ICMIF has today announced that Unipol Gruppo of Italy is the latest member of the Federation to confirm their support for the 5-5-5 Mutual Microinsurance Strategy. Unipol will be providing financial assistance to the second phase of the 5-5-5 Strategy in India, assisting the DHAN Foundation with their goal of providing mutual microinsurance to 1.17 million people from low-income communities who, until now, have not had access to insurance cover.
Marisa Parmigiani, Sustainability Manager, Unipol Gruppo said: "Unipol received the support of international cooperative and mutual insurers in various periods during its lifetime. So it is natural for us to give back something in favour of sustainable ideas, such as the ICMIF 5-5-5 project, in areas of the world where – we are quite convinced - digitalised microinsurance can make all the difference for a better financial inclusion."
Unipol Gruppo S.p.A. occupies the second position in the Italian insurance market in terms of total income, the Group sits first in the Non-Life market, and among the top ten in Europe. Its main shareholders are companies from the Italian cooperative movement. It has over 14,000 employees and serves nearly 11 million customers, thanks to the largest agency network in Italy. Unipol join 20 other ICMIF members who are already supporting the 5-5-5 Strategy.
ICMIF’s 5-5-5 Mutual Microinsurance Strategy is a five year project based in five emerging market countries and aims to provide five million households with insurance cover for the first time with the aim of helping to take them out of poverty. The ultimate objective is to build resilience in poor communities in the countries of India, The Philippines, Kenya, Sri Lanka and Colombia. These countries were selected for inclusion in the 5-5-5 project as they are seen as being frontrunners in the provision of microinsurance; having a high incidence of poverty; and having other ICMIF members already operational in the country.
Since its launch in June 2016 more than 3.2 million people are now covered by mutual microinsurance thanks to the 5-5-5 Strategy which is currently operational in two of the five countries: India and the Philippines.
Picture shows members of the DHAN Foundation in India. The DHAN Foundation has a well-developed, community-based mutual risk coverage programme to manage life, health, livestock and crop risks for low-income people