Although the insurance sector does not yet have a certain understanding among the Malagasy people, the service offerings exist and are evolving. The strategic partnership, initiated by the BNI bank and Allianz, is proof of this. Signed on 1is last March, this collaboration focuses on the promotion of bancassurance in the Big Island. “ Bancassurance consists of the distribution of insurance products through a banking network, while offering – in the same package – services formerly provided by different, clearly demarcated institutions.», we note. Three services, including the possibility for self-employed workers to benefit from insurance each time they take out a loan, will therefore be offered from next April. While others will arrive in the coming months. In the sense that the partnership intends to offer innovative and accessible insurance solutions to businesses.
Efforts
The collaboration between the two entities aims to guarantee insurance security both for self-employed workers and for Malagasy companies. This fits with the need for dynamism that is felt in the insurance sector in the country. This, despite the government’s efforts to promote financial inclusion. Indeed, Law No. 2020-005 demonstrates the desire of the Malagasy State to strengthen the supervision of the insurance sector in the country. However, challenges remain to be met for better promotion of the sector.
José Belalahy