Microinsurance Catastrophe Risk Organisation

MiCRO, the Microinsurance Catastrophe Risk Organisation, an index-based and parametric insurance company established in Barbados and founded by Fonkoze and Mercy Corps with the support of Swiss Re, has made payouts in two countries following the extreme rainfall caused by tropical storm Amanda earlier this season.

The Microinsurance Catastrophe Risk Organisation (MiCRO), a Barbados based reinsurance company that leverages the capital efficiency of the international reinsurance market alongside donor capital, has launched a novel index-linked business interruption policy.

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 $260,000 in technical assistance from […]

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 eligible for a payout under […]

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 loan when they require it. […]

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 a strong tropical storm bringing […]

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.

Reinsurer Swiss Re and it’s member colleagues of the Microinsurance Catastrophe Risk Organisation (MiCRO) are to develop a parametric microinsurance policy aimed at women entrepreneurs in Haiti. The scheme will offer a way to enable Haitian women struck by cholera with a rapid insurance payment for income lost by their businesses due to their illness. […]

Fonkoze, a lender of micro-loans to small businessmen and farmers in Haiti, have now paid out over $1m in damages to its 3,800 borrowers after heavy rainfall triggered the Microinsurance Catastrophe Risk Organization (MiCRO) policies that they provide along with their loans, according to Microfinance Focus.

Business News Americas report here that a Swiss Re representative has declared that they will seek to replicate the Microinsurance Catastrophe Risk Organisation (MiCRO) to provide cover across several Caribbean and Latin American countries in the coming months.