Micro-insurance Covers 44.4 Mln Africans: Claudia Huber
Claudia Huber, member of the Advisory Committee of Access to insurance initiative and member of International Association of Insurance Supervisors (IAIS), said micro-insurance covers 44.4 million Africans against life risks, default on payment of loans and mortgage risks.
During her address at the 40th Conference of the African Insurance Organization (AIO), she revealed that micro-insurance sector in USA achieved premiums of US$ 46 million in 2011 and covers 33 million citizens.
She added that micro-insurance accounts for 1% of life insurance industry in Africa which accounts for 80% of the industry.
Micro-insurance covers 60% of people in South Africa, 27 million out of 30 million people in Tanzania, 90% of population in Uganda, Kenya, Zimbabwe and Ethiopia. The sector achieved 250% growth rate from 2009 to 2011. Western Africa seizes 52% of micro-insurance sector.
