Canadian Underwriter
News

Major P&C industry players launch new micro insurance initiative


January 22, 2015   by Canadian Underwriter


Print this page Share

Several major insurance organizations have formed a new micro insurance consortium and micro insurance “venture incubator” (MVI), in an initiative announced during the World Economic Forum gathering currently being held in Davos, Switzerland.

The group includes American International Group (AIG), Aspen Insurance Holdings, Catlin Group, Guy Carpenter & Company, Marsh & McLennan Companies, Hamilton Insurance Group, Transatlantic Reinsurance Company, XL Group and Zurich Insurance Group.

The MVI, a Bermuda-based entity, has committed to launch 10 micro insurance ventures over the next decade. The group is currently evaluating opportunities to deliver risk protection to underserved markets in Latin America, Africa and emerging Asia.

“Serving as an innovation incubator, the MVI will support the launch and operations of a portfolio of micro insurance ventures worldwide,” according to a statement from Marsh & Mclennan Companies.

“These ventures will provide the business services necessary to achieve scale and profitability in the market including: unique distribution methods, local partnerships, product development and impact services such as measuring/monitoring social impact.”

Joan Lamm-Tennant, global chief economist and risk strategist at Guy Carpenter, has been appointed as MVI’s CEO, based in New York.

“Endeavors of this scope and ambition would not be possible without the support and vision of our founding leaders,” Lamm-Tennant said in the statement.

“Our differentiated strategy is to learn and respond to the risk needs of the underserved. By forging strategic alliances with entities that have direct and trusted relationships, we will understand the needs of the customer, and subsequently identify specific ventures and solutions accordingly.

I am excited about this unique business model. It has been designed to allow for the

long term focus needed to balance profitability with social impact. Collaborative ownership enables the MVI to access the vast and specialized knowledge and resources of founding firms to the benefit of the underserved.”


Print this page Share

Have your say:

Your email address will not be published. Required fields are marked *

*