Latest Landscape Study Underscores Urgency To Close The Microinsurance Gap

The Microinsurance Network (MiN), a non-profit association, in partnership with the United Nations Development Programme’s Insurance and Risk Finance Facility (UNDP IRFF) has released the benchmark Landscape of Microinsurance Study. Published annually, the report provides unique insights on the microinsurance sector, delivering the most extensive data to date. 

Mounting global risks, ranging from climate crisis to food insecurity and social instability, make the study an indispensable resource for understanding and addressing the evolving landscape of risk mitigation. By tracking the uptake of inclusive insurance products and services based on data from 2022, the report sheds light on emerging trends aimed at closing the protection gap for vulnerable populations worldwide. 

The 2023 Study, drawing on extensive primary research, encompasses insights from 294 insurers covering 1,040 products across diverse sectors, including health, life, agriculture, and property. These products extended coverage to an estimated 330 million individuals in 36 countries across Africa, Asia, Latin America, and the Caribbean, reflecting the breadth and depth of microinsurance’s reach. The total number of people reached by participating insurance providers represents up to 11.5% of the population that could benefit from microinsurance, highlighting a significant 88.5% protection gap.