The Microinsurance Consortium and Venture Incubator (MVI) has announced the group will now operate under the name Blue Marble Microinsurance (Blue Marble). The consortium is composed of a host of insurance and reinsurance firms, which includes; American International Group, Inc., Aspen Insurance Holdings Limited, Guy Carpenter & Company, LLC & Marsh & McLennan Companies, Inc., Hamilton Insurance Group Ltd., Old Mutual plc., Transatlantic Reinsurance Company, XL Catlin, and Zurich Insurance Group.

 

Blue Marble aims to provide underserved, vulnerable and developing countries with insurance or risk protection against the world’s perils. The microinsurance space is seen as both a potential driver of growth as well as a way to provide insurance products to the world’s poorest, which in turn can help to drive penetration of cover into regions where it has been lagging.
According to Blue Marble the venture will aim, and is committed to establishing ten new microinsurance schemes over the next decade, utilising the expertise, knowledge and financial power of its members to ensure this and is currently actively looking into opportunities in emerging Asia, Africa and Latin America, with the first venture expected to be launched during 2015.

Source: Artemis