The Bimalab Africa Insurtech Accelerator Program, a key initiative driving innovation in African insurance, has received a significant boost with a $600,000 grant from the Swiss Re Foundation. This funding will enable the program to expand its reach to five new countries, including Tanzania, Tunisia, Senegal, Zambia, Malawi, and Somalia.
Launched in 2020, Bimalab Africa aims to bridge the continent’s significant protection gap, where a staggering 80% of economic losses due to natural disasters remain uninsured. By fostering an ecosystem that connects insurtech startups, investors, insurers, and regulators, the program empowers innovators to develop and scale innovative insurance solutions that address critical challenges such as climate change, health disparities, and the specific needs of underserved communities.
With the support of the Swiss Re Foundation, Bimalab Africa will now accelerate 55 insurtechs across 15 African countries, building upon its successful track record of supporting 63 startups and facilitating the development of three regulatory sandboxes. This expansion will significantly enhance the program’s impact, fostering a more inclusive and resilient insurance sector across the continent.
