) annually, according to Mr Alaa El-Zoheiry, president of the Insurance Federation of Egypt (IFE).