The product targets the country's emigrants in Spain, where a large number of Bolivians live and where BancoSol has a branch, the paper reported. The insurance pays lump sum benefits in the case of death, as well as covering repatriation costs and school costs.

Zurich Boliviana de Seguros is offering four options for this product, with annual costs of US$57, US$86 and US$100, according to the paper, which did not provide the cost for the most expensive option. BancoSol is the country's largest microfinance bank in terms of clients, serving some 115,542 customers as of end-March, according to Bolivia's microfinance institution association Asofin.

Source: Business News Americas

Article in Spanish

Insurance operators in Africa and around the globe are hitting the nail hard on the head at this year’s 36th African Insurance Organisation going on in Tanzania to identify how best insurance services can be handy for the continent populace, Patience Saghana reports from Tanzania.

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The Cooperative Insurance Company (CIC) has introduced a range of products targeting low income earners in the society, the managing director has said. Mr Nelson Kuria said the organisation has developed micro-insurance packages like the ‘Bima ya Jamii’, which has a funeral cover, medical insurance and personal accidents.

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IN CELEBRATION of its 10th anniversary this May, P. Lhuillier Insurance Agency (PLIA) is re-branding itself to Cebuana Lhuillier Insurance Solutions (CLIS).

With its re-branding, CLIS aspires to contribute to nation-building by providing quality insurance protection to the Filipino masses at very affordable premiums.

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United Nations Secretary-General, 18 May 2009

Click here to read the text of UN Secretary-General Ban Ki-moon's opening remarks at a ceremony launching the Global Assessment Report on Disaster Risk Reduction in Bahrain on 17 May 2009.

Microinsurance Flood Protection Card KPSSM by Asuransi Wahana Tata and Munich Re

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Munich Re, the world’s largest reinsurer, has launched the world’s first microinsurance flood cover in Jakarta, targeting millions of poor people living in 24 regularly inundated districts of the Indonesian capital.

The group, which is working with insurer Asuransi Wahana Tata and GTZ, the German government’s international development agency, says the year-long pilot project is primarily a corporate social responsibility scheme.

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SDT, the insurance software specialist in the JSE-listed SilverBridge group, has added The Best Funeral Society to its growing list of Exergy customers, in a deal worth R2.9 million.

The Best Funeral Society is part of the Hollard Insurance Group and operates independently as a provider of tailor-made funeral package benefits, white label membership and comprehensive claims administration services to insurers, unions, companies, major retailers, undertakers and affinity groups such as churches, burial societies and stokvels.

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Max New York Life Insurance is looking to introduce universal life insurance policies in India.
Rajesh Sud, chief executive officer and managing director, Max New York Life Insurance, said the company was planning to launch a universal life policy, a first-of-its-kind in India, and a health insurance product in this financial year.

Max New York Life recently introduced Max Vijay, an insurance product aimed at rural masses, on the lines of universal policies, as it comes with flexible premium amounts with an element of savings.

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Distribution is by far the greatest retarding factor in the growth of micro insurance in India as well as most developing countries, says Mr Mosleh Uddin Ahmed, CEO of the UK-based Microinsurance Research Centre.

He was one of participants at the training programme on ‘Scaling up Micro Insurance in Developing Countries’, conducted by IFMR’s Centre for Risk Management and Insurance in collaboration with Wharton School, University of Pennsylvania.

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Donewell Life Company Limited (DLCL) last week held a mini-launch of the “Edwadifuo Ahobanbo Plan”, a micro-insurance product for traders at Okaishie in Accra Central.

The Edwadifuo Ahobanbo Plan is an investment-linked life insurance policy plus a susu scheme specifically designed for traders, market sellers, spare parts dealers, and itinerant-sales persons to help them plan their life-time security.

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