Microinsurance news

Seeking to regulate the growing microinsurance markets is a growing trend in the developing world. After the initial pilot schemes, run by NGO’s and governmental organisations have ended countries are finding they are often left with a system which has not got proper regulation in place.

Ghana looks likely to be another country who will adopt the usage of index-based weather insurance as a way to help their farmers cope with the vagaries and extremes of weather faced by the west African nation. The country is seeking to boost its food security and with the help of the World Bank, who […]

The Financial Times carries an article written by Robert Zoellick, the current President of the World Bank which looks at soaring world food prices and the impact on poorer, developing nations. The article titled Free markets can still feed the world details some ‘practical and interconnected’ steps that Zoellick says can help the G20 nations […]

An interagency committee in the Philippines has approved a set of draft standards for how microinsurance products should be marketed and sold as well as a draft for a standardised product structure. The draft now has to be passed on to their Insurance Commission for approval which could happen by the end of this month.

Guy Carpenter have published a report looking at the devastating floods which have affected China this year. It was one of the worst flooding seasons since 1998 for China yet despite huge economic losses, insured losses will be low due to the extremely low penetration of insurance in China.

Swiss Re have published their latest Sigma study on the subject of the microinsurance market and its potential to provide insurance cover for up to 4 billion people around the world. The microinsurance market is growing but still remains an area of huge potential growth as it currently focuses on few classes of risk and […]

The agreements signed at the recent Cancun United Nations Framework Convention on Climate Change summit show that insurance and climate risk transfer were high on the agenda at the conference. Many representatives from the re/insurance and risk modelling world were present and promoting the various methods that could be used to create a re/insurance facility.

China Life has received the regulatory approval to expand its microinsurance pilot to five more Chinese provinces. They say they want to achieve US$38m in microinsurance premium income in 2010. The microinsurance pilot can now be operated in Jiangsu, Zhejiang, Hunan, Xinjiang and Tibet, according to the China Insurance Regulatory Commission.

The U.N World Food Programme (WFP) and Oxfam have announced a new scheme which aims to help poor rural people protect their crops and livelihood from the impact of climate change. The announcement was made in Cancun at the ongoing climate change meetings.

ICICI Lombard has got the go ahead to expand the reach of its index-based crop weather insurance program for farmers in India. The insurer has been given the mandate to provide weather based crop insurance for the 2010-2011 Rabi season (one of the two crop cultivation seasons in India) to eight new states; Madhya Pradesh, […]