MICRO INSURANCE IN NIGERIA: ADVOCATING FOR COMMON DELIVERY MECHANISM

 The effective take off  of Micro Insurance in Nigeria has been stunted due to lack of public trust in the conventional insurance system. NAICOM is obviously concerned about this and is consequently very careful about approving companies and products. Even if approval is given today the growth and development of Micro insurance will not meet financial industry expectation.

Unlike what obtains in better developed countries, Nigerian government cannot afford to subsidize micro insurance. Subsidy in Agricultural insurance has not significantly helped the growth of that sector as much as expected.

Bringing Mobile Wallets to Nigerian Farmers

Bolaji Akinboro

It’s no accident that agricultural production in Nigeria is more than just a source of sustenance; it is a significant driver of economic growth. In fact, in 2013 alone, our country’s economy received an approximately six percent boost from the agriculture sector. What’s more, that growth has helped foster more transparency, less corruption, and—crucially—greater financial inclusion in a country that is home to millions of smallholder farmers.

Barbara Magnoni

Barbara Magnoni

Vacationing with many of my very large Italian family this summer, I have been reminded of some of the financial dynamics of family, which offer me the opportunity for a real-life reflection on some of the key points of our recent brief, “Keep Your Insurance Close, and Your Friends and Family Closer”.  For example, supermarket shopping for 20 or more may seem overwhelming, but not if you alternate turns. Over the long term, when a younger brother who receives help paying for school grows up, he may be the one helping his older brother cover the cost of a long illness. Emotional and physical proximity, the promise of reciprocity and culture all play a role in creating this seemingly efficient financing circle  (Ligon, Thomas, & Worral, 2002) (Fafchamps & Lund, 2003).

11th International Micro Insurance Conference 2015

3 - 5 November 2015, Hyatt Regency Hotel, Casablanca, Morocco 11th International Microinsurance Conference 2015 / Driving growth and sustainability – A business case for microinsurance 11e Conférence Internationale sur la Micro-assurance / Soutenir la croissance et la durabilité – Un business case pour la micro-assurance The 11th International Microinsurance Conference will take place in Morocco from 3 – 5 November 2015. Approximately 400 participants and experts from around the world will discuss and identify ways of accelerating growth and economic viability in microinsurance. The conference will be hosted by the Munich Re Foundation, the Microinsurance Network, the Centre Mohammed VI de Soutien à la Microfinance Solidaire and FMSAR, supported by CIMA, the CEAR, ILO's Impact Insurance Facility and Making Finance Work for Africa.

From Diagnostic to Action: Developing Microinsurance in Nigeria

Claudia Huber

Considering  Nigeria’s socio-economic particularities and that only about 1% of the adult population has insurance coverage, Nigeria’s development plan, “Vision 2020,” describes the country’s insurance sector as a huge and untapped opportunity.

Why People Don’t Buy Microinsurance

Low demand of microinsurance is often attributed to a lack of understanding of microinsurance concepts and products. Poor understanding, however, is only part of the problem. Many other factors influence a household’s decision to buy microinsurance. 

New evidence from a review of more than 30 quantitative and qualitative studies reveals trust, liquidity constraints, the client value proposition and behavioral constraints to be the most important determinants of demand.

5 Reasons why we need financial services for the poor

Ten years since the United Nations’ International Day of Microcredit and nine years since Muhammad Yunus and the Grameen Bank won the Nobel peace prize, microfinance is more relevant today to international development than it has been at any other point.

Pending the adoption of the Sustainable Development Goals (SDGs), we are confronted with the ‘historic responsibility’ of trying to concert global action to ensure the dignity, shared prosperity, and secured future well-being of people and the planet.