This investment will fuel the program’s expansion into five additional African countries: Tanzania, Tunisia, Senegal, Zambia, Malawi, and Somalia.

Previously operating in 10 countries, Bimalab’s reach will now encompass 15 nations across the continent by 2025. This growth is anticipated with the continued support from the Swiss Re Foundation.

Launched in Kenya by FSD Africa in 2020, Bimalab offers practical assistance to insurtech startups.

These ventures focus on developing sustainable solutions for underserved communities and businesses particularly vulnerable to climate-related challenges.

The program fosters a collaborative environment where stakeholders like insurance innovators, technology partners, established insurance firms, investors, and regulatory bodies can work together.

“Bimalab Africa is creating an insurtech ecosystem that empowers startups to reach previously underserved markets,” said Elias Omondi, Bimalab Africa Programme Lead.

“This expansion will enable us to have a wider impact and contribute to a more resilient Africa.”