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"Vulnerability isn't a situation — it's a risk." In this sponsored episode, Garance Wattez-Richard, CEO of AXA EssentiAL (AXA’s inclusive insurance business), sits down with Devex President and Editor-in-Chief Raj Kumar to make the case for the transformative — but overlooked — power of insurance in global development.
The AXA executive explains why protecting fragile progress in development is just as important as creating it. Her evidence? According to a recent report from Allianz, in developing economies, each percentage point increase in property and casualty insurance penetration is associated with an average rise of 5.8 points on the SDG Index, which ranks countries according to their progress on the United Nations' Sustainable Development Goals, or SDGs. Yet, insurance receives little more than a cursory mention in just one of the 169 SDG targets.
Garance’s journey — from gaining corporate buy-in to building a profitable enterprise serving over 17 million vulnerable customers — challenges conventional wisdom about market creation. Her insight that organizational pushback signals true innovation, rather than failure, resonates far beyond development circles.
The conversation cuts through the topics of both microfinance and microinsurance, revealing precisely where inclusive insurance creates value and where it falls short. As climate change intensifies global risks, her message becomes increasingly urgent.
Join Raj and Garance in this latest Book Club episode for a provocative exploration of development's blind spot — revealing how financial protection might be the missing barrier between vulnerability and disaster in our increasingly unpredictable world.
About the author
Hayley Mundeva
Hayley Mundeva is the Communications Lead at Devex, where she handles executive communications, podcast production, and other signature content. Born in Nepal and based in Rwanda, she brings communications consulting experience spanning private businesses, nonprofits, and international organizations in East Africa, Southeast Asia, and North America. She holds a master's degree in global health.
