Micro insurance consortium launched

A group of leading companies in the insurance industry together has established a micro insurance consortium and micro insurance venture incubator (MVI).

The consortium consists of American International Group, Inc., Aspen Insurance Holdings Limited, Catlin Group Limited LLC, Guy Carpenter & Company LLC together with Marsh & McLennan Companies, Inc., Hamilton Insurance Group, Ltd., Transatlantic Reinsurance Company, XL Group plc, and Zurich Insurance Group.

The MVI has committed to launching ten micro insurance ventures over the next ten years that will deliver solutions to address the risk management needs of the underserved.  

The MVI is a Bermuda-based entity formed to create markets that deliver risk protection to the underserved in developing countries. The MVI will innovate technology-enabled platforms, achieve sustainability through adequate levels of profitability and advance the role of insurance in society. The consortium is currently evaluating opportunities in Latin America, Africa and emerging Asia, with the initial venture to be launched in 2015. Joan Lamm-Tennant, global chief economist and risk strategist, Guy Carpenter, has been appointed to serve as the MVI’s CEO and will be based in New York.