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• Microinsurance
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Micro-insurance
1 'Microinsurance' is the protection of low-income people (those living on between approximately $1 and $4 per day) against specific perils in
exchange for regular premium payment proportionate to the likelihood and cost of the risks
involved
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Micro-insurance
1 The institutions or set of institutions implementing microinsurance are
commonly referred to as a microinsurance scheme.
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Micro-insurance - Definitions of microinsurance
1 The IRDA’s characterization of microinsurance by the product
features is further complemented by their definition for microinsurance agents, those appointed by and
acting for an insurer, for distribution of microinsurance products (and only
those products).
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Micro-insurance - Definitions of microinsurance
1 #Microinsurance is a financial arrangement to protect low-income
people against specific perils in exchange for regular premium payments proportionate to the likelihood and cost of the risk
involved
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Micro-insurance - Definitions of microinsurance
1 #Microinsurance is synonymous to community-based financing
arrangements, including community health funds, mutual health
organizations, rural health insurance, revolving drugs funds, and
community involvement in user-fee management
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Micro-insurance - Definitions of microinsurance
1 Under this definition, decisions in microinsurance are made within each
unit, (rather than far away, at the level of governments, insurance
company|companies, NGOs that offer support in operations, etc.).
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Micro-insurance - Definitions of microinsurance
1 Microinsurance links multiple small units into larger structures, creating
networks that enhance both insurance functions (through broader risk pools) and support structures for
improved governance (i.e
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Micro-insurance - Definitions of microinsurance
1 # the essential role of the network of microinsurance units is to enhance
risk management of the members of the entire pool of microinsurance
units over and above what each can do when operating as a stand-alone
entity.
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Micro-insurance - Microinsurance products
1 Microinsurance, like regular insurance, may be offered for a wide variety of risks. These include both health risks (illness, injury, or
death) and property risks (damage or loss). A wide variety of microinsurance products exist to address these risks, including crop
insurance, livestock/cattle insurance, insurance for theft or fire, health insurance,
term life insurance, death insurance, disability insurance, insurance for natural
disasters, etc.
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Micro-insurance - Microinsurance products
1 Microinsurance has made a significant difference in countries like
Mali, as Maxime Prud'Homme and Bakary Traoré describe in
[http://www.inwent.org/ez/articles/167030/index.en.shtml Innovations in
Sikasso]
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Micro-insurance - Microinsurance delivery models
1 [http://www.inwent.org/ez/articles/166486/index.en.shtml Tricky
challenges] In general, there are four main methods for offering
microinsurance the partner-agent model, the provider-driven model,
the full-service model, and the community-based model
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Micro-insurance - Microinsurance delivery models
1 In this model, microinsurance schemes benefit from limited risk, but are also disadvantaged in their
limited control
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Micro-insurance - Microinsurance delivery models
1 *'Full service model': The microinsurance scheme is in charge of everything; both the design and delivery of products to the clients, working with external healthcare providers to provide the services. This model has the advantage of
offering microinsurance schemes full control, yet the disadvantage of
higher risks.https://store.theartofservice.com/the-microinsurance-toolkit.html
Micro-insurance - Microinsurance delivery models
1 *'Provider-driven model': The healthcare provider is the
microinsurance scheme, and similar to the full-service model, is
responsible for all operations, delivery, design, and service. There
is an advantage once more in the amount of control retained, yet
disadvantage in the limitations on products and services.
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Micro-insurance - Microinsurance scheme
1 A microinsurance scheme is a scheme that uses, among others, an insurance mechanism whose
beneficiaries are (at least in part) people excluded from formal social protection schemes, particularly, informal economy workers and their families. The scheme differs from others created
to provide legal social protection to formal economy workers. Membership is not
compulsory (but can be automatic), and members pay, at least in part, the necessary
contributions in order to cover benefits.
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Micro-insurance - Microinsurance scheme
1 The expression microinsurance scheme designates either the
institution that provides insurance (e.g., a health mutual benefit
association) or the set of institutions (in the case of linkages) that provide insurance or the insurance service
itself provided by an institution that also handles other activities (e.g., a
micro-finance institution).https://store.theartofservice.com/the-microinsurance-toolkit.html
Micro-insurance - Microinsurance scheme
1 Microinsurance schemes may cover various risks (health, life, etc.); the
most frequent microinsurance products are:
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Micro-insurance - Microinsurance scheme
1 * Life microinsurance (and retirement savings
plans)
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Micro-insurance - Microinsurance scheme
1 * Health microinsurance (hospitalisation, primary health care, maternity, etc.)
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Micro-insurance - Microinsurance scheme
1 * Disability microinsurance
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Micro-insurance - Microinsurance scheme
1 * Property microinsurance – assets, livestock,
housing
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Micro-insurance - Microinsurance scheme
1 * Crop microinsurance
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Micro-insurance - Microinsurance scheme
1 Dirk Reinhard provides a good list summarising reading pertinent to
microinsurance. [http://www.inwent.org/ez/articles/167106/index.en.shtml Small means,
massive impact]
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Micro-insurance - Microinsurance and development
1 Furthermore, microinsurance
makes it possible for people to take more
riskshttps://store.theartofservice.com/the-microinsurance-toolkit.html
Micro-finance - Microfinance and social interventions
1 Pro Mujer uses a “one-stop shop” approach, which means in one
building, the clients find financial services, business training,
empowerment advice and healthcare services combined.Microinsurance -
Healthy Clients http://www.dandc.eu/en/article/pro-mujer-why-microfinance-institutions-should-offer-healthcare-services-too
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Global Risk Forum GRF Davos - Bibliography
1 * Ammann, W.J., Amsicora Onnis, G., Morelli, E., Sutter, C. (eds.):
Microinsurance. An innovative tool for risk and disaster management.
Davos, 2010.
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Opportunity International - History
1 As the world’s first microinsurance intermediary, MicroEnsure provides protection against the many risks faced by those living in poverty
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Economy of Morocco - Insurance
1 There is also the possibility that new insurance niches such as takaful
(Islamic insurance) and microinsurance products will become part of the Moroccan market in the medium-term, but they are unlikely
to appear in the near future.
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Microfinance institution - Microfinance and social interventions
1 Pro Mujer uses a “one-stop shop” approach, which means in one
building, the clients find financial services, business training,
empowerment advice and healthcare services combined.Microinsurance -
Healthy Clients http://www.dandc.eu/en/article/pro-mujer-why-microfinance-institutions-should-offer-healthcare-services-too
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Innovations for Poverty Action - Microfinance
1 IPA performs many evaluations of microfinance programs and products, including microcredit, microsavings, and microinsurance. IPA is part
of the Financial Access Initiative (FAI), a consortium launched with the support of a $5
million grant from the Bill Melinda Gates Foundation with the goal of increasing
knowledge about microfinance and communicating research lessons to a broad
spectrum of policy makers, microfinance institutions, and the public at large.
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Micro Insurance Centre
1 'The Microinsurance Centre' was created in 2000 out of an initiative of
MicroSave in Africa. It is as an independent institution dedicated to
promoting responsible microinsurance, with their focus on
the partner-agent model. The partner-agent model links
microinsurance schemes (hosted primarily by MFIs) to established
commercial insurance companies. This link allows the risk of the
schemes to remain with the insurer, and thereby can enable greater
sustainability and long-term viability.
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Micro Insurance Centre
1 The Microinsurance Centre works on two fronts, helping to establish
proper dialogue on micro-insurance policies and helping to set up proper
microinsurance schemes
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