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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 :
Micro-insurance: The Next Revolution?
Morduch, J., New York University, 2004 Mitigating vulnerability of the poor by designing tailor-made microinsurance products
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Assessing Opportunities for Agricultural Insurance and Risk Coping Strategies: In Dong Thap, Thai Binh and Vinh Phuc Provices, Vietnam
Summarizing the opportunities for and barriers to agricultural insurance in Vietnam
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Contract Design in Insurance Groups
An Enabling Regulatory Environment for Microinsurance
Wiedmaier-Pfister, M. & Chatterjee, A., ILO - Strategies and Tools against social Exclusion and Poverty, 2006 Insights on barriers to regulatory framework for microinsurance
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