Africa provides vast potential for micro-insurance
Micro-insurance coverage has expanded dramatically globally from the 78 million low-income people identified in 2007 to the current estimates suggesting the sector is approaching 500 million lives covered today.
This growth has been largely driven by both the active involvement of governments to better help citizens protect themselves against risks and the availability of payment systems, which has made it easier to collect premiums from low-income households and enabled a host of new players to get involved in micro-insurance.
However, despite global growth in micro-insurance and its increasing prominence on the international agenda, micro-insurance on the African continent continues to lag behind, with only 25 million low-income people covered. Africa nevertheless provides vast potenti...