Property insurance for low-income households is one of the least explored areas under the overall inclusive insurance umbrella while the risks related to property (households or businesses) are widely prevalent for this segment given the conditions they live in or do their businesses. The solutions available in the market are often not customised to meet the exact needs of the segment or the processes around them are too cumbersome and restrictive for the segment.
As of 2022, overall property micro-insurance products accounted for a relatively small proportion of those covered through microinsurance, at approximately 5% of all people covered. On the other hand, the median claims ratio for property insurance solutions in 2021 was ~21%, higher than the ~12% median ratio for 2020. High claims ratios were seen in business interruption covers.
On 6 December 2023, a joint webinar was organised by SCBF and ILO’s Impact Insurance Facility to discuss and gain insights from industry experts on the strategies that can help expand inclusive property insurance towards building a more inclusive and secure financial future.
Watch the recording
Moderator: Lisa Morgan, ILO Impact Insurance Facility
Speakers: Sarita Mohanty, SCBF || Daniel Mhina, Habitat for Humanity International || Liza Maru, Britam (Kenya) || Bente Krogmann, mTek Serives || Kevin Kebaara, Safaricom
Click the below link to access the factsheet for the project: