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Microinsurance Growth - Microinsurance Industry sees Profits from the Poor
Reuters Feature, Jakarta, published by Forbes.com, 25 June 2009
This feature explores if commercial microinsurance is possible. In 1995, Michael McCord, president of the MicroInsurance Centre who recently discussed the topic with officials at Indonesia's central bank said he developed an entirely commercial microinsurance product backed by insurer AIG ( AIG - news - people ), with a view to selling it through a microfinance institute in Uganda.
"This example showed that commercial microinsurance is possible and became the demonstration model that helped other commercial insurers recognise the low-income market as viable," he said.
"Interest in microinsurance has been exploding throughout the world," said Craig Thorburn, a senior insurance specialist at the World Bank who has developed microinsurance programmes and who advises countries on insurance market development. "New projects and proposals are being developed in more and more countries. Government policy-makers are reviewing their regulations and the microinsurance sector does not appear to have been slowed by the crisis."
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