The microinsurance market needs four to five years to achieve the desired results and generate profits, according to Africa Regional Coordinator of the Microinsurance Network, Ms Karimi Nthiga.
Microinsurance is no longer merely a limited-impact insurance product, but has become one of the key tools for achieving economic and social empowerment for marginalised groups and those with limited income, said the vice chairman of the Financial Regulatory Authority (FRA), Dr Islam Azzam.
Pan-African insurance group, SUNU Group, and the international microfinance group Advans have announced that SUNU Assurances Vie Cameroun has acquired a stake in Advans Cameroun.
Cambodia's insurance industry recorded gross premiums of $357m in 2024, up from $36.1m in 2012, an annual average growth rate of 25%, according to the Khmer Times.
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.