Tunisia: Microinsurance firms meet to establish new development strategies
Tunisian insurance companies are trying to find solutions to promote the insurance sector, which represents 1.77 percent of the gross domestic product, according to 2010 governmental figures published by TAP news agency.Microinsurance is considered as a key instrument to acquire new markets. It is an essential link in the micro-economic system as it can efficiently support the development of small and medium-sized companies.
Experts and microinsurance players attended a conference held last week in Tunisia in order to establish new development strategies.
Jean-Paul Roux, International Consultant and Director for Africa at the microfinance institution Planet Guarantee said that this type of insurance targets a population mainly formed of household and micro-enterprises that have no access to the formal financial system and cannot present any guarantees, La Presse newspaper reports.
He believes that the development of this type of insurance requires the launch of a vast awareness and training campaign within microfinance institutions and recommends targeting the rural and agricultural world, where just ten percent of the population have subscribed to an insurance product.
Mr Roux also suggested setting up a partnership with the insurer, the MFI and the intermediary, as well as carrying out market and feasibility studies in order to introduce pilots to sell products.
The potential for development is important: according to a study carried out in 2009 by the microinsurance innovation fund of the International Labour Organisation, 14.7 million Africans living with less than $2 (€1.5) a day are actually covered by microinsurance products, which represents 2.6 percent of the African population entering the revenue bracket, APA news agency reports.