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Micro Insurance : Axa and Grameen-Jameel signed a Memorandum of Understanding for the Middle East and North Africa regions

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AXA Mediterranean and Latin America region and Grameen-Jameel Microfinance, one of the largest private supporters to microfinance institutions in Middle East, North Africa & Turkey, have signed a Memorandum of Understanding (MoU), to jointly provide micro insurance solutions for clients in the Middle East and North Africa (MENA) region as well as in Turkey.

The objective of this partnership is to capitalize on AXA’s insurance expertise and Grameen-Jameel’s microfinance proficiency offering insurance products to microfinance clients. The MoU was signed by Jean-Laurent Granier, CEO of AXA Mediterranean and Latin American Region and Chairman and CEO of AXA Global P&C Line of business and Zaher Al Munajjed, Chairman, Grameen-Jameel Microfinance Ltd in the presence of Fady Abdul Latif Jameel, President of Abdul Latif Jameel Community Service Initiative and Grameen-Jameel Board Director.

AXA’s micro insurance products would be delivered by leveraging Grameen-Jameel’s microfinance network, proposing insurance products to their microfinance clients. By accessing protection covers against any form of casualty, working disability or unexpected events, such as floods or fires, micro- entrepreneurs and their families will be protected and able to pursue their day-to-day activities.

“We are very proud to become the first global insurance provider to develop a Micro insurance offering for MENA microfinance clients, through the network of Grameen-Jameel Microfinance Limited. As a leading insurer, our role is to protect our clients and allow them to develop their projects, their businesses and plans for their beloved one’s future”, said Jean-Laurent Granier.

He added: “It is all the more important that we support those who are more fragile and need more protection. We are very happy to launch this partnership with an experienced and respected organization such as Grameen-Jameel, in a region where we have been present for many years and in which we want to grow further.”

Zaher Al Munajjed said “Grameen-Jameel is delighted to partner with a renowned global insurer such as AXA. With over 80 million individuals living in poverty in the MENA region, the demand for micro credit and micro insurance particularly is critical to help alleviate poverty. Many microfinance clients have been left in financial ruin and with no indemnity after the unfortunate death of the breadwinner of the family. Now, micro entrepreneurs can have assurance that their families are protected and will not carry the debt burdens in the event of death.”