Home Igloo (Axinan Pte Ltd) Igloo (Axinan Pte Ltd) In brief Igloo is an InsurTech, established in 2016 as Axinan Pte Ltd, with a mission to provide “Insurance for All” by making insurance accessible through technology. Igloo provides non-life microinsurance products to customers across Southeast Asia, with Indonesia, Vietnam and the Philippines as the key target markets. Tech platform allows tapping into an underserved market that is difficult for traditional insurance companies to address. Igloo has processed over 250 million policies, with an average policy size of 20 US cents. Low insurance penetration and high mobile penetration in the region allow the potential for GWP growth. Main development impact Microinsurance is designed for low-income people, with premiums and benefits matching their needs. Microinsurance provides a critical safety net for households, preventing them from falling into poverty by avoiding the damaging costs of emergencies. Approximately 1/3 of Igloo’s customers are the base of the pyramid population. The investment is also a climate adaptation project. Igloo is increasing farmers’ resilience through its agri insurance against weather-related calamities. The investment is eligible for the 2X Challenge under the consumption criteria. Igloo has products/partnerships that are specifically targeting women. Investment details Name: Igloo (Axinan Pte Ltd) Project number: 80000400 Region: Asia Country: Asia Sector: Financial institution Signing date (month/year): November 2022 Currency: USD Finnfund's financing (commitment): 6,000,000 Instrument: Equity Size of the project financing: USD 27,000,000 Share of Finnfund's financing (%): 22 % Status: Active Please note, that in principle, this information is given at the time of signature according to Finnfund's disclosure policy. However, in the case of investment funds, the share of Finnfund’s financing (%) is disclosed after the fund’s final closing, and information on the portfolio companies financed by the fund is updated at least once a year.November Read our transparency and disclosure policy More information: Ajankohtaista ja julkaisut Nykyiset investoinnit Toimialat Yhteystiedot Key facts Name: Igloo (Axinan Pte Ltd) Sector: Financial institution Region: Asia Country: Asia Currency: USD Finnfund's financing (commitment): 6,000,000 Signing date (month/year): November 2022 Last update: December 2022