MICROCAPITAL BRIEF: African Insurance Organization (AIO) Inaugurates Microinsurance Committee

The African Insurance Organization (AIO), a Cameroon-based nonprofit that seeks to promote intra-African cooperation in developing Africa’s insurance and reinsurance industry, recently inaugurated a Microinsurance Committee to oversee the growth of microinsurance on the continent. The committee, which consists of 13 microinsurance executives from around Africa and chaired by Nelson Kuria, CEO of Kenya-based microinsurance provider Cooperative Insurance Company (CIC Insurance), reportedly will identify market leaders and African success stories in microinsurance, stimulate market interest in microinsurance and serve as a platform for sharing knowledge in the market segment. Further details about the work of the committee are unavailable [1].

According to AIO, this new committee will “ensure that knowledge of microinsurance models and successes are shared among peers” and that “external intervention and support is coordinated…to industry needs.” In the year 2012, 44.4 million Africans were covered by microinsurance, which represents a growth of approximately 200 percent since 2008 [1].

As of July 2013, AIO has partnerships with 356 members from the private and public sectors across 46 countries in Africa and 7 countries outside the continent. Financial information for AIO is unavailable.

By Michael Averell, Research Associate

About African Insurance Organization (AIO)

Established in 1972, the African Insurance Organization (AIO) is a Cameroon-based nonprofit that seeks to promote inter-African cooperation in developing Africa’s insurance and reinsurance industry. As of July 2013, AIO has partnerships with 356 members from the private and public sectors across 46 countries in Africa and 7 countries outside the continent. Financial information is unavailable.

Sources and Additional Resources

[1] Daily Independent News: “AIO moves to ensure poor people are insured,” http://dailyindependentnig.com/2013/06/aio-moves-to-ensure-poor-people-are-insured/

MicroCapital story, February 24, 2009, “MICROCAPITAL STORY: Microinsurance Network and Munich ReFoundation, the Organizers of the 5th International Microinsurance Conference 2009 in Dakar, Senegal Announce a Call for Proposals for the Event,” https://www.microcapital.org/microcapital-story-microinsurance-network-and-munich-refoundation-the-organizers-of-the-5th-international-microinsurance-conference-2009-in-dakar-senegal-announce-a-call-for-proposals-for-the-event/

MicroCapital story, August 22, 2008, “MICROCAPITAL STORY: Co-operative Insurance Company of Kenya Introduces Microinsurance Products through International Labor Organization (ILO) Microinsurance Innovation Facility,” https://www.microcapital.org/microcapital-story-co-operative-insurance-company-of-kenya-introduces-microinsurance-products-through-international-labor-organization-ilo-microinsurance-innovation-facility/

MicroCapital Universe Profile: African Insurance Organization (AIO) https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=African+Insurance+Organization+%28AIO%29

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