Insurance plays an important role for the economic development and in the fight against poverty. However, hundreds of millions of people are still left withou appropriate risk management. The Munich Re Foundation acts as a platform to discuss opportunities and barriers for inclusive insurance.
New technologies are boosting market coverage. In Asia alone, the number of people insured through mobile phones exceeds 40 million. Furthermore, the G7 has decided to insure 400 million people against climate risks by 2020. Nonetheless, many people are still without cover or alternative risk management options. With the global middle class expected to grow to nearly five billion within two decades, we are looking at billions of people who are without a formal safety net from insurance and hence at risk of falling (back) into poverty.