A group of leading companies in the insurance industry announced that they have established a micro insurance consortium and micro insurance venture incubator (MVI) committed to launching 10 micro insurance ventures over the next 10 years to deliver solutions that address the risk management needs of the underserved.

The consortium includes American International Group, Aspen Insurance Holdings, Catlin Group Limited, Guy Carpenter & Co., Marsh & McLennan Companies., Hamilton Insurance Group, Transatlantic Reinsurance, XL Group and Zurich Insurance Group.

The MVI was formed to create markets that deliver risk protection to the underserved in developing countries. It will create technology-enabled platforms, achieve sustainability through adequate levels of profitability and advance the role of insurance in society, according to the companies.

The MVI’s strategy and operational model stem from a shared vision of the importance of micro insurance in emerging markets and a collaborative approach to innovation that benefits the marketplace and the industry. Serving as an innovation incubator, the MVI will support the launch and operations of a portfolio of micro insurance ventures worldwide.

“The ability to manage and finance risk is important to the development of a society,” said Alexander Moczarski, president and CEO of Guy Carpenter and chairman of Marsh & McLennan. “As an industry, we have a responsibility to be socially relevant. The gap between economic and insured losses continues to be an impediment to the emergence of societies. The establishment of the MVI demonstrates our commitment to advance the relevance of insurance in society by addressing the risk needs of the underserved.”

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