Microinsurance now covering 7.8 million Filipinos
Philstar.com, 13 September 2012
According to the Insurance Commission (IC) in the Philippines, there are now 7.8 million Filipinos covered by microinsurance, which represents roughly one-third of the 27 million Filipinos classified as among the poorest in the country.
Before 2008, only 3.1 million Filipinos were protected by microinsurance. Microinsurance products were only offered as an optional benefit for the credit and savings programs of microfinance institutions.
Now, due to the concerted effort of the government, development partners and the private sector, 80 microinsurance products are offered - 54 life and 26 non-life - by a growing number of institutions: licensed insurance companies, mutual benefit associations, cooperatives and credit unions. The distribution network also expanded, with involvement of microfinance institutions (MFIs) and rural banks. All these institutions must have undergone the required license training with the IC before being allowed to sell microinsurance products.
With regard to policy, the government has drafted a national microinsurance strategy, together with a comprehensive regulatory framework and a roadmap to financial literacy.
Training: Development Finance, Microinsurance, and Microfinance for Business Development
Tata-Dhan Academy is organising a training on development finance, microinsurance and microfinance for business development, from 1 to 13 December 2012, in Madurai, India. The Academy aims at strengthening community-based development initiatives by facilitating knowledge sharing through research, training and consultancy.
As a flagship course, the Academy offers a 12-day course on community-based microfinance, microinsurance and micro enterprise for national and international microfinance practitioners, academicians, researchers, and funding organisations who facilitate community-based microfinance programme. A lot of opportunities and challenges will be debated and addressed in relation to sustainability of microfinance initiatives, particularly community based initiatives.
Theme 1: Community based Development Finance: 1-4 December 2012
Theme 2: Microinsurance: 5-8 December 2012
Theme 3: Microfinance for Business Development: 10-13 December 2012
To participate, apply online by the 10 November 2012.
Kenyan mobile service provider YuMobile goes into microinsurance
Daily News, 14 Septembre 2012
YuMobile, a Kenyan mobile service provider, has partnered with two insurance companies - Jubilee Insurance and MicroEnsure- to roll out life and disability cover to its pre-paid subscribers. The initiative of the mobile network is to enable its consumers to access insurance covers in a convenient manner, according to its country manager Madhur Taneja. Subscribers will dial *555# to access the registration and policy details. The cover becomes active once the registration is made.
YuCover is a monthly renewable cover. The subscribers are required to top up at least KES100 (EUR 0.9) airtime to be insured against loss of life and permanent disability in the next month. The value of cover depends on the amount of recharge value by the subscriber. For a KES100, the compensation value is KES10.000 (EUR 90), for KES250 (EUR 2.2) it is KES 20, 000 (EUR 180) and for KES500 (EUR4.5) it is KES40.000 (EUR362). Finally, for KES1.000 (EUR9) airtime the value of insurance will be KES60, 000 (EUR543).
YuMobile has 2.8 million subscribers and already 650, 000 consumers are already pre-qualified for the cover.
Satellite key to affordable drought insurance for African farmers
FESA Microinsurance has developed drought and excessive precipitation insurance using 30 year of Meteosat data. In 2012 the technology has reached considerable scale, insuring potentially several hundred thousands of farmers.
This is a major step towards affordable crop insurance, which will help African farmers to invest in better seed and fertilizer and in this way realise higher crop production and income.
Read press release
LIC India launches new microinsurance policy
The New Indian Express, 02 September 2012
Jeevan Deep, a new microinsurance policy, was launched by the Life Insurance Corporation of India with the idea to reach out to the economically weaker sections through the micro-policy.It is the third microinsurance, endowment assurance plan from LIC which has guaranteed additions and loyalty additions primarily targeted at the lower income groups.
The scheme offers various modes of premium payment and has death benefit, maturity benefit and auto cover facility. LIC targets to procure five lakh policies under the scheme in the current fiscal year.
Tropical Storm Isaac triggers microinsurance payout for small business owners in Haiti
Global Envision, 31 August 2012
In Haiti, insurance payouts are landing in the bank accounts of small business owners as fast as Tropical Storm Isaac landed onshore. Through a for-profit reinsurance company called MiCRO (Microinsurance Catastrophe Risk Organisation), formed in March 2011 by Mercy Corps and Haiti’s largest microfinance institution Fonkoze, female microentrepreneurs who hold policies will have their loans cancelled and receive a USD 125 payout to replace damaged inventory or repair homes or businesses.
MiCRO offers its clients a unique hybrid insurance product, or parametric policy: a set of weather-related triggers corresponding to wind speed, rainfall levels and earthquake magnitudes that offer a timely payout, combined with additional coverage to the extent that the triggers do not reflect actual losses on the ground. Fonkoze took advantage of its existing infrastructure in Haiti, including 46 branches and more than 2,000 credit centres, to implement the insurance.