Development of inclusive insurance markets

The insurance industry in development countries has limited experience and capacity to reach out to new emerging market segments and increase its overall penetration. Furthermore, insurers have still room to improve the products that they currently offer to provide more relevant covers adapted to the needs of the population. Additionally, distribution channels for financial services need to better integrate insurance products to their core activities and understand how insurance can be delivered in a responsible way. Furthermore, existing expertise on inclusive insurance market development is oftentimes not used to its full potential when emerging market segments shall be tapped. The ILO and the Sector Project join forces for a one year partnership to develop the capacities of the microinsurance / inclusive insurance market participants by making available the tools and solutions on insurance market development that have already been tested and applied by both organizations. The partnership focuses on developing a consultation approach that enables stakeholders to analyze the current status of the insurance market development. The partners look at establishing partnerships with local actors (regulators, insurance associations, training institutes, government programmes and financial system development projects), and jointly finance the steps necessary to keep the process running in terms of implementing the tools and supporting the local insurance market development dynamic.

Project symbol

GLO/17/07/DEU

Admin unit

SFU

Start date

01/08/2017

End date

30/06/2018

Total allocation

47225

Total expenditure

Status

Closed

46249

Development Partners

Germany, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ)

Country/Countries

Global

Outcomes

Promoting sustainable enterprises