Microinsurance Network & AIO collaborate to advance the development of inclusive insurance in Africa

The Microinsurance Network (MiN), a Luxembourg-based non-profit association, has announced a strategic partnership with the African Insurance Organisation (AIO), marking a significant milestone in advancing the development of inclusive insurance markets across Africa.

MiN and AIO, along with additional support from the International Labour Organisation (ILO)’s Impact Insurance Facility are aiming to create a robust platform for knowledge sharing, capacity building, and the promotion of product development to enhance the inclusive insurance landscape across the continent.

To help further promote the development of inclusive insurance in Africa, AIO is planning to set up a Microinsurance and Agriculture Insurance Pool.

As a first step toward achieving this goal, AIO has established the AIO Microinsurance Working Group (AIO MWG), which will reportedly focus on three objectives: knowledge sharing, product development promotion, and capacity building for inclusive insurance.

As Reinsurance News understands, over time, this initiative is expected to evolve into a full-fledged pool, mobilising resources to better manage these risks and retain premiums within the continent.

It has also been confirmed that the AIO MWG will serve as a hub for sharing best practices, lessons learned, case studies, and other relevant information among group members and with external stakeholders. This is expected to help create a more informed and collaborative environment, which should ultimately help drive the advancement of inclusive insurance practices across the continent.

Moreover, the AIO MWG also seeks to encourage the development of inclusive insurance products which are appropriate for the needs of African populations. Not only will this help address existing gaps in insurance coverage, but it will also contribute to the overall economic resilience of communities across the continent as well.

As well as this, the partnership will also focus on enhancing the skills and knowledge of stakeholders involved in inclusive insurance through training, events, and programmes at the country, regional, and global levels.

It’s important to note that this partnership comes at a crucial time as the need for inclusive insurance solutions in Africa continues to grow.

Matthew Genazzini, Executive Director of the Microinsurance Network, commented: “The Network is both pleased and excited with this new cooperation. We look forward to our engagement in globally – one of the youngest as well as fastest-growing regions. The partnership with AIO plus the valuable support of the ILO has much to contribute to the development of financial inclusion, closing the protection gap and empowerment of one of the quickest rising populations in the world.”

Craig Churchill, Head of ILO’s Social Finance and Impact Insurance, said: “We look forward to continuing this long-standing collaboration with AIO and the Microinsurance Network to expand access to viable and valuable insurance products across the continent.”

Jean-Baptiste Ntukamazina, AIO Secretary General, added: “The African Insurance Organisation (AIO) is delighted with this new and important partnership with the MiN. We believe this partnership plus the support of ILO, is a significant step towards enhancing inclusive insurance growth in Africa. This collaboration aims to expand access to inclusive insurance information, training, and products in the African continent. Partnerships are at the core of AIO’s strategy, and we believe that such partnerships are essential for promoting financial inclusion and building resilience among vulnerable populations in Africa.”

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