FIDES, Namibia
Micro-Insurance Initiative
The FIDES program targets poor segments of the
Namibian population, seeking to contribute in a significant way to
the reduction of their extreme vulnerability. The long-term
objective is the establishment of a Namibian insurer accessible to
the 80% of the population currently without access to insurance
coverage for the major risks they face (accident, death, illness,
loss of assets). In the context of this initiative, the creation of
a joint venture with Vimo SEWA, an internationally recognized
Indian micro-insurance institution, is contemplated.
The micro insurance initiative has been well
received by the Government of Namibia and by NAMFISA (the insurance
regulatory and supervisory authority), which has agreed to work
jointly with the initiative on both the micro insurance sector
analysis and the organization of a high-level policy forum in March
2010. Two major Namibian insurance companies have
expressed keen interest in exploring way to work with FIDES to
develop an innovative approach to meet the challenge of increasing
access to insurance.
The initial years of the project is broken
down in 3 main steps:
1) A Feasibility
Study, to take place in January-February 2010 meant at assessing
the sector, the regulatory and legal frame and at framing the pilot
programme. It shall be concluded with the organization of a
Microinsurance Policy Forum, to take place in Windhoek in February
2010, which will gather together all major stakeholders and
decision-makers.
2)
1st Phase of the Pilot Programme (2010-2011) targeting
some 1,000 clients.
3) 2nd Phase of
the Pilot Programme (2011-2012) with geographic extension and
product diversification, with a target of 12,000 clients.
www.fidesgroup.org