The LeapFrog fund invests in businesses that bring insurance products to low-income and vulnerable people in Africa and Asia, and targets strong returns for investors while reaching 25 million beneficiaries.

Numerous studies have demonstrated that low-income people in developing countries are willing and able to pay for a safety net that protects their family or business, but they generally cannot access affordable and quality insurance.

Lloyds recently released a study by the Microinsurance Center, estimating a market size of between 1.5 and 3 billion policies. It notes that microinsurance already covers around 135 million people, and has an annual growth rate in excess of 10 percent, but only 5 percent of the potential market is penetrated -- a significant opportunity.

According to the Microinsurance Center study, in addition to profit there are several benefits to commercial insurers in providing and investing in microinsurance. These include a large, diversified risk pool, reputational benefits, improved relations with government, market intelligence and innovation applicable across a range of business activities.

LeapFrog Investmentswas launched by President Bill Clinton in 2008 and has raised $47 million to date from banks, funds, and microfinance and insurance investors.