The full report on the latest insurance landscape study, which serves as a key reference for stakeholders in the industry, is set to be launched in early next year.

According to Katharine Pulvermacher, executive director of the Microinsurance Network, announced that the Landscape of Microinsurance 2022 report will be launched in partnership with UNDP Insurance & Risk Finance Facility alongside the World Bank Spring Meetings in April 2023.

The Landscape Studies serve as a unique global benchmark to track the closing of the people protection gap, along with financial and social performance indicators and emerging trends in the inclusive insurance sector.

UNTAPPED OPPORTUNITY

Pulvermacher, who was addressing this year’s International Conference on Inclusive Insurance last week at The Jamaica Pegasus hotel in New Kingston, said: “Having knowledge of best practices around the world supports our network’s efforts to make microinsurance propositions more affordable, scalable and accessible, and encourages more insurers to invest in the long-term development of new markets. Based on the preliminary findings of this year’s Landscape of Microinsurance research on 2021 data, this opportunity is still very much untapped: in the 34 countries covered, only an estimated three per cent to eight per cent of emerging consumers – between 71 and 223 million people – were reported as being covered by an inclusive insurance product in 2021.”

She added: “Encouragingly, it seems that overall customer numbers and premiums collected have rebounded to pre-pandemic levels, respectively increasing by 93 per cent and 40 per cent compared to 2020 on a like-for-like basis. I look forward to launching the report next year and thank everyone who is supporting its creation.”

The annual Landscape Studies have become an invaluable reference for all stakeholders in the inclusive insurance arena, providing state-of-the-art market intelligence to directly inform their strategic decisions to support inclusive insurance initiatives such as microinsurance programmes in developing countries.

The current study gathered responses from 253 insurance providers in 34 countries in Africa, Asia and Latin America and the Caribbean, covering more than 900 products – an unprecedented response rate.

MOST COMPREHENSIVE, UP-TO-DATE SNAPSHOT OF MARKET’S DEVELOPMENT

The 2022 report will provide the most comprehensive and up-to-date snapshot of how the market has developed since 2021, tracking uptake of inclusive insurance products and services, along with insights into emerging trends based on extensive primary research.

“It’s inspiring to see the progress made at the ICII over the last few days – an example of what can be achieved when experts from different fields come together with purpose. The maturation of the microinsurance market and its potential to support the transformation and growth of emerging economies is a clear long-term growth opportunity for insurers,” Pulvermacher added.