The Bimalab Africa Insurtech Accelerator Program, spearheaded by FSD Africa, has received a significant boost with a $600,000 injection from the Swiss Re Foundation. This infusion of funds aims to propel the program’s expansion across Africa, extending its reach to five additional countries: Tanzania, Tunisia, Senegal, Zambia, Malawi, and Somalia. This expansion increases the program’s coverage to a total of 15 African nations, up from the initial ten in 2023.
Supported by the Swiss Re Foundation until 2025, the BimaLab initiative is poised to accelerate 55 insurtechs across these 15 African countries, marking a significant milestone in its mission to foster innovation in the insurance sector on the continent.
Established in 2020 in Kenya by FSD Africa and backed by the Swiss Re Foundation since 2023, the BimaLab Africa Insurtech Accelerator Programme provides tangible support to insurtech startups. These startups play a pivotal role in catering to underserved and climate-vulnerable communities and businesses.
The program operates within an ecosystem comprising insurance innovators, technology partners, insurance firms, investors, and regulators. Its objective is to facilitate access to capital, attract talent, and democratize insurance solutions, thereby addressing critical challenges such as climate change, health disparities, and gender inequality.
One of the pressing issues that the program seeks to tackle is the significant protection gap evident in Africa. As of 2022, 80% of total economic losses on the continent stem from uninsured natural disasters, representing a 22% increase from the previous year. This glaring discrepancy underscores the urgent need for innovative insurance solutions to safeguard businesses and communities against such risks.
Stefan Huber Fux, Director of the Swiss Re Foundation, emphasized the proactive role of insurance as a safety net for individuals and businesses in the face of catastrophes like natural disasters, health crises, or economic disruptions. By creating an insurtech innovation ecosystem, Bimalab Africa aims to support the growth of insurtechs and facilitate their penetration into underserved markets, communities, and households across the continent.
The expansion of the Bimalab Africa Insurtech Accelerator Program marks a significant stride towards bridging the insurance gap in Africa and promoting resilience in the face of emerging challenges. As the program continues to evolve, it is poised to catalyze transformative change within the insurance landscape, ultimately benefiting millions across the continent.
