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Microinsurance penetration set to double by 2020 to 1 billion people

The global penetration of microinsurance cover is set to double from the 500m people currently covered to more than 1 billion by 2020, according to a statement from the Microinsurance Network. Governments, insurers and reinsurers are all expected to broaden he geographic scope and range of products as they seek read the full article →

Microinsurance Catastrophe Risk Organisation (MiCRO) awarded IFC funding

The Microinsurance Catastrophe Risk Organisation (MiCRO), a specialty reinsurance organisation established to provide the backing for microinsurance products through microfinance institutions in Haiti, has received $1.96m in funding from the IFC (International Finance Corporation), a member of the World Bank Group. The award includes a $1.7 million performance-based grant and read the full article →

Kenyan cotton farmers receive payout from weather-index insurance

Here's another example of the successful application of parametric weather-index based insurance techniques in developing economies. Insurer Jubilee Insurance recently made payouts under their weather index insurance scheme to over 200 cotton farmers in Baringo County, Kenya for their losses suffered after crops failed due to a lack of measured read the full article →

Hurricane Sandy triggers Fonkoze-MiCRO weather-index microinsurance in Haiti

Hurricane Sandy will likely cause the largest payout to date for the Microinsurance Catastrophe Risk Organisation (MiCRO) in Haiti. The impact of Sandy on Haiti was severe, with around 54 deaths, 18,000+ people displaced and the micro-lending firm Fonkoze suggesting that as many as 12,000 of their customers may be read the full article →

HDFC ERGO launching new weather index insurance pilot in India

The increasing adoption of weather index insurance or parametric insurance in the developing world continues as another pilot scheme gets approval in the Indian state of Maharashtra. Insurer HDFC ERGO General Insurance has received approval from the Maharashtra government to implement a pilot microinsurance project aimed at both farmers who read the full article →

Kilimo Salama weather index microinsurance scheme expands to Rwanda

A weather index based microinsurance scheme which has been active in Kenya for more than two years is now expanding its reach to include Rwanda as well. The scheme which offers farmers a way to protect their crops against weather extremes through the use of insurance products with parametric index read the full article →

MiCRO natural disaster microinsurance facility was triggered in Haiti by Isaac

Yesterday we wrote about the impending payouts from microfinance organisation Fonkoze in Haiti who had told policyholders that they were ready to give all clients in areas hit by intense rain and wind from tropical storm Isaac a $125 payout, forgive their existing loan balance, and give them a new read the full article →

Isaac triggers Fonkoze MiCRO backed natural disaster microinsurance in Haiti

While attention is focused on the damage caused by hurricane Isaac when it ploughed into the Louisiana coastline it is easy to forget that before Isaac reached the U.S. the storm caused extensive damage in the Caribbean. The worst affected island appears to have been Haiti, which Isaac struck while read the full article →

Microinsurance and weather index insurance uptake growing rapidly

The uptake of microinsurance by low-income earners in parts of the developing world is growing rapidly according to data in the annual report of the International Labour Organisation's Micro-insurance Innovation Facility. Many types of products make up the microinsurance universe, from life and health, to property, to livestock, but one read the full article →

MiCRO signs grant agreement with Caribbean Development Bank, set to expand

The Micro Insurance Catastrophe Risk Organisation (MiCRO) has signed a grant agreement supporting their parametric catastrophe micro-insurance programme for Haiti with the Caribbean Development Bank (CDB). The CDB will be administering the multi-donor trust fund that supports the operations of MiCRO.MiCRO provides parametric insurance products which aim to protect microfinance read the full article →