A study in the Micro-insurance Sector shows that over the last decade the sector in Zambia has expanded from 100, 000 lives to more than 2.2 million lives covered under various Micro-insurance products.
Chairperson of the 14th International Micro-insurance Conference Shipango Muteto says the 2018 state of Micro-insurance showcases ground breaking initiatives from around the world which are helping to eliminate poverty and hunger.
Mr. Muteto says the report suggests that inclusive insurance is playing a significant part in achieving the United Nation’s Sustainable Development Goals (SDGs).
He says millions of consumers in emerging markets are already benefiting from insurance products and services which builds resilience and help manage risk.
He adds that insurance cover in emerging markets is steadily increasing stating that the latest land scape of Micro-insurance study shows a one hundred and twenty six percent rise in Latin America and the Carribean.
The conference has attracted four hundred and fifty participants from various countries.
And Vice Chairperson of the of the Munich Re Foundation Katharine Pulvermacher says inclusive insurance is an essential part of sustainable economic development and is crucial to manage increasing climate risks of many poor people that live in disaster prone countries.
Ms Pulvermacher says digital advancement in the insurance sector will help accelerate and improve access to insurance in emerging markets.