Microinsurance in developing countries is an Eldorado for Insurtech

Currently microinsurance already covers around 135 million people, which represents around 5% of the entire market potential, with an average of 10% annual growth rate. The risks covered by such solutions are the typical ones of the traditional insurance market: life insurance, health insurance, accidental death and disability and property insurance. Developing countries have economies which are generally based on farming and agriculture so as a consequence they can’t manage to cover all the needs of a growing population exclusively with the goods they produce. While most of the underdeveloped countries are located in many parts of Africa and Asia, some economies in South and Central America are also referred to as “developing countries”.

Andrea Silvello

Andrea Silvello is founder and CEO of Business Support, a strategy consulting boutique based in Milan and Singapore. He has over 15 years of experience in business and strategy consulting including BCG and Bain & Company. He is founder of InsurTechNews.com and co-founder of insurtech startup Neosurance.

Andrea is an international speaker known for his thought leadership in insurtech and digital health and his thoughts have been published, among others, by Harvard Economics Review, Journal of the International Society for Telemedicine and eHealth and Cutter Business Technology Journal. He co-authored “ALL THE INSURANCE PLAYERS WILL BE INSURTECH” together with Matteo Carbone and “THE INSURTECH BOOK” published by Wiley Editors.