NAMFISA Hosts Microinsurance Supervisor Training
Partnership with the Toronto CentreTowards the end of 2012, NAMFISA, in collaboration with the Toronto Centre – an international training centre on financial matters – hosted a one-week Microinsurance Supervisor Training Programme in Windhoek.
The training brought together officials from financial regulators across the SADC region to explore how financial inclusion can be promoted through effective regulation and innovation.
During the workshop, participants learned:
During the workshop, participants learned:
Microinsurance is a mechanism that offers protection to low-income individuals against everyday risks such as:
In return, consumers pay small, tailored premiums that match their income levels and specific risks.
Micro-insurance is especially vital for people in the informal sector, who are often excluded from mainstream insurance solutions.
Why Microinsurance Matters
Studies show that many low-income households lack financial protection. As a result, when tragedy strikes—such as the death of a breadwinner or the destruction of a home—families are often pushed further into poverty.
“We have read countless incidents of people being driven deeper into poverty because of the absence of microinsurance...”
— Phillip Shiimi, CEO
The Way Forward for Namibia
NAMFISA hosted this training to prepare for the introduction of microinsurance into the Namibian market. Since then, the authority has been:
“I am very excited at the prospect of introducing microinsurance as it will have a direct and positive impact on the most vulnerable people of our society.”
— Phillip Shiimi, CEO
More in This Edition
This edition of the Consumer Education Bulletin includes valuable insights into other forms of insurance available in Namibia. It is a must-read for anyone who uses financial services or wants to better understand their financial protection options.
