Inclusive insurance and risk financing in Madagascar. Snapshot and way forward 2024

Inclusive insurance and risk financing in Madagascar. Snapshot and way forward 2024

May 13, 2024

This report presents the main findings of UNDP’s inclusive insurance and risk finance country diagnostic for Madagascar. It sets out key risks, the current inclusive insurance and disaster risk finance landscape, and recommendations to advance inclusive insurance, risk finance and development.

Madagascar’s top hazards include cyclones, floods and drought. The insurance market has just four licensed insurers. Microinsurance provisions exist in law, but no guidance operationalizes the provisions. A national disaster risk financing strategy is under development and risk financing instruments have been developed.

Recommendations include creating enabling inclusive insurance regulations; conducting a fiscal gap assessment; and developing a road map for implementing the disaster risk financing strategy.