Leading companies come together to launch consortium focused on micro insurance
Leading companies in the insurance industry have come together to establish a new micro insurance consortium. The companies have also launched a micro insurance venture incubator, which will aim to establish new insurance solutions in what it identifies as underserved sectors. Among the companies that are participating in the consortium are American International Group, Catlan Group, Guy Carpenter & Company, Aspen Insurance Holdings and others.
Micro insurance incubator will establish 10 new insurance ventures in emerging markets around the world
The micro insurance venture incubator will work to launch 10 micro insurance ventures over the next decade. These ventures will address risk management needs in several sectors, hoping to provide these sectors with the services they need. Some of these ventures will be based in developing countries, where the need for risk protection is greatest. Many of these countries are exposed to serious risks, particularly when it comes to the property sector. Better risk management solutions could help the insurance markets in these countries thrive.
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Consortium to support new insurance ventures in developing countries with promising markets
The venture incubator will also be promoting innovative technology in developing markets. New technology could help insurers better manage the risks they face and provide better services to their customers. New micro insurance ventures will also receive aid from the consortium, which will help these ventures become sustainable through adequate levels of profitability. The consortium will also work to ensure that the insurance industry has a role to play in the society of developing countries.
Insurance incubator seeks to identify the needs of emerging markets around the world
The insurance industry has been working to address new risks as they emerge in promising markets. The new micro insurance venture incubator is currently analysis several markets in Latin America, Africa, and some parts of Asia. The organization aims to identify the needs in the markets and support insurance ventures that can accommodate these needs. Over the coming years, new insurance ventures will emerge in these markets and provide services to consumers and businesses alike.