There is vast unmet demand in the worldwide market for insurance. Through its portfolio companies, the fund aims to reach 25 million low-income and vulnerable people, 15 million of them women and children. Lloyds’ Insurance in Developing Countries Report estimates the number of people who are underserved by insurance to be 1.5 to 3 billion.

LeapFrog’s $135M fund targets both financial and social returns. LeapFrog invests in businesses that extend and enhance security to the poor and financially excluded, partnering with local and international players to support down-market growth and expansion of insurance products and inclusive financial services. 

Swiss Re estimates the total microinsurance market to be potentially worth $40 billion. The potential investment opportunity for all businesses serving the population at the “base of the economic pyramid” across all industries is between $400 billion and $1 trillion according to a recent J.P. Morgan report on impact investments.