Officials, insurers, and technology experts from across Africa gathered in Lomé on Wednesday for the 11th Regional Conference on Inclusive Insurance, focusing on expanding coverage for low-income households and informal sector workers, organizers said Friday.
The three-day conference aims to develop practical solutions for populations often excluded from traditional social protection schemes, including rural communities, smallholder farmers, and informal economy participants.
“Inclusive insurance is key to strengthening resilience and enabling financial inclusion,” said a conference organizer. “It allows households to access essential services such as savings and credit while protecting against economic shocks.”
Insurers emphasized the importance of designing products suited to African realities, including frequent health crises, insecurity, and recurring economic disruptions. Participants noted that accessible, affordable insurance could reduce vulnerability, increase household stability, and support economic activity, particularly in agriculture and informal trade.
Microinsurance as a tool for inclusion
A key focus of the meeting is microinsurance, which uses simplified, low-cost products to serve populations with limited formal financial access. By leveraging mobile money platforms, microinsurance enables wider reach and flexibility for rural and low-income households.
Experts said inclusive insurance also contributes to broader financial inclusion by linking insurance users to other financial services, including savings accounts, loans, and remittances, creating pathways for long-term economic empowerment.
“Expanding insurance coverage for vulnerable populations is not only a social imperative but also an economic one,” said an industry representative. “It strengthens resilience and helps households and businesses recover faster from shocks.”
Togo has emerged as a leader in the sector, particularly through its Universal Health Insurance programme (AMU), launched in January 2024. The country’s experience is being highlighted as a model for integrating inclusive insurance into national social protection frameworks.
A platform for innovation and collaboration
The Lomé conference brings together governments, private insurers, and technology firms to exchange ideas, showcase innovations, and identify scalable solutions for inclusive insurance. Discussions have included ways to improve product design, reduce costs, enhance digital distribution, and strengthen regulatory frameworks.
Participants also highlighted the potential of inclusive insurance to stimulate economic activity. By providing a safety net, insurance can encourage investment in small businesses, farming, and informal trade, sectors that often face high exposure to risk.
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The conference is expected to lead to the rollout of new microinsurance products targeting low-income households across the region, expanding both social protection and economic opportunities. Insurers and regulators emphasized that collaboration and public-private partnerships will be critical to ensuring sustainability and reach.
Regional and continental significance
Inclusive insurance is increasingly recognized as a strategic tool for African development. The African Insurance Organisation and regional regulators have promoted it as a way to mitigate poverty, improve household resilience, and enhance economic stability.
By hosting the conference, Togo aims to position itself as a hub for innovation in inclusive financial services, building on progress in health coverage and other social protection initiatives. The meeting also provides a forum for sharing best practices and learning from successful models across the continent.
“This conference strengthens the commitment of African insurers to ensure that no household is left behind,” said a regional policy advisor.
The three-day Lomé gathering concludes Friday, with industry participants expected to adopt strategies for expanding microinsurance and inclusive coverage in low-income and rural communities across Africa.
