23 September 2014 Insurance

AXA and IFC partner to boost emerging markets coverage

AXA has partnered with the International Finance Corporation (IFC), a member of the World Bank Group, to boost insurance coverage and capacity and improve safety in emerging markets.

The five main areas of cooperation: investing in the insurance industry through co-investments or acquisitions, increasing insurance coverage for women, improving road safety, infrastructure development and responsible investing& access to insurance.

This partnership is the first of its kind and aims at boosting the ability of the insurance sector to further play its repair, protection and prevention roles in the emerging world.

“Insurance is vital for managing risks and helping to promote growth and foster a well-managed economy in developing countries. Partnering with a global insurance leader like AXA will help us catalyse the positive developmental role of insurance, which will ultimately contribute to eradicating poverty and boosting shared prosperity,” said Dimitris Tsitsiragos, IFC vice president.

Denis Duverne, deputy chief executive officer of the AXA Group, added: “There is a significant demand for financial services in emerging countries as people want to achieve security for their families and businesses, and relative to other sub-segments of the financial sector, the insurance industry remains underdeveloped. One of the key pillars of our strategic plan Ambition AXA is the acceleration of our activities in these high-growth markets, and we are very enthusiastic to be working with the IFC to contribute to developing insurance coverage and capacity.”

With growth naturally comes risk, and it is the role of our industry to understand, mitigate and share this risk in order to both better protect society at large as well as foster growth. We are convinced that a public-private partnership of this nature, that brings together such complementary experience and areas of expertise, will strongly contribute to fulfilling this role. We are very proud to partner with such a renowned organisation as the IFC.”

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