Munich Re Foundation

Y fue un gran exito!!!!

Great start of the Latin American Congress on #Inclusive #Insurance in Santa Cruz de la Sierra, #Bolivia! Around 150 participants from Latin America discuss how to close the insurance gap. No existe crecimiento sin inclusion! Munich Re Foundation ABOCOSER BOLIVIA Rodrigo Fernandez Echazu The Microinsurance Network Nicolas Morales Sara Orozco Londoño Belén Gómez Eduardo Morón Tomás Soley Pérez Access to Insurance Initiative (A2ii)

2025 RISK Award - Call for applications! Children and youths as agents of change for DRR   Are you working in disaster risk reduction? Do you believe that children and youths can be agents of change for a safer future? UNDRR and Munich Re Foundation have launched the next RISK Award challenge. The “2025 RISK Award – Call for applications” endowed with 100,000$ is now online. Deadline for submissions: 13 October 2024.   Disasters don't discriminate, yet some people are more at risk! This statement is becoming increasingly true. Analyses of the numbers of victims and people affected prove: countries in the Global South are more affected than countries in the Global North, and vulnerable people, such as marginalised groups, children, youths, women, people with disabilities and more, suffer disproportionally. Data from UNDRR shows that over 1 billion children have had their lives disrupted by disasters since 2000, with more than 80,000 schools damaged or destroyed. According to UNICEF, approximately one billion children worldwide are at extremely high risk due to climate impacts, including climate-related disasters.   To address this injustice, we are dedicating the 2025 RISK Award to the topic of "Children and youths as agents of change for DRR". It is important to understand that children and young people are not only "victims", but also have great potential to become risk managers themselves. They can contribute to their own safety, as well as that of their families and communities, in a variety of ways.   If you are involved in disaster risk reduction projects for and with children and young people, this RISK Award is addressing you. #DRR #ClimateChange #Children #ClimateAction #IDDRR   United Nations Office for Disaster Risk Reduction (UNDRR) Munich Re Foundation https://lnkd.in/dYfyZqYg

Key #takeaways of the Plenary 4: How can public-private partnerships leverage #digital innovations for inclusive and sustainable #health #insurance in Africa? #ICII2023 Political will and #partnerships are necessary for universal health coverage: Achieving universal health coverage (#UHC) requires political will from governments. This includes prioritising public financing for healthcare and a strong dedication to building a #resilient health system capable of responding to various challenges. Successful UHC programmes also require collaboration between public and private sectors, as well as with development partners. Partnerships can facilitate knowledge sharing and capacity-building to develop innovative solutions. Digitalisation and data can drive accessibility and efficiency: Using digital platforms can improve the efficiency and accessibility of national health insurance programmes. #Digital solutions, such as enrolment platforms, claims management systems, electronic receipting and online applications, have enhanced operations, reduced errors and improved service delivery for several health insurance schemes. In addition, data analytics can inform policy decisions, strengthen health systems and ensure effective targeting. #Ghana’s National Health Insurance Scheme is a first step towards UHC: Ghana established its National Health Insurance Scheme (NHIS) in 2003 to improve access to UHC in the country. Over half of the country’s population is covered by the scheme, enrolment for which is mandatory by law. The #NHIS covers around 95% of diseases and pays out 100% of the relevant benefit package (Figure 15). Importantly, the service encourages digital enrolment via USSD or a smartphone app. UHC is a key policy priority in other Sub-Saharan African countries too: In 2020, Lagos State in #Nigeria launched its Health Management Agency. The agency is responsible for regulatory and operational roles at a sub-national level, covering social, public and private health plans. Similarly, Zanzibar’s Ministry of Health launched a health insurance service in August 2023. The scheme covers both formal public and private-sector organisations and was specifically designed to assist those unable to afford insurance costs. Read full conference: https://lnkd.in/dQD7-HnN Save the date: International Conference on Inclusive Insurance #ICII2024: 21 - 25 October 2024, Kathmandu, Nepal https://lnkd.in/d4zSZegm PharmAccess Foundation Kenya PharmAccess National Insurance Commission, Ghana Kwasi Boahene Ghana Insurers Association Insurance Brokers Association of Ghana OLUMIDE OKUNOLA Dr. Bernard Okoe-Boye

Key takeaways of the Plenary 3 What does it need to develop inclusive insurance markets in West Africa? #ICII2023   #Ghana’s financial inclusion progress offers an opportunity for microinsurance: #Financial #inclusion refers to individuals and businesses having better and more affordable access to financial products and services. In Ghana, financial inclusion grew from 58% in 2018 to 95% by 2023. This success can be attributed to concerted efforts to overcome usage challenges, such as the country’s National Financial Inclusion and #Development Strategy, and the introduction of a new Insurance Act in 2021. The latter included provisions to expand the use and reach of #microinsurance, such as encouraging innovations in a technological “sandbox”. High mobile penetration rates, exceeding 125%, and the country’s growing youth (over 80% of whom work informally) present a sizeable market for microinsurance. As a result, over nine million people in Ghana are covered by inclusive insurance (Table 2).   Nigeria’s MI regulatory framework has evolved over three stages: The initial framework from 2013 introduced two categories of microinsurance licences: specialised microinsurers and microinsurer window operators. However, the sector experienced several challenges, e.g. declining market share among low-income users. The 2018 modification placed the focus solely on specialised microinsurers to bring insurance closer to clients. The 2020 circular framework introduced window operators to sell microinsurance, further expanding accessibility.   Building technical #capacity is vital for inclusive insurance growth in West Africa: The UNDP-MicroInsurance Centre at Milliman Global Actuarial Initiative has played a pivotal role in building actuarial capacity in low- and middle-income countries (LMICs). Inadequate technical capacity in LMICs poses a significant challenge. The venture focuses on mentorship, education, toolkit development and practical applications. Promoting better actuarial skills and collaboration in developing essential databases are key steps towards creating an enabling environment for inclusive insurance. Ghana and Nigeria are pilot countries for the UNDP-Milliman Global Actuarial Initiative in West Africa. This included several initiatives in 2023 that will continue into 2024 and beyond. These achievements signify foundational steps toward developing more inclusive insurance markets in the region.   Read full conference: https://lnkd.in/dQD7-HnN   Save the date: #ICII2024: 21 - 25 October 2024, Kathmandu, Nepal https://lnkd.in/d4zSZegm Rishi Raithatha Kingsley Kwesi Kwabahson Merideth Randles Aisha Ibrahim Bashir Linet Odera 🌍 Insurance Brokers Association of Ghana MICHAEL ANDOH

No podíamos estar más emocionados, a 7 días para vivir un congreso único!!!

Report #ICII2023 Spotlight 1 #Business models: Why #organisational #development is key #Inclusive #insurance evolved with the onset of the #COVID-19 pandemic. This global crisis has worsened existing #vulnerabilities but, importantly, given rise to new opportunities within the insurance sector. The pandemic acted as a catalyst, compelling insurance providers to rethink their strategies. New products were developed to meet #emerging needs, business strategies were changed and technological advances were embraced – ultimately leading to an evolution in inclusive insurance providers’ business models. This spotlight highlights three key ingredients that many business models are based on: customer centricity, organisational development and having a vision. -> Microinsurance providers can approach customer centricity in different ways o  #Understanding customers’ needs is the first step in customer centricity. o  The second is effective and #holistic product design, which involves prioritising #affordability over the level of coverage, paying out claims fast and frequently, and offering solutions beyond insurance (such as #telemedicine). o  Building partnerships is the third step, with three: increasing the value of the partner’s product while reducing their risk, designing and owning a solution together, and competing together on value – not on price. o  The final step is organising for #innovation. This involves developing a strong purpose which influences all of a company’s decisions and actions, assigning an internal #entrepreneur (intrapreneur) – with the backing of senior leaders – to drive microinsurance, and adopting a fresh approach to design thinking. -> Organisational development and institutional #culture are core to business models: o  Secure support from the company’s senior leadership o  Appoint a “microinsurance champion” o  Develop and run an immersive training programme o  Recruit and empower a dedicated #team to run operations o  Spend time in the field with target #customers to learn their needs -> Staff #training should be at the heart of organisational development -> Top- and bottom-line s#trategies are necessary but should be part of a longer-term plan -> Enabling regulation is still important for business models Read the full conference report of the #ICII 2023 https://lnkd.in/dQD7-HnN Save the date: #ICII2024: 21 - 25 October 2024, Kathmandu, Nepal Rishi Raithatha Lemmy Manje Saurabh Sharma Helen Osore Agnes Chakonta The Microinsurance Network Pioneer Insurance Andrew Nkolola Gideon Ataraire Ikpeme Neto Bert Opdebeeck Munich Re Foundation

Key takeaways of Workshop 4: Addressing gendered social norms in inclusive insurance: How to accelerate progress towards better serving the women’s insurance market Key takeaways: Women face several #barriers to accessing insurance: Women often struggle to access insurance due to barriers such as #affordability, #awareness, and #financial and #cultural constraints. Experiences from #Africa and the Pacific islands reveal similar barriers. Lack of awareness, high costs, other financial responsibilities and cultural norms have stopped women in countries such as #Fiji, #Nigeria and #Tonga from accessing and using insurance. These barriers span cultural norms and #value chain constraints: #Women’s access to insurance is typically affected by several factors. These include the fear of #retribution, unconscious biases in marketing, cultural priorities and limited digital access. These barriers may compromise data collection, as women often seek permission from male relatives to participate in insurance schemes. The lack of #women-focused products can affect women’s insurance #uptake too. While a one-size-fits-all approach may not work in each scenario, product development and #pricing specifically for women can be costly. Enrolment can be affected by #cultural expectations, such as prioritising church donations over insurance premiums. Trust can be built through advocacy and #community leaders: Building #trust through identified advocates can #empower shy or hesitant women to understand and navigate the insurance landscape. Using #premium financing models can enhance accessibility, while relying on community leaders, such as church figures, can amplify #advocacy efforts. Simpler #marketing and informal literacy groups can improve financial literacy: Marketing efforts are often hampered by complex and confusing language, such as industry jargon, affecting financial literacy too. This is a key barrier for women in understanding and enrolling for insurance. Informal groups can be used to tackle low financial #literacy among low-income women, providing an alternative pathway to understanding #insurance concepts. This can be supported by marketing campaigns with language that is simple and easy to understand. All these approaches are part of “A PRECISE STUDY”, which summarises a set of solutions. Read the full conference report of the #ICII 2023 https://lnkd.in/dQD7-HnN Save the date: #ICII2024: 21 - 25 October 2024, Kathmandu, Nepal The ILO's Social Finance Programme IFC - International Finance Corporation United Nations Capital Development Fund (UNCDF) UNCDF Pacific Silia Tupou Hola Vaka'uta Fatou Giwa Sinja Buri Olivia Vakaosooso Veilawa Rereiwasaliwa Belinda Ofori Katherine Báez Lisa Morgan National Insurance Commission, Ghana

Key takeaways of the workshop 3 @ #ICII2023: 18th Consultative Forum / The interconnectivity of #climate change and natural #catastrophes Closing the protection gap requires a multifaceted approach: Bridging the widening protection gaps requires close #collaboration between the public and private sectors. This involves bringing together key stakeholders to share their knowledge and experience in mitigating climate-related risks. For instance, the Global Shield against Climate Risks offers pre-arranged risk financing to quickly provide funds after disasters. Similarly, the Global Risk Modelling Alliance develops greater local capability in risk analytics, using complementary public and private-sector expertise. Lessons from #COVID-19 can support global initiatives: Lessons from the various national responses to the COVID-19 #pandemic could be applied to the impact of climate change. These include taking early action, raising awareness through education campaigns, tackling inequalities and promoting global collaboration on solutions. According to the IAIS - International Association of Insurance Supervisors , supervisors have an important role to play in assessing risk, improving financial literacy, incentivising risk prevention, fostering enabling regulation and advising governments. Effective modelling is key to quantifying risks from natural catastrophes: Understanding how risks may change over time due to climate and #socioeconomic change is important – effective risk modelling can help quantify and manage uncertainty under different scenarios. Programmes such as the Global Risk Modelling Alliance aim to build countries’ risk #modelling capabilities through open data sharing and capability #development support at both national and local levels. Such initiatives are important, as relying solely on historical data for risk modelling is not enough to build an accurate picture of climate and disaster risk. Product innovation is key to tackling the #impact of climate change and disasters: #Risk layering, where different risk #financing instruments are combined, and premium subsidies linked to risk reduction activities can help make insurance products more effective, affordable and #sustainable. For instance, the World Food Programme’s insurance-for-work approach in #Ethiopia links premium #subsidies to participants’ involvement in #risk-reducing activities (such as irrigation schemes). This aims to incentivise resilience-building. Read full conference: https://lnkd.in/dQD7-HnN Save the date: #ICII2024: 21 - 25 October 2024, Kathmandu, Nepal Access to Insurance Initiative (A2ii) MICHAEL ANDOH Nick Moody Dr Grace Muradzikwa Alistair Gough MONICA ODHIAMBO Carlos Boelsterli Andrea Camargo Dorien Asampana Malieta Inoke Insurance Development Forum The Microinsurance Network National Insurance Commission, Ghana