ILO impacts insurance in Nigeria, 15 other countries

The International Labour Organisation (ILO) has helped Nigeria and 15 other countries in developing their markets through its Impact Insurance Facility to garner an all inclusive insurance and sharing of good practices among African countries.

ILO has in tandem with this, substantially supported market development activities in Tanzania, Morocco, Kenya, Mozambique, Ethiopia, Zambia, Senegal, Ghana, Pakistan, Indonesia, Bangladesh, Colombia, Dominican Republic, Peru and Brazil.

It was in the course of this that the organisation entered into partnership with African Reinsurance Corporation (Africa Re).

The team leader of 2016 ILO’s Impact Insurance Facility, Mr. Craig Churchill said the ILO has substantially supported market development activities in those 16 countries.

He said that the partnership between the ILO’s Impact Insurance Facility and Africa Re will develop the capacity of insurance providers to offer valuable insurance products to the financially excluded population, and is enabling the insurance sector, governments, and their partners to realise their potential by promoting impact insurance.

He recounted that ILO’s Impact Insurance Facility in 2015, witnessed an exciting transition after years of pushing the frontiers of inclusive insurance by supporting innovations, adding, “We switched gears and started to proactively promote the experiences of leading insurance providers, and the lessons they have learned, to enable others to follow suit without reinventing the wheel or stumbling over the same obstacles.

“It would allow us to compare countries and identify the most promising strategies for particular ones. We have therefore designed a country-scoring tool which assesses insurance markets in terms of both quality and scale.”

Throwing more light on the partnership, Mr. Michal Matul, Chief Project Manager of the ILO’s Impact Insurance Facility said the partnership between the ILO’s Impact Insurance Facility and Africa Re will develop the capacity of insurance providers to offer valuable insurance products to the financially excluded population, and will promote cross country collaboration and sharing of good practices among African countries.

“We are thrilled to collaborate with Africa Re to extend better insurance coverage to more low-income households, small enterprises and smallholder farmers. We believe that Africa Re’s relationship with the insurance industry and governments across the continent will provide a strategic entry through which we can jointly promote the impact insurance agenda,” said Matul.

Source: Vanguard