The latest Insights article from ICMIF Supporting Member Peak Re, focuses on how rural insurance can support efforts towards a more balanced and inclusive development approach in emerging markets, giving rise to new risk landscapes that require a refocus of insurance on the needs and requirements of rural societies.
Written by Clarence Wong, Chief Economist at Peak Re, the article looks at how ensuring sustainable rural development is essential to combat poverty, rising inequality, food security and biodiversity around the globe.
The findings in the article show that 44% of the global population was estimated to reside in rural areas in 2020, with the ratio typically higher in emerging markets. Economies are driving toward more balanced and inclusive approaches to curb harmful effects of urbanisation. The article also asks what are the opportunities in rural developments and how can insurance help to provide answers to rising inequality and sustainability issues.
The rural sector accounts for 85% of the global landmass, ensuring sustainable rural development is essential to revitalising urban communities and supporting equitable economic growth. The insurance industry has an important role to play to provide risk transfer and insurance solutions to help rural societies prosper.
You can read the report by clicking here.