Luxembourg’s insurance industry looks at how it can support the world’s poor

As experts from around the globe meet this week in Luxembourg to discuss how inclusive insurance can reduce vulnerability of the poor, the local insurance industry players, gathered to find out more about microinsurance and the role that Luxembourg’s insurance industry can play in supporting global development.

The Grand Duchy of Luxembourg, which is already known as a world leader in digital financial services and as a financial technology hub, is increasingly establishing itself as a centre of excellence for the promotion of financial inclusion within the international development sphere. Within this context the Microinsurance Network, a non-profit based in Luxembourg dedicated to the development and delivery of effective insurance services for underserved people, partnered with ACA, the Association of Insurance and Reinsurance Companies of Luxembourg, and SOGELIFE, a life-insurance company based in Luxembourg, to hold an after-work seminar on microinsurance. The event — “Lessons learnt in microinsurance from South to North” — introduced local industry players and some financial and development actors to microinsurance and its significance within the broader development agenda, with the aim to start a dialogue on how local companies can get involved in and contribute to inclusive insurance.

“We are excited to be holding an event that is the first of its kind in Luxembourg, bringing together the local insurance industry around the topic of inclusive insurance. We hope that for some industry players this will be the beginning of a journey to get more involved in this dynamic andrapidly growing sector”, highlighted Katharine Pulvermacher, Executive Director of the Microinsurance Network.