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Microinsurance client value information available in a matrix format

Client Value MatrixThe MILK project, a three-year initiative of the MicroInsurance Centre that focuses on better understanding client value and the business case in microinsurance through data and research, has completed a landscape review of existing research related to client value. The findings have been aggregated in a matrix, which summarises findings by type of value and type of product.

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Filipino pilot microinsurance project for crop protection is initiated with GIZ

PhilStar, 20 Demember 2011

The adoption of the area-based yield insurance (ARBY) scheme for crop insurance could result in huge savings for the government amounting to millions of pesos. The ARBY is an index-based crop insurance, classified as microinsurance and the German International Cooperation (GIZ) introduced the product with the help of the government-run Philippine Crop Insurance Corp. (PCIC).

Crop insurance is designed to protect farmers from below-average yield, regardless of cause. The importance of insurance protect has been magnified by the worsening conditions of climate change. The PCIC is the only insurer of crop damage, for small farmers. Its existing product for rice is called multi-peril, which has a coverage of PHP 10,000 per hectare with premiums worth roughly PHP 900 per hectare.

Of the total premium, government through the PCIC subsidises PHP 600 while the farmer accounts for PHP 300. With the ARBY, the coverage remains at PHP 10,000 per hectare but with a higher premium of P400 exclusively accounted for by the farmer. In its pilot test for ARBY in the Leyte province, 500 farmers for irrigated land were involved. That could be translated into savings of PHP 300,000 for the PCIC in terms of government subsidies.

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Munich Re and MicroEnsure collaborate in a climate change-driven microinsurance initiative

Insurance Insight, 5 December 2011

Munich Re has teamed up with the Caribbean Catastrophe Risk Insurance Facility and specialist microinsurance broker MicroEnsure to develop insurance solutions in developing countries vulnerable to climate change.

The objective is to protect small farmers and day labourers from losing their livelihoods due to the impact of a hurricane or a flood by offering microinsurance and other risk transfer solutions linked with disaster risk reduction and risk management.

The project has received a EUR 2 million funding boost from the German Federal Ministry for the Environment. Developing countries located in disaster-prone regions are particularly hard hit by the consequences of global climate change. The initiative will start in the Caribbean but aims to expand into other areas in the long term.

The organisations will operate under the umbrella of the Munich Climate Insurance Initiative and aims to develop and market up to three different insurance products in the region over the next three years.

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