The Bimalab Africa Insurtech Accelerator Program, facilitated by FSD Africa, has secured a $600,000 grant from the Swiss Re Foundation to extend its reach across the continent. The program is now expanding into five new African nations: Tanzania, Tunisia, Senegal, Zambia, Malawi, and Somalia, increasing the total to 15 countries, up from ten in 2023. Supported by the Swiss Re Foundation until 2025, BimaLab aims to accelerate 55 insurtech startups across these 15 African countries.
Initially launched in 2020 in Kenya by FSD Africa and supported by the Swiss Re Foundation since 2023, the BimaLab Africa Insurtech Accelerator Program provides practical assistance to insurtech startups focused on serving underserved and climate-vulnerable communities and businesses. By fostering an ecosystem that brings together insurance innovators, technology partners, insurance firms, investors, and regulators, the program aims to facilitate capital attraction, talent acquisition, and democratization of insurance solutions. Its primary focus is addressing critical challenges such as climate change, health disparities, gender inequalities, and barriers faced by micro, small, and medium-sized insurance enterprises.
With Africa’s protection gap—uninsured natural disaster losses—constituting 80% of total economic losses in 2022, up by 22% from 2021, there is a pressing need for customized, innovative insurance solutions to bridge this gap. The program underscores the importance of addressing natural disasters in Africa and the limited resources available to protect businesses and communities from such events.
Stefan Huber Fux, Director of the Swiss Re Foundation, emphasized the proactive role of insurance in providing a safety net for individuals and businesses affected by catastrophes like natural disasters, health crises, or economic disruptions.
Bimalab Africa aims to create an insurtech innovation ecosystem that supports the growth of insurtechs and facilitates their access to underserved markets, communities, and households across the continent. Elias Omondi, Bimalab Africa Programme Lead, highlighted that the initiative has supported 63 startups over the past four years and facilitated the establishment of three regulatory sandboxes. Additionally, investors have invested over $10 million in ten ventures, resulting in the development of 40 products that have reached over 3 million new customers across Africa.
Source: Techpoint