AM Best would like to extend its congratulations to the Microinsurance Network on the release of its annual Landscape of Microinsurance study, an important look at the state of development of global microinsurance markets.
Andrea Keenan, executive vice president and chief strategy officer, AM Best, as well as vice chair for the Microinsurance Network’s board of directors, moderated a panel discussion recently with other senior executives at a study launch event at the American Council of Life Insurers’ headquarters in Washington, D.C., discussing the role insurance plays in the development of emerging economies. Achim Steiner, administrator of the United Nations Development Programme, delivered the keynote address. AM Best also was a sponsor of the event. The Microinsurance Network’s 2022 study is its most comprehensive report to date, with more than 250 insurance providers reporting on 900-plus products in 34 countries across Africa, Asia, Latin America and the Caribbean.
“Microinsurance continues to gain traction thanks to the work of organizations like the Microinsurance Network, and this study highlights the ongoing support from global insurance providers to some of the world’s most vulnerable economies with protection through insurance,” said Keenan.
The Microinsurance Network was established in 2002 by donors, multilateral agencies, non-governmental organizations, private insurance companies and other interested parties, and is the only global multi-stakeholder platform that promotes the development and delivery of effective risk management tools, including insurance services, for underserved people. To coincide with the release of the 2022 Landscape of Microinsurance study, its results will be explored in a webinar set for Thursday, April 20, 2023, at 9:00 a.m. EDT (3:00 p.m. CEST).
AM Best has played a key role in the Microinsurance Network’s country workshops, which have focused on the insurance markets in Brazil, El Salvador, Mexico, Morocco, the Philippines and others; each event addressed barriers and possible solutions needed for developing a microinsurance market. The rating agency also recently announced a planned expansion of it National Scale Rating to five additional countries - Egypt, India, Indonesia, the Philippines and Vietnam - the purpose of which is to reduce the impact of specific country risk effects and produce a broader distribution of ratings in those countries. Through its rating activities, AM Best seeks to strengthen the financial solvency, stability, and sustainability of the insurance industry in support of economic growth and the well-being of all stakeholders.
For more information about the Microinsurance Network and the upcoming Landscape of Microinsurance study webinar, please visit the Microinsurance Network website.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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