A micro insurance consortium and micro insurance venture incubator (MVI) have been established by major firms in the industry, to serve the risk management needs of the underserved in developing markets.
The consortium includes American International Group (AIG), Aspen Insurance Holdings, Catlin Group, Guy Carpenter & Company, Marsh & McLennan Companies, Hamilton Insurance Group, Transatlantic Reinsurance, XL Group and Zurich Insurance Group.
AIG Consumer Insurance CEO Kevin Hogan said: "Microinsurance is not only a viable business, but one that presents a unique opportunity to serve individuals and small businesses who do not typically have access to our world class products and services.
"Partnering with our industry peers allows us to leverage our global reach, better mitigate risks, successfully reach more individuals and make an even more meaningful impact on communities and people around the world."
The Bermuda-based entity MVI plans to launch ten micro insurance ventures over the next ten years, which will offer solutions to address the risk management needs of the underserved.
With the initial venture to be launched in 2015, MVI is currently evaluating opportunities in Latin America, Africa and emerging Asia.
Global chief economist and risk strategist Guy Carpenter will serve as CEO for MVI.
The MVI will support the launch and operations of a portfolio of micro insurance ventures across the globe, serving as an innovation incubator.
Catlin Group COO Paul Jardine said: "We at Catlin are excited to participate in the MVI, which brings together a broad spectrum of companies of all shapes and sizes within the insurance industry."
Image: From left to right: Daniel Glaser, president & CEO of Marsh & McLennan Companies, Robert Miller, non-executive chairman of the Board of American International Group, Michael Kerner, CEO General Insurance at Zurich Insurance Group and Alexander Moczarski, president & CEO of Guy Carpenter & Company and chairman of Marsh & McLennan International. Photo: courtesy of BusinessWire.