The Microinsurance Network, a nonprofit membership organization in Luxembourg that aims to expand access to insurance services for low-income people around the world, has stated that it expects the global microinsurance industry to double its reach by 2020 to serve 1 billion customers. Originally established in 2002 as the CGAP (Consultative Group to Assist the Poor) Working Group on Microinsurance, the Microinsurance Network acquired independent legal status in May 2012. According to Executive Director Véronique Faber, “Becoming independent enables the Network to assume a greater leadership role in the sector, serving its mission of promoting the development and delivery of effective insurance services for low-income people.” Ms. Faber went on to summarize the Network’s plans for 2013 as follows: “The Network will be focussing on its four strategic outcomes: Increased supply, improved client value, conducive environment and enabling infrastructure.” These will be achieved through a variety of initiatives including reporting industry trends via an interactive website, creating guidelines for agriculture and healthcare microinsurance schemes and holding events. Along with German insurer Munich Re, the Microinsurance Network will host the 9th International Microinsurance Conference on November 12-14, 2013, in Indonesia.
As of 2013, the Microinsurance Network reported 65 member organizations.
By Lena Phillips, Research Associate
About The Microinsurance Network
Originally established in 2002 as the CGAP (Consultative Group to Assist the Poor) Working Group on Microinsurance, the Microinsurance Network was spun off as an independent organization in 2009, and it obtained legal status in May 2012. Based in Luxembourg, the membership organization aims to promote the development of insurance products for low-income populations by providing a platform for information sharing and stakeholder coordination. As of 2013, it reported 65 member organizations.
Sources and Additional Resources:
Microinsurance Network Press Release: “Microinsurance: 1 billion covered by 2020,” http://www.microinsurancenetwork.org/file/Microinsurance_1_billion_covered_by_2020.pdf?PHPSESSID=21e3b678861dda3eeb303d8750c8bcf8
MicroCapital.org Article, 6 November 2012: “MICROCAPITAL BRIEF: Making Finance Work for Africa (MFW4A), Munich Re Foundation Survey: African Microfinance Tripled in 3 Years,” https://www.microcapital.org/microcapital-brief-making-finance-work-for-africa-mfw4a-munich-re-foundation-survey-african-microinsurance-tripled-in-3-years/#more-20909
MicroCapital.org Article, 2 August 2012: “MICROFINANCE EVENT: Munich Re Foundation, Microinsurance Network Present ‘8th International Micronsurance Conference,’ Dar es Salaam, Tanzania, November 6-8, 2012,” https://www.microcapital.org/microcapital-event-munich-re-foundation-microinsurance-network-present-8th-international-microinsurance-conference-dar-es-salaam-tanzania-november-6-8-2012/#more-19787
MicroCapital Universe Profile: The Microinsurance Network, http://microcapital.org/microfinanceuniverse/tiki-index.php?page=The+Microinsurance+Network
MicroCapital Universe Profile: CGAP (Consultative Group to Assist the Poor), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=CGAP+%28Consultative+Group+to+Assist+the+Poor%29
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