Global Insurers, Brokers Establish Micro Insurance Consortium

Friday, January 23, 2015

A group of global insurance companies and brokers took advantage of the World Economic Forum meeting in Davos to announce that they have established a micro insurance consortium and micro insurance venture incubator (MVI).

Among the companies taking part in the consortium are: American International Group, Inc., Aspen Insurance Holdings Limited, Catlin Group Limited LLC, Guy Carpenter & Company, LLC together with Marsh & McLennan Companies, Inc., Hamilton Insurance Group, Ltd., Transatlantic Reinsurance Company, X.L. Group, plc, and Zurich Insurance Group.

The bulletin said the “MVI has committed to launching ten micro insurance ventures over the next ten years that will deliver solutions to address the risk management needs of the underserved.

Daniel S. Glaser, President & CEO of Marsh & McLennan, Robert S. Miller, Non-Executive Chairman of the Board of American International Group, Michael Kerner, CEO General Insurance at Zurich Insurance Group and Alexander S. Moczarski, President & CEO of Guy Carpenter & Company and Chairman of Marsh & McLennan International made the joint announcement.

“The MVI is a Bermuda-based entity formed to create markets that deliver risk protection to the underserved in developing countries,” said the announcement. It will “innovate technology-enabled platforms, achieve sustainability through adequate levels of profitability and advance the role of insurance in society.

“The MVI is currently evaluating opportunities in Latin America, Africa and emerging Asia, with the initial venture to be launched in 2015. Joan Lamm-Tennant, Global Chief Economist and Risk Strategist, Guy Carpenter, has been appointed to serve as the MVI’s CEO and will be based in New York.

Source: Insurance Journal (link opens in a new window)

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Impact Assessment
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Base of the Pyramid, microinsurance, social impact