Scaling the Next Frontiers in Migrant Money: The Case for Insurance and Pensions
Insurance and pension plans play a crucial role in safeguarding the financial resilience of migrants and their families. The importance of these services has been magnified in the aftermath of the COVID-19 pandemic. Despite the fact that the international community has emphasized the social protection of migrants through five of the 17 Sustainable Development Goals and other international conventions, fewer than three out of every 100 migrants from low-income countries currently have access to portable social security solutions that can bolster their financial resilience.
This paper details the demand levels, the ecosystem and the institutional factors that need to be explored to realize the potential of insurance and pensions, contributing to financial resilience of migrants worldwide.