Länsförsäkringar AB, Sweden, has announced its support for the International Cooperative and Mutual Insurance Federation's (ICMIF) 5-5-5 Mutual Microinsurance Strategy in India. This support will go towards assisting the Uplift Mutuals organization (the flagship programme of Uplift India Association) with its goal of providing health mutual aid to an additional half a million low-income people over the next five years.
Länsförsäkringar AB joins ICMIF’s Canadian member The Co-operators in the growing list of member companies which are providing financial and technical assistance to the Uplift project.
Sten Dunér, CEO, Länsförsäkringar AB explains: "Länsförsäkringar AB is pleased to support the ICMIF 5-5-5 Mutual Microinsurance Strategy by providing a financial contribution of USD 500,000 over the next five years.” He continues: “We believe the Uplift project in India is key to providing meaningful and affordable health protection to low-income communities, highlighting the important role of the mutuals to serve the underserved.”
Kumar Shailabh, Executive Director, Uplift India Association, said: “We are delighted that Länsförsäkringar will be supporting our project and look forward to building a long-term and mutually beneficial relationship with the organization. The support from ICMIF members from established markets is really unique and valuable to us, the whole team feel motivated knowing that we have fellow members of ICMIF supporting us with their vast experience and mutual values.”
Speaking on behalf of ICMIF, Senior Vice-President, Sabbir Patel said: “We are very grateful to Länsförsäkringar AB for their commitment to the 5-5-5 Strategy, this once again demonstrates the support and will of established ICMIF members to help develop fellow mutuals in emerging markets. This kind of activity has been the foundation and drive of ICMIF’s Development activities since the inception of the ICMIF Development Function in 1963. We hope other members will come on-board soon so we have a comprehensive mutual to mutual solution for all the projects under the 5-5-5 Strategy.”
The 5-5-5 Mutual Microinsurance Strategy came into force with the launch of the Uplift project on 11 August 2016. The 5-5-5 Strategy aims to extend mutual microinsurance to five million low-income households over five years in India, The Philippines, Kenya, Sri Lanka and Colombia, equating to 25 million people in total.