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2012 Annual Conference and the 1st African SPM Conference
from 24/09/2012 to 29/09/2012
Kampala (Uganda)
The Africa Microfinance Network (AFMIN) will organize its 11th Annual Conference
and the 1st African SPM Conference in Kampala, Uganda, from September 24th to 29th, 2012
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MicroInsurance
Microinsurance refers to insurance designed to protect under-served low-income people against specific perils in exchange for low premiums. The emphasis on protecting the poor highlights the need that microinsurance should be responsive to the risks the poor are most exposed to. The emphasis on low-income people stresses that premiums should be low yet proportionate to the likelihood and cost of the risk involved. Reaching the under-served means servicing low-income people through delivery channels that are atypical compared to the traditional distribution of top-down social or commercial insurance schemes.
The “micro-” in microinsurance may refer to the subset of insurance products that are characterized by low premiums and low coverage limits, on the assumption that these suit the needs of low-income people. Alternatively, the term “micro” may refer to the grassroots level at which decisions are taken: by groups of under-served poor people who organize in self-help groups, social-collateral groups and similar reciprocal and mutual formations through which the poor pool risks and resources among themselves, in a process they know and trust.
Microinsurance does not refer to the size of the risk-carrier. Some risk carriers are small and even informal, while others are large companies. Microinsurance does not refer to the size of the delivery channel or the scope of the risk. The risks themselves are not “micro” to the households that experience them.
Microinsurance can be delivered through a variety of channels, including small, community-based organizations, credit unions and other microfinance institutions, utility companies, schools, churches, retail stores and many others. Providers can range from small informal schemes to large insurance companies such as AIG Uganda, Mapfre in Colombia or Delta Life in Bangladesh.
Resources :
Microinsurance Client Satisfaction Study: Zambia
Creating Insurance Markets for Natural Disaster Risk in Lower Income Countries: The Potential Role for Securitization
Financing natural disaster risks using index-based risk transfer products
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Health Insurance: Opportunities and Challenges
Reducing Vulnerability of the Poor through Social Security Products: A Market Survey on Microinsurance in Bangladesh
20 Feb 2007, Al Hasan, R. Mitigating economic and social shocks through insurance
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Market for Microinsurance in Armenia: Low-Income Households Needs and Market Development Projections
Projecting the growth of Armenian Feb 2009, Pytkowska, J. & Collier, A. Projecting the growth of Armenian microinsurance sector This report presents findings on the potential market for microinsurance in Armenia. It is the result of quantitative research conducted across low-income Armenian households. Low-income households can increase their risk management capacities through microinsurance. Products providing life/disability insurance, health insurance and agricultural insurance are expected to significantly aid in reducing vulnerability in Armenia. Study findings include: -Low-income market forms approximately 60-75 percent of the total insurance market; -Current market access is estimated at 11–25 percent of the total market; -Most households are skeptical about insurance and distrustful towards insurers, making market development a challenging task. The study recommends a mixture of strategies to develop the microinsurance sector. Apart from developing new microinsurance products adapted to the needs of the low-income market, the outreach strategy should incorporate: General financial education, which encourages people to be more proactive in managing risks; Education on microinsurance, which focuses on building knowledge of the risk-pooling concept; Marketing strategy that emphasizes the price factor; Low-cost delivery channels allowing affordable delivery services for the target group.
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