The National Insurance Commission (NAICOM) has said that technology must be used to deepen rural insurance penetration across Nigeria.
The recent reduction in the United States Agency for International Development's (USAID) budget has led to several projects being cancelled worldwide, as well as funding freezes and even the closure of some programmes or organisations.
Microinsurance carriers achieved the "highest rates of penetration among low- and middle-income populations in Asia and the Pacific, according to the report titled "The Landscape of Microinsurance", published by Microinsurance Network earlier this year.
Kenya's Insurance Regulatory Authority (IRA) has called on insurers in the country to expand microinsurance to help the underserved.
The Financial Regulatory Authority (FRA) has announced that it is raising the ceiling on coverage in microinsurance products by 25% to EGP312.5,000 ($6,160) from EGP250,000.
Statistics released by the Financial Supervisory Commission (FSC) show that around 30 insurance companies engaged in microinsurance business as of the end of 2024.
A dedicated legal framework will soon be introduced in Morocco, according to the Insurance and Social Security Supervisory Authority (ACAPS).
The microinsurance segment in Egypt generated premiums totalling EGP377m ($7.7m) and paid out compensation of EGP193m in 2023, according to data from the Financial Regulatory Authority (FRA).
The growth of microinsurance in Nigeria has been slow in the 10 years since an initiative was launched in September 2014 to promote microinsurance as part of reforms to make insurance inclusive.
The InsuResilience Solutions Fund (ISF) has signed a grant agreement to co-fund the development of a climate risk insurance solution to protect smallholder farmers in southern Malawi from climate-related hazards.