LeapFrog plans $30 mn investment in Indian insurance companies

NEW DELHI - LeapFrog Investments, the world’s first micro-insurance fund, Monday said it plans to invest $30 million in Indian insurance and financial services companies which have strong distribution platforms.

Micro-insurance insures people in low-income group who are not served by usual insurance schemes.

LeapFrog Investments said in a statement that it plans to make individual investments of $5 million-$15 million over the next four years.

The money will come from the $110 million that LeapFrog Investments has raised to invest in businesses delivering affordable insurance in Asia and Africa.

The fund will partner with local insurance companies, microinsurers and businesses with significant distribution platforms that reach the mass market. The distribution partners could include banks, retail stores, mobile phone networks, microfinance institutions, religious institutions or any company with a broad network, the statement said.

LeapFrog aims at reaching 25 million vulnerable people in Africa and Asia with quality insurance protecting their lives, families, property, and businesses.