OLDWICK, N.J.--(BUSINESS WIRE)--In this episode of A.M.BestTV, eight insurance organizations have teamed up to form a new microinsurance incubator aimed at bringing insurance to less-served markets. Click on http://www.ambest.com/v.asp?v=marble815 to view the video program.
Blue Marble is a consortium of eight companies, American International Group, Aspen Insurance, Guy Carpenter Company, LLC, Hamilton Insurance Group, Old Mutual, Transatlantic Reinsurance, XL Catlin and Zurich Insurance, which are working collectively to provide microinsurance to the underserved.
“Blue Marble’s consortium of companies, all have the same mission and that is to try and find viable business strategies that have long term sustainable and methods of business, which will profit the insurance sector, as well as, actually bring usable products to the currently underinsured and/or the completely uninsured,” said A.M. Best Senior Managing Director Andrea Keenan.
Swiss Reinsurance estimates that the microinsurance market has a potential to reach 4 billion people and bring in $40 billion of direct premiums written.
“We are not in this market as competitors, but in common,” said Michael McGavick, chief executive officer, XL Catlin. “Trying to create solutions for some of the people that are hardest to reach with insurance products, ones that are living in real remote and/or improvise conditions is a real opportunity for those of us in the insurance industry to make a difference.”
Blue Marble is committed to launching 10 microinsurance ventures over the next 10 years, with the first one expected to be announced in November.
Other people who appear in this episode include:
- Joan Lamm-Tennant, global chief economist and risk strategist, Guy Carpenter Company, LLC;
- Brian Duperreault, chief executive officer, Hamilton Insurance Group;
- Mario Vitale, chief executive officer, Aspen Insurance, and
- Michael Kerner, chief executive officer, General Insurance.
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- Captive Regulators Worry About Other Regulators: The second day of the annual Vermont Captive Insurance Association Conference, regulators say mounting layers of regulation are making it more difficult for them to oversee their own captive domiciles: http://www.ambest.com/v.asp?v=vcia2815.
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