Extending mutual microinsurance to 5 million uninsured households in five countries over five years.

Project partners

Amãna Takaful PLC (ATL) is a mutual protection and joint guarantee insurance company, dedicated to provide clients with up-to-date, competitively superior financial solutions.

Since inception in 1999, ATL has been the recognized as the flag bearer of the Takaful way of insurance in Sri Lanka, with an island wide network of 27 branches. It has been successful in establishing a strong position for the concept of Takaful which established conventional players now try to emulate.

Listed in the Colombo Stock Exchange since 2006, ATL it is also one of the few ISO-certified insurance providers in Sri Lanka. ATL continuously reaches out to customers from all segments of society and offers innovative and state-of-the-art insurance products that are convenient, affordable and reliable.

As opposed to the conventional approach of risk transfers in insurance, the Takaful concept is based on the principles of mutual well-being.

The distinguishing feature of the concept is that it not only benefits claimants, but also provides protection and benefits for non-claimant policyholders. Non-claimant policyholders receive a proportionate share of the SURPLUS from the risk fund at the end of a defined period.

Amana Takaful Life (ATL Life), a subsidiary of ATL recently offered the general public an IPO which was oversubscribed on its opening day, demonstrating strong investor confidence in the company. With the listing, ATL Life became the first publicly quoted life insurer in Sri Lanka, following the mandatory segregation of Life and General insurance companies, in compliance with Insurance Board of Sri Lanka’s (IBSL’s) Regulation of Insurance Industry (Amendment) Act, No. 3 of 2011.

It is also commendable that the overseas branch operation in the Republic of Maldives since 2005 was incorporated as a free-standing PLC listed on the Maldivian Stock Exchange in 2011.

As part of its commitment to remain ‘open to all’, ALT serves all communities and employs a multi-ethnic team across its network.

For more than three decades, CIC Insurance Group has dependably shouldered the risks of the Kenyan people by providing insurance services that help plan for life stage needs.

Besides giving customers peace of mind, CIC continuously works towards living up to their commitment to safeguard the interests of individuals and businesses by paying claims promptly. CIC’s consistent adherence to their motto “We Keep Our Word” has made them the fastest growing insurance company in Kenya and the fifth largest insurer by market share.

A streak of product innovations such as M-Bima, a mobile phone based insurance premium remittance platform, has seen the Group emerge as a leading provider of microinsurance in Kenya.

The first and only insurance company of its kind in Sri Lanka, the Cooperative Insurance Company Ltd (CICL) is a true people's champion. Hailed as an inspiration and a blessing, this “people's insurer” plays a vital role in empowering and transforming the Sri Lankan insurance service sector.

A business that literally depends on cooperation among people, CICL operates with the aim of protecting and enriching the lives of their customers in the areas of agriculture, fisheries, purchasing, credit, travel, housing, welfare, and medical care. CICL help people to understand the true value behind the concept of ''unity is strength'', using the mutual concept to bring stability and support into people's lives.

COOPLIFE is a subsidiary of CICL and was first formed in January 2015.

Development of Humane Action (DHAN) Foundation is a professional development organization, first initiated in 1997. It brings highly motivated, educated young women and men to the development sector, to make new innovations in development and root out poverty from the country. The Foundation works to make significant changes in the livelihoods of the poor through innovative themes and institutions. The Foundation works with about 1.4 million households from poor and vulnerable sections of the community across 14 states of India.

Risk management is one of the key interventions for ensuring sustainable livelihoods. DHAN Foundation has developed a successful holistic model of community-based mutual insurance to manage life, health, livestock and crop risks.

ICMIF/Americas is the Americas' regional association of ICMIF. In the Americas region, ICMIF/Americas represents 70 cooperative and mutual insurers in 20 countries throughout North, Central and South America and the Caribbean with over USD 24.6 billion in premium income. Collectively ICMIF members in the Americas region represent over 1,500 mutual and cooperative insurers.

Microinsurance MBA Association of the Philippines, Inc. also known as RIMANSI was established in 2005 to help professionalize the management of mutual benefit associations (MBAs) and microinsurance services that provide affordable, comprehensive, and quality risk protection to millions of poor people in Asia and the Pacific.

Towards this purpose, RIMANSI provides assistance in developing risk management solutions to member-owned microinsurers, especially MBAs, strengthening their capacity in providing risk protection services to the poor on a sustainable basis. RIMANSI advocates for a policy environment conducive to microinsurance development. RIMANSI also engages in research and development activities in collaboration with varied think-tanks, regulators, and practitioners to further contribute to the microinsurance industry in the Philippines.

For the past ten years, it has been in the forefront of providing business development support services to rural development finance organizations to promote universal risk protection for the vulnerable sectors of the society.

Sanasa Insurance Company Ltd (SICL) is a service support organization, established to protect members of Sanasa societies and other community-based organizations in Sri Lanka.

SICL operates in all areas in Sri Lanka, including the Northern and Eastern provinces that are now cleared from war situations. In combination with the cooperative network of a large number of Sanasa societies located across Sri Lanka, SICL has great potential and capacity to look after the risk management aspects of the rural masses of Sri Lanka. Hence, SICL mainly focuses on providing microinsurance services to members of Sanasa societies, the majority of which are located mainly in rural areas.

Founded in 2008 and licensed in March 2011 by the Insurance Regulatory Authority (IRA), Takaful Insurance of Africa Limited (TIA) is a dynamic insurance company responsible for pioneering the Takaful concept, a new and ethical perspective to the insurance industry in Kenya and the region.

Uplift Mutuals is the flagship programme of Uplift India Association and brings mutual aid solutions to low-income families on the twin principles of mutuality, solidarity and collective responsibility. Born out of the health protection needs of self-help group women in 2003, the Uplift mutual model covers over 200,000 lives in India. It is a one-of-a-kind programme where low-income families share and manage their own health risks in a systematic way similar to how insurance works. The mutual model developed by Uplift is suited for self-help groups, cooperatives and any community that wishes to come together to share, own and manage its risks.