On microinsurance for the underserved population

The history of modern insurance can be traced back to the 17 Century. However, four centuries later, global insurance penetration rate remains dismal at about 7 per cent. Insurance penetration rate in the main markets such as the United States, Japan, Europe and China stood at 11.7 percent, 8.4 percent, 5 percent and 3.9 percent respectively as of 2021. 

For Africa, average insurance penetration rate stands at 2.8 percent while in Uganda, insurance penetration has stagnated at about 0.8 percent since 2013.

The statistics are worse for microinsurance – a targeted product to…