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International insurance groups promote microinsurance

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A group of prominent insurers, reinsurers and brokers on Thursday said it has established a consortium to promote microinsurance ventures in developing countries.

The group has formed a Bermuda-based microinsurance venture incubator “to create markets that deliver risk protection to the underserved in developing countries,” the group said in a statement issued during the World Economic Forum in Davos, Switzerland. “The MVI will innovate technology-enabled platforms, achieve sustainability through adequate levels of profitability and advance the role of insurance in society.”

The consortium added that the incubator is committed to launching 10 microinsurance ventures in areas such as Latin America, Africa and the emerging Asia over the next 10 years, with the initial venture to be launched this year.

The consortium's members are American International Group Inc., Aspen Insurance Holdings Ltd., Catlin Group Ltd., Guy Carpenter & Co. L.L.C. together with Marsh & McLennan Cos. Inc., Hamilton Insurance Group Ltd., Transatlantic Reinsurance Co., X.L. Group P.L.C. and Zurich Insurance Group Ltd.