Features
Improving the financial resilience of migrant workers
Migrant workers are heavily dependent on remittance service providers to send wages back home, not only to provide their families with money towards food and healthcare, but education as well. However, when a migrant suffers an illness or injury which leaves them unable to work, the lack of remittances means families are left vulnerable and at risk of poverty.
To help build resilience of both remittance senders and receivers, migrant workers need access to a financial safety net. Could migrant insurance products prove a win-win solution for all?
The importance of affordable and value-add microinsurance
Each year, around 100 million people are pushed into poverty due to unforeseen financial expenses. One solution to overcoming this cycle is through insurance – in particular Life and Health. However, despite the benefits such insurance brings, without any form of tangible benefits outside of the claims cycle, insurance uptake in low- and middle-income countries remains poor.
So, what can insurers – particularly those offering microinsurance – do to change this perception of the industry, and ultimately help those in LMICs build a level of financial resilience?
Although Mexico has been a relative pioneer in the development of a regulatory framework for microinsurance, insurance penetration remains low and with the majority of the workforce employed in the informal sector, this presents many challenges but also significant opportunities for the development of inclusive insurance.
For further insights on the inclusive insurance landscape in Mexico, dig into our latest country briefing note. Our monthly country reports are available to download free of charge for members but also for non-members to purchase on our website.
MiN, Members & Partners: Events
- International Conference on Inclusive Insurance 2022: 24-28 October 2022 | Kingston, Jamaica |Registration open
- MiN & IDF: Philippines Country Workshop – “Nature-positive insurance: the upside for people, planet and business” | Monday, 26 September, 09:00-11:00 CEST (15:00-17:00 PST) | Register now
- MiN & IDF: Kenya Country Workshop – “Inclusive Insurance in Kenya” | Hybrid event | Wednesday, 28 September, 08:30-17:00 CEST (09:30-18:00 EAT) | Register now
- MiN Expert Forum: Smart layering to enable inclusive climate risk management | Tuesday, 4 October, 15:00-16:15 CEST | Register now (members only)
- A2ii, IAIS & UNCDF: Regulatory challenges and supervisory demands in facilitating remittance-linked insurance | Thursday, 29 September, 14:00-15:15 CEST
- Building Bridges | 3-6 October in Geneva, Switzerland | Register now
- e-MFP: Launch of the Financial Inclusion Compass 2022 | Wednesday, 5 October, 10:00-11:00 CEST | Register for webinar
- IFAD & InsuResilience: LIVE TALK – Gender-smart climate and disaster risk investing and grant making – From principles to practice | watch webinar replay
- IFAD & MIC at Milliman: LIVE TALK – Putting the customer front and centre: practical tools for developing customer-centric inclusive insurance for smallholder farmers | watch webinar replay
- ILO’s Impact Insurance Facility: Putting the S in ESG | Register to watch recording
- Inclusive microinsurance in Ecuador | watch event recording (in Spanish – LinkedIn sign-in required)
MiN, Members & Partners: News, Blogs, Jobs & Resources
- MiN: Inclusive insurance in Mexico | download now
- MiN: Mid-term evaluation – complete our survey by 13 October
- A2ii is hiring an Advisor | Deadline to apply: 9 October | Apply now
- A2ii launches two self-paced training modules for supervisors on gender lens and practices in insurance
- Cenfri: Holistic resilience solutions for Egyptian MSMEs | download presentation
- Cenfri joins the Smart Africa Alliance
- CGAP: Consumer Advisory Panels: a Tool to Bridge the Regulator-Consumer Gap
- FSD Africa is seeking a Climate Finance Advisor to Lagos State Government | Deadline: 3 October
- ILO’s Social Finance Brief: Insurance for MSMEs in Mexico | Download paper
- InsuResilience Global Partnership is recruiting a Specialist for Communications and Public Relations for its Secretariat | Apply by 3 October
- MIC Global & InsureTEK partner to deliver water loss coverage
- Kashf Foundation sets up Flood Relief Fund following devastating impact of floods in Pakistan
- OKO, UN Women & UNCDF: Case Study – Example of a collaboration with a development agency to achieve immediate impact for rural women in Mali
- SCBF has published their 2021 Annual Report | Download here
- UNDP and Milliman join forces to build actuarial capacity in developing countries and boost inclusive development
Elsewhere in the sector…
- Agritech start-up launches parametric crop cover for farmers in India
- Fintech in Africa: the end of the beginning | download report
- How tech can help life insurers enhance customer experience
- IBISA raises seed funding from Ankur Capital
- India: regulator urges insurers to move online
- Insurtech and traditional insurers: the changing dynamics of the insurance industry
- Investing in emerging market SMEs’ ability to contribute to the SDGs
- Kenya’s insurtech Turaco maintains 1 billion user target as it raises USD 10m funding
- Nepal: Insurance regulator calls for applications for microinsurance licences
- Pakistan hit by worst floods in its history