This archive report was first published on 25 November 2019.
On November 25, 2019, Kenyan insurer APA Insurance Ltd was awarded the 10th European Microfinance Award in Luxembourg. The award, presented to Apollo Group CEO Ashok Shah, has a monetary value of $110,000 (approximately Sh11 million).
The European Microfinance Award has been presented annually since 2006 by the Luxembourg Directorate for Development Cooperation and Humanitarian Affairs, the European Microfinance Platform, and the Inclusive Finance Network Luxembourg. The award recognizes innovative microfinance initiatives that improve the lives of vulnerable communities.
APA Insurance Ltd won the award for its index-based agriculture insurance, which covers yields and livestock. This innovative approach to insurance provides farmers with a safety net by linking payments to easily measurable environmental conditions, such as rainfall or vegetation levels.
According to Ashok Shah, the CEO of Apollo Group, extreme events such as droughts, floods, and climate change are occurring with greater frequency and intensity, increasing risks to health, livelihoods, food security, and economic growth.
Paulette Lenert, Luxembourg Minister for Cooperation and Humanitarian Affairs, noted that the award highlights the essential role of inclusive finance in strengthening the resilience of vulnerable communities to the effects of climate change.
Dr Werner Hoyer, President of the European Investment Bank, emphasized the importance of innovative solutions in supporting vulnerable communities in tackling the effects of climate change.
