Growth seen in microinsurance
The past five years have seen a dramatic increase in the development of micro-insurance schemes, according to new research released this month.
The research, conducted by the Microinsurance Innovation Facility within the International Labor Organisation and the Munich Re Foundation, found the number of microinsurance schemes worldwide had increased over the past half-decade to reach 500 million worldwide.
"Since 2008, we have seen numerous innovations emerging to overcome the challenges of providing viable insurance services to more low-income people," the chair of the Microinsurance Network, Craig Churchill said.
"Efforts now should focus on increasing effectiveness so that insurance products can successfully reduce their vulnerability," he said.
The research showed that Asia - with its two microinsurance powerhouses of China and India - was spearheading the trend and covering roughly 80 per cent of the market.
It estimated that 60 per cent of people around the world who are covered by microinsurance live in India.
Recommended for you
High-net-worth advice firm Multiforte Financial Services is to merge with Sydney advice firm Lorica Partners as it proactively seeks succession for its staff and clients.
This week has marked only the second week of overall net losses since the start of the financial year, with M&A among the factors driving gains for licensees.
With North reporting its fastest six months of AUM growth in managed accounts, AMP says the vehicles have become a “foundational element of financial advice” for their efficiency benefits.
Shaw and Partners has reached $3 billion in funds under management on its separately managed account, and the firm is eager to expand the offering.
