Bimalab Africa Receives $600K Boost to Expand Into 5 More African Nations

The Bimalab Africa Insurtech Accelerator Program just got a big boost. The Swiss Re Foundation is giving them $600,000 to expand their work across the continent.

Now, the program will reach even more places. It’s adding five new African countries: Tanzania, Tunisia, Senegal, Zambia, Malawi, and Somalia. This means they’ll be helping insurtech startups in a total of 15 countries, up from 10 last year.

Thanks to the support from the Swiss Re Foundation, the program will keep going strong until 2025. Their goal is to help 55 insurtechs grow and succeed in these 15 African countries.

Since 2020, the BimaLab Africa Insurtech Accelerator Program, started by FSD Africa in Kenya, has been helping insurtech startups. 

With support from the Swiss Re Foundation since 2023, they’ve been giving practical help to startups that serve communities and businesses that often don’t have access to insurance.

Their program brings together innovators, tech partners, insurance companies, investors, and regulators. This helps startups get funding, find talent, and make insurance solutions available to more people.

One big reason for this initiative is the huge gap in insurance coverage in Africa. In 2022, 80% of losses from natural disasters weren’t covered by insurance. It shows how important it is to have insurance that fits the needs of African businesses and communities.

Stefan Huber Fux, the Director of the Swiss Re Foundation, pointed out that insurance can be a lifeline when disasters strike. It helps individuals and businesses bounce back from things like natural disasters, sickness, or economic problems.

Bimalab Africa is building a supportive environment for insurtechs to grow. Elias Omondi, who leads the Bimalab Africa Program, says they’ve already helped 63 startups and set up three regulatory sandboxes.

Their work has attracted investors too. They’ve raised over $10 million for 10 ventures, and those ventures have created products that reach over 3 million new customers in Africa. It’s a big step toward making insurance more accessible across the continent.