Overview
The Impact Insurance Facility, housed within the International Labour Organisation’s (ILO) Social Finance Programme, collaborates with the insurance industry, governments, and partners to realize the potential of insurance for social and economic development.
Approximately 3.5 billion people lack access to adequate insurance, leaving them vulnerable to the consequences of every-day and extreme shocks. Despite notable progress in extending insurance to less affluent markets over the past 20 years, many insurers remain hesitant to invest in product development to serve them. With the growing threat posed by climate change, this issue needs to be addressed urgently.
Our funding will support the Impact Insurance Facility to work with the Microinsurance Network to address the undersupply of insurance to vulnerable people. They will generate evidence of profitable inclusive insurance products and methodologies including some public-private partnerships and engage with insurers and policy makers. Through the execution and dissemination of this research the project seeks to improve the willingness and capacity of mainstream insurers to enter this market.
Read more about this project on the ILO’s Impact Insurance Facility website here.