Microinsurance receives $30m boost in India
by David Masters
Story link: Microinsurance receives $30m boost in India
India’s microinsurance sector is set to receive a $30 million injection.
Edinburgh-based LeapFrog this week announced plans to invest the money in Indian insurance and financial services firms to boost growth in the country’s microinsurance market.
The money comes from a total fund of over $110 million that LeapFrog has raised to invest in microinsurance businesses across Asia and Africa.
Microinsurance allows low income people to purchase home, life and health insurance.
Leapfrog aims to deliver strong returns for investors while providing affordable insurance to over 25 million people in Indian, the Philippines, South Africa, Kenya, and Ghana.
Investors in Leapfrog include IFC, the Soros Economic Development Fund, and Flagstone Reinsurance.
“We are delighted to join a group of visionary investors backing the LeapFrog team to build high-growth companies,” said Stewart Paperin, President of the Soros Economic Development Fund.