55th Midi de la microfinance et de l'inclusion financière 

Sustainable insurance: a meeting of two worlds 

Please click on the image to see the pictures of the 55th Midi (6 July 2022, at the auditorium of the Banque de Luxembourg)

Towards sustainable and inclusive insurance    

ADA organised a Midi de la microfinance et de l’inclusion financière panel debate at Banque du Luxembourg on 6 July to bring Luxembourg’s insurance professionals and financial and social inclusion actors together to discuss how the local insurance sector can play their part in addressing the global protection gap.

Midi de la Microfinance et de l’inclusion financière

The panel discussion, was moderated by Matthew Genazzini, Project Officer at ADA, offered insights from AXA Emerging Customers, the inclusive insurance division of a major insurance company, AM Best, a credit rating agency specialized in insurance industry, and the Luxembourg-based Microinsurance Network (MiN). 

Luxembourgish insurance sector explores ways of strengthening the social aspects of their ESG commitments with international inclusive insurance experts.  

Like many other large businesses, insurers mainly focus on implementing green policies as part of their efforts to integrate ESG (Environmental, Social, and Governance) criteria into their business model. Social initiatives tend to focus on HR topics such as encouraging more diversity in the workforce and more women in leadership. While laudable, they often have an internal focus and their broader developmental impact is therefore limited.

This lack of external social awareness by some insurance companies is very unfortunate as there is a real need for inclusive insurance - it is estimated that seven out of ten people in developing countries are not insured. Swiss Re Institute recently estimated the annual economic cost of this protection gap in terms of health care, untimely death, and climate disasters at a new all-time high of US$ 1.42 trillion. Lower-income households shoulder a disproportionate share of this burden and their resilience to shocks such as natural disasters or illness is expected to weaken further due to the accelerating pace of climate change and the COVID-19 pandemic.

Large potential for strengthening inclusive insurance in Luxembourg

While international initiatives such as the United Nations Principles for Sustainable Insurance (UNEP-FI PSI) and the European Union’s Sustainable Finance Disclosure Regulation (SFDR) as well as recent major conferences on the protection gap are creating awareness of this pressing issue, the discussion has been rather muted so far in Luxembourg. 
This is quite surprising, given that many international insurers who also serve emerging markets have offices here. In addition to the social imperative to insure and thereby strengthen the resilience of low-income people, emerging markets also offer attractive business opportunities for global insurers. Following the Covid pandemic, health became the largest insurance product line in Africa and Asia, reaching 104 million people in 30 countries, according to the Microinsurance Network’s Landscape of Microinsurance 2021 Study.

Katharine Pulvermacher, Executive Director of the Microinsurance Network, Luxembourg, stated: “Insurance is pivotal to economic growth, development and social stability. Insurers who actively support financial inclusion are ensuring the future of insurance. Could there be a stronger case than this?”

Watch the whole discussion on video:

Agenda

Moderator:
Matthew Genazzini - Programme Officer, ADA, Luxembourg 

12.00: Welcome address by Sonia Simoes Marques - Deputy Head of Funds & Institutional Clients of Banque de Luxembourg

12.05: Panel with:

• Katharine Pulvermacher - Executive Director, Microinsurance Network, Luxembourg

• Victoria Ohorodnyk - Associate Director, Analytics AM Best, the Netherlands

• Laura Elena Rosado - Strategy and Performance Manager, AXA Emerging Customers, France

12.55: Closing remarks
13.00: Lunch reception

Speakers:  

Matthew Genazzini -  Programme Officer, ADA, Luxembourg 

Matthew Genazzini has 11 years of experience in development finance working for the Microinsurance Network and ADA. He has a BA in Contemporary History from the University of Sussex and an MA in Latin American Studies from the University of London. He has experience managing capacity building and product diversification projects for financial institutions, with a particular focus on microinsurance. Matthew managed for 5 years the Technical Support for MFIs unit in ADA, which aims to strengthen financial institutions through the provision of financial and technical assistance services. Since 2020, he coordinates the Smallholder Safety Net Upscaling Programme (SSNUP). 

Katharine Pulvermacher - Executive Director, Microinsurance Network, Luxembourg 

Katharine Pulvermacher is Executive Director of the Microinsurance Network, a unique global platform that brings together stakeholders from across the inclusive insurance value chain.  

Katharine’s prior experience includes developing and managing the investment research and marketing division for a London-based global trade association, before taking on the challenge of supporting investment into African SMEs, focusing on healthcare, affordable housing and renewable energy. During this period, she also acted as a mentor for micro-entrepreneurs in Kenya.  

As Africa Director for The Economist Corporate Network from 2010 to 2014, based in Johannesburg, Katharine provided market intelligence briefings to senior executives from global multinational companies based in Dubai, Ghana, Kenya, Nigeria and South Africa. Prior to returning to Europe at the end of 2015, Katharine worked as a senior strategy consultant on economic development projects at Monitor Deloitte. Over the years, she has also contributed to Economist Intelligence Unit research on financial inclusion and public health.  

Katharine is a Certified Expert in Microinsurance (Frankfurt School) and holds an MSc in Economics with Reference to Africa, which she obtained with distinction from the London School of Oriental and African Studies, and a BA in Social Science and Humanities from the University of Cape Town. 

Victoria Ohorodnyk - Associate Director, Analytics AM Best, the Netherlands 

Victoria Ohorodnyk is an associate director in AM Best’s analytics division. Based in Amsterdam, she is responsible for the analysis and financial ratings of a portfolio of insurance and reinsurance companies across the European Union. 

Victoria is a contributing author to various AM Best research reports. She writes and speaks regularly about insurance markets within Europe, as well as innovation and ESG efforts of insurers within Europe, the Middle East and Africa (EMEA).  

Prior to joining AM Best in 2016, Victoria began her career in Fitch Ratings Inc. in New York City in the asset-backed securities group, where she held various positions during her five-year tenure.  

Victoria holds a bachelor’s degree in international business and management from Rider University in the United States. 

Laura Elena Rosado - Strategy and Performance Manager, AXA Emerging Customers, France 

Laura is responsible for Strategy and Performance Management at AXA Emerging Customers, the inclusive insurance arm of AXA designing protection solutions that prevent vulnerable segments from falling into poverty. She was previously Senior Manager at the Global Strategy department of AXA in Paris, where she covered a wide range of topics involving adjacent growth opportunities with a focus on emerging countries. She is also a Board Member of the Microinsurance Network. Her professional career started as an insurance strategy analyst in Mexico, where she is originally from. She is committed to building resilience across vulnerable communities, and a true believer in the opportunity that the rising middle class represents to the insurance industry. 

Sonia Simoes Marques - Deputy Head of Funds & Institutional clients & Head of Private Assets Transaction Management, Banque de Luxembourg

As Head of Private Assets Transaction Management and Deputy Head of Fund & Institutional Clients, Sonia Simoes Marques has a broad experience in the private asset and professional banking services business. 
She leads the Private Assets Transaction Management team in charge of analyzing, approving and payment of private assets fund transactions and is also managing major client accounts which are active in the area of impact finance.
Sonia started her career 15 years ago at the bank as Advisor Private Equity & Real Estate where she contributed amongst other to the establishment and development of the Private Assets Business.
She is speaker at conferences of the Association of the Luxembourg Fund Industry (ALFI).
 
She holds a Master degree in Law, Economy and Management specialized in strategic communication and public relations in Europe from the University of Nancy II. 

Midi de la microfinance, a panel discussion on various inclusive finance topics with a Q&A session, followed by a lunch reception, takes place at lunch time from 12.00 to 14.00.

The Midi is organized by ADA, with the support of the Directorate for Development Cooperation and Humanitarian Affairs, and in partnership with Inclusive Finance Network of Luxembourg, Microinsurance Network and Banque de Luxembourg.