The Microinsurance Network (MiN), a non-profit organization based in Luxembourg, has entered a strategic partnership with the African Insurance Organisation (AIO) to strengthen inclusive insurance markets across Africa. This collaboration, supported by the International Labour Organisation (ILO)’s Impact Insurance Facility, aims to create a platform for knowledge sharing, capacity building, and the development of insurance products tailored to the African market.
As part of its efforts, the AIO plans to establish a Microinsurance and Agriculture Insurance Pool. The first step towards this goal is the formation of the AIO Microinsurance Working Group (AIO MWG), which will focus on three key areas: knowledge exchange, promotion of product development, and capacity building for inclusive insurance.
The initiative is expected to evolve into a resource pool over time, helping to manage risks more effectively while keeping insurance premiums within the continent. The AIO MWG will act as a hub for sharing best practices, lessons learned, and case studies among its members and external partners. This exchange of information aims to foster a collaborative environment that will enhance inclusive insurance practices throughout Africa.
Additionally, the working group seeks to promote the development of insurance products that meet the specific needs of African populations. These efforts aim to address existing gaps in insurance coverage and improve the economic resilience of communities across the continent.
The partnership will also focus on training and events to enhance the skills and knowledge of stakeholders involved in inclusive insurance at local, regional, and global levels. This initiative comes at a critical time, as demand for inclusive insurance solutions in Africa continues to rise.
Matthew Genazzini, Executive Director of the Microinsurance Network, expressed excitement about the collaboration, stating, “We are pleased with this new cooperation and look forward to our work in one of the youngest and fastest-growing regions. Our partnership with AIO and the support from ILO will contribute significantly to financial inclusion and closing the protection gap.”
Craig Churchill, Head of ILO’s Social Finance and Impact Insurance, added, “We are excited to continue our longstanding collaboration with AIO and MiN to expand access to valuable insurance products across Africa.”
AIO Secretary General, Jean-Baptiste Ntukamazina, highlighted the importance of this partnership, noting, “This collaboration with MiN and ILO is a major step toward advancing inclusive insurance in Africa. Partnerships are central to AIO’s strategy, and this one will help promote financial inclusion and resilience among vulnerable populations.”
This partnership represents a significant step in the development of inclusive insurance in Africa, focusing on both product innovation and the skills needed to support growing insurance needs across the continent.
Related topics:
