Objective of the project
To develop microinsurance products and services
Areas of intervention
BRS, Min, GIZ, CIF
Some key figures
200,000 people enrolled in a life insurance, 3,900 families protected since 2007
€ 23.8 million insurance premiums issued
Together, they launched "CIF-VIE Burkina", a microinsurance company that enhances the range and distribution of inclusive-finance services on offer in West Africa.
Microinsurance provides low-income households with insurance products that are tailored to their requirements. It protects underprivileged populations, which are especially vulnerable to disease, accidents, death and natural disasters.
The microinsurance company "CIF-VIE Burkina" was started up in Burkina Faso in late 2012. 400 000 clients of the CIF networks were covered by the loan repayment insurance product at its launch.
The product range has since been expanded to include life insurance and a savings/pension product. The project is planned to be replicated in Togo, Mali, Benin and Senegal.
Since the beginning of 2000's, ADA has been active in the field of microinsurance. It has, for example, contributed to developing several indicators measuring the performance of microinsurance products. Those indicators were incorporated into the legislation proposed by the Inter African Conference on Insurance Markets (CIMA), the community organisation of institutions that are active in the insurance sector, and which brings together the national insurance industries of fourteen French-speaking states in West Africa. In early 2012, the CIMA Member States signed an agreement on the implementation of new laws governing microinsurance. This represents a key step towards the sector’s effective regulation.