IFC-World Bank and AXA enter into partnership

Recognising the crucial role of the insurance sector in enabling and fostering innovation, private sector growth and overall economic development, the International Finance Corporation (IFC) – a member of the World Bank Group – and AXA have entered into an ongoing global partnership (mainly in Asia, Africa and Latin America).

“Insurance is vital for managing risks and helping to promote growth and foster a well-managed economy in developing countries. Partnering with a global insurance leader like AXA will help us catalyze the positive developmental role of insurance, which will ultimately contribute to eradicating poverty and boosting shared prosperity”, said Dimitris Tsitsiragos, IFC vice president.

“There is a significant demand for financial services in emerging countries as people want to achieve security for their families and businesses, and relative to other sub-segments of the financial sector, the insurance industry remains underdeveloped. One of the key pillars of our strategic plan Ambition AXA is the acceleration of our activities in these high-growth markets, and we are very enthusiastic to be working with the IFC to contribute to developing insurance coverage and capacity,” said Denis Duverne, deputy CEO of AXA Group.

It is composed of 5 key work-streams: investment in local insurance companies beginning with those in Africa and Latin America; insurance for women; road safety; infrastructure development and responsible investments and access to insurance.