Allianz, UNDP and GTZ partner for a three-country study on Micro-insurance
In 2006, the United Nations Development Program (UNDP) approached Allianz to work together on a market potential study to analyse the demand, acceptability and affordability of microinsurance products.
The Allianz Group (Allianz) is a leading global provider of insurance, banking and asset management, which believes that microinsurance in emerging economies, represents a market of great potential growth and profitability. Following the 2004 Tsunami, the Allianz Insurance Company realised the need for and the potential of micro-insurance for low-income clients in South East Asia and determined to research this market. Its partnership with UNDP was strengthened when the German Agency for Technical Cooperation (GTZ) joined the project. The partners agreed to analyze demand for microinsurance products in India, Indonesia and Lao People’s Democratic Republic (PDR) and jointly selected a team of consultants to prepare country studies.
The studies clearly indicated that access to microinsurance by the poor and disadvantaged population can contribute significantly to the achievement of the Millennium Development Goals, particularly the goals of eradicating extreme poverty and hunger (MDG 1), promoting gender equality and empowering women (MDG 3) and developing a global partnership for development (MDG 8). It allowed Allianz to understand the challenges and how to overcome them to establish the company’s first microinsurance projects. Building on the recommendations of the studies, pilot activities in India and in Indonesia are being implemented by Allianz AG supported by GTZ on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ).