The growth of inclusive insurance in Zambia

To reduce the vulnerability of poor women and men, FSD Zambia (and FinMark Trust beforehand) has undertaken to design and deliver a package of interventions to catalyse the microinsurance market in Zambia. This case study focuses in particular on the establishment of a multi-stakeholder Technical Advisory Group (TAG) to provide leadership and coordination in the industry, and act as a channel for interventions.

The TAG approach is based on the assumption that engaging relevant industry stakeholders is the most effective way to ensure relevance and ownership of a change agenda in a nascent market’s growth. Zambia’s approach is considered a demonstration case which forms the basis for replication in several other countries.

FSD Zambia’s experience in the microinsurance market demonstrates the importance of building industry leadership and coordination in an industry to drive market development. The strong technical knowledge and experience of FSD Zambia’s microinsurance team has provided a platform for conducting analysis and generating insights and lessons.

It has also drawn on its exposure to wider trends and resources, for example the ILO’s Impact Insurance Facility and other microinsurance initiatives across Africa, to stimulate cross-learning and innovation among Zambian market players. Using different communication channels and information products have also helped foster trust and the emergence of a cohesive voice for the microinsurance industry.