Insurance Post

Bima set to expand in Asian and Lat Am markets

Illustration of man holding the world on his shoulders with money sprouting from individual countries

Emerging markets mobile insurer Bima has raised an additional $22m (£13.2m) to support its expansion into several new markets in Africa, Asia and Latin America.

The capital was raised through funding from Bima’s three existing shareholders: emerging markets-focused investors Kinnevik and LeapFrog Investments, and Millicom, the international telecommunications and media company.

Over the next six months, Bima anticipates tapping several new markets, including Cambodia, the Philippines, and Paraguay, as well as a number of other South Asian and African economies.

Gustaf Agartson, Bima chief executive, said: "African, Asian and Latin American economies have been transformed over the past decade by soaring mobile usage and the birth of mobile money. Bima’s new capital injection, and the distinctive expertise of our shareholders, will enable us to innovate, scale, and retain our place at the forefront of this movement for years to come.”

Bima currently provides insurance products to customers in eight markets, including Ghana, Senegal, Tanzania, Mauritius, Bangladesh, Sri Lanka, and Indonesia. It recently announced its entry into Honduras. Bima’s customer base is growing at a rate of 500 000 new policyholders per month, according to a statement

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