Rwanda is set to host fourth edition of the Eastern and Southern Regional Conference on Microinsurance aimed at sharing insights on inclusive insurance business models and strategies, according to a statement.
The event, which will be cohosted by the Association of Insurers in Rwanda (ASSAR) and Government of Rwanda (GoR) with support from Access to Finance Rwanda (AFR), FSDA and Munich Re together with their development partners, is a combination of high quality training and plenary sessions pegged onto providing insurance products and services to low-income market segments in Africa.
“About 100 international and regional participants and experts will exchange experiences and discuss key themes and topics on inclusive insurance business strategies and approaches to explore opportunities and serve the underserved areas in the insurance industry,” the statement reads in part.
The conference is expected to draw representatives from insurance and reinsurance firms, brokers, distribution channels, NGOs, development-aid agencies, policymakers, regulators ad supervisors in Africa.
Waringa Kibe, the AFR Country Director called upon local partners in the insurance industry to participate in the event that will tackle elements around health, credit and agriculture micro insurance which she thinks are key areas that need to be further explored on the Rwandan Insurance Market.
“We are aware that health microinsurance is important for the low-income households and individuals because health risks are often identified and prioritized as the greatest and costliest risks that confront them. Indeed, health problems do not only impact on the expenditure of the low-income households, but also affect their productivity and livelihoods,” further explained, Ms. Waringa, the AFR Country Director.
She also highlights that national agricultural insurance schemes and weather index insurance pilots are among attempts at making agricultural insurance accessible to smallholder farmers, and added that this will be one the key areas that the conference will dwell on.
Demand studies show that agricultural risks are among the most prioritized risks by rural households and farmers. Providing agricultural insurance to meet both scale and client value is not easy.
The conference will therefore explore business strategies and models for both private led and public-private sector led agricultural microinsurance schemes, according to the statement.