This report by the GSMA provides an overview of the mobile-enabled micro-insurance industry, to support broader industry stakeholders to increase the utility and sustainability of mobile financial services. This publication is part of a series of deeper insights into selected topics based on the findings of the 2017 State of the Industry Report on Mobile Money.
Across many developing countries, insurance penetration remains as low as 3 per cent (as a percentage of GDP). Coupled with low incomes and a lack of awareness, the absence of formal safety nets can lead to acute vulnerability to financial shocks, with significant short-term and long-term consequences for low-income populations. With 67 per cent of the global population subscribed to mobile, there is a significant market opportunity for mobile to “leapfrog” traditional models by helping to protect the under-insured against unexpected emergencies and shocks