FSD Africa has launched a new $30 million fund to invest in the insurtech sector, accelerate insurance innovation and close the continent’s protection gap.
The Inclusive Insurtech Investment Fund (3iF), is targeting early-stage insurtech startups that expand insurance access, affordability, and awareness – particularly in climate resilience, health, and financial inclusion among underserved populations.
According to Kelvin Massingham, Director, Adaptation and Resilience, FSD Africa,“The launch of the 3i Fund opens an exciting new chapter for insurance innovation in Africa. By investing in the next generation of insurtech pioneers, we are unlocking opportunities to expand access, affordability, and resilience for millions across the continent. Our goal is to empower visionary startups to transform how insurance works for everyone—driving inclusive growth, climate resilience, and financial security for Africa’s future.”.
3iF aims to bridge the financing gap that prevents promising tech-enabled solutions from scaling and addressing Africa’s substantial insurance protection gap. 3iF will build on the BimaLab Accelerator Programme, which has supported over 135 startups in 28 countries to date,and will launch in January 2026.
Africa faces a major protection gap, with insurance penetration below 3% in most countries. This leaves individuals, small businesses, and vulnerable communities exposed to risks they cannot recover from quickly. Around 80% of economic losses from natural disasters went uninsured in 2022, up from 58% in 2021.
Launched in Kenya in July 2020 by the IRA and FSD Africa, the BimaLab Accelerator Programme has become Africa’s leading insurance innovation platform. It aims to harness technology innovations that increase insurance penetration among low-income and underserved communities and is a key component of FSD Africa’s mission to build resilient, inclusive financial markets across the continent of Africa.
BimaLab was created to foster innovation and accelerate the development of insurtech product development and distribution, helping startups to scale and develop market-ready solutions, and supporting regulatory engagement and inclusivity throughout the insurance sector.
“Our vision when we launched in 2019 was to insure 1 billion people across the continent, and already, with BimaLab’s ongoing support, we have successfully expanded to Uganda, Nigeria and Ghana, and are now insuring over 1 million customers and processing over 20,000 claims. We are proof that this programme really works.” said Ted Pantone, CEO and Co-founder of Turaco, a Kenyan micro-insurance company showcasing its innovative insurance products at the Summit.
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