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The Landscape of Microinsurance in Africa
Mar 2010, Matul, M., McCord, M., Phily, C., & Harms, J.
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Meeting risk management needs of low-income households
This paper presents results of a survey of microinsurance in Africa.
The large numbers of low-income households in Africa are vulnerable to various risks. Informal schemes and government-led programs have failed to help low-income people to manage risk. Although microinsurance is not an adequate product for the destitute, it can serve the needs of the working poor and the vulnerable non-poor who constitute a market of approximately 700 million people. The survey finds that:
- Only 26 percent of the target population currently uses microinsurance products;
- Gross premiums received from the microinsurance market is only 1 percent of its total value;
- Health products cover only 0.3 percent of the low-income population;
- Wide variety of providers offer microinsurance;
- Microinsurance expansion is hindered by potential clients’ lack of understanding of insurance and their inability to pay premiums;
- Lack of IT, high administrative costs and lack of qualified personnel hinder microinsurance expansion on the supply side.
A diversity of providers, informed clients, innovative distribution channels, improved efficiency and human resource management will be critical for the success of microinsurance in Africa.
| 18 Jun 2010 | |||
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| shankar shrestha Mirmire Micro Finance Development Bank Ltd. Nepal |
| 18 May 2010 | |||
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| Anne Stake United States |
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Publisher(s):
Microinsurance Innovation Facility
ILO - Social Finance Programme
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