Synonyms for microinsurance or Related words with microinsurance

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Examples of "microinsurance"
The institutions or set of institutions implementing microinsurance are commonly referred to as a microinsurance scheme.
Microinsurance schemes may cover various risks (health, life, etc.); the most frequent microinsurance products are:
Grama Vidiyal is among the largest microinsurance providers in India, and was studied by the ILO for a 2005 case study on microinsurance
Dirk Reinhard provides a good list summarising reading pertinent to microinsurance. Small means, massive impact
The Microinsurance Centre was created in 2000 by Michael J. McCord. 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.
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.
In 2002, Opportunity International developed and founded MicroEnsure, a microinsurance entity providing weather-indexed crop insurance, affordable health insurance, and protection against other risks. MicroEnsure was the world's first microinsurance intermediary and received a generous grant from the Bill & Melinda Gates Foundation in 2008. MicroEnsure spun off from Opportunity as its own company, and in 2013 it became a for-profit social enterprise.
One of the greatest challenge for microinsurance is the actual delivery to clients. Methods and models for doing so vary depending on the organization, institution, and provider involved. As Dubby Mahalanobis states, one must be thorough and careful when making policies, otherwise microinsurance could do more harm than good. 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. Each of these models has their own advantages and disadvantages.
Philippine Prudential Life Insurance Company also sells microinsurance. "We have some policies worth ₱, which other companies won't touch," Mercado reports. "We're able to capture more Filipinos [this way]."
Insurance functions on the concept of risk pooling, and likewise, regardless of its small unit size and its activities at the level of single communities, so does microinsurance. 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. training, data banks, research facilities, access to reinsurance etc.). This mechanism is conceived as an autonomous enterprise, independent of permanent external financial lifelines, and its main objective is to pool both risks and resources of whole groups for the purpose of providing financial protection to all members against the financial consequences of mutually determined risks.
The Microinsurance Centre works on two fronts, helping to establish proper dialogue on micro-insurance policies and helping to set up proper microinsurance schemes. They have a wide range of partners that they work with, including insurers, regulators, donors, MFIs, and NGOs. They have played a role in projects in numerous countries that include Uganda, Kenya, Ghana, India, Nepal, Jordan, Peru, Laos, and Indonesia. They are also actively involved in disseminating information on micro-insurance through their periodic Briefing Notes, web site, and speaking engagements. In addition, they have conducted several country case studies and held trainings in Italy, Uganda, and Pakistan.
Microinsurance has made a significant difference in countries like Mali, as Maxime Prud'Homme and Bakary Traoré describe in Innovations in Sikasso. Still, many countries face continuing challenges. Specifically in Bangladesh, micro health insurance schemes are having trouble with financial and institutional sustainability, Syed Abdul Hamid and Jinnat Ara describe, but things are improving. Progress in Bangladesh
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).
Mercado predicted that Philippine Prudential's gross premiums will grow 30 percent in 2011, the result of additional distribution channels and sales offices, with 240 sales and marketing staff. The company also plans to expand microinsurance sales, tapping its network of 500 rural bank clients.
Duperreault is Chairman of Attune, the data-enabled company established by Hamilton Insurance Group, AIG and Two Sigma, and chairman-elect of the Board of Directors of Blue Marble Microinsurance. He is the former Chairman of the Board of Overseers of the School of Risk Management of St. John’s University, New York.
Microinsurance is recognized as a useful tool in economic development. As many low-income people do not have access to adequate risk-management tools, they are vulnerable to fall back into poverty in times of hardship, for example when the breadwinner of the family dies, or when high hospital bills force families to take out loans with high interest rates. Furthermore, microinsurance makes it possible for people to take more risks. When farmers are insured against a bad harvest (resulting from drought), they are in a better position to grow crops which give high yields in good years, and bad yields in year of drought. Without the insurance, however, they will be inclined to do the opposite; since they have to safeguard a minimal level of income for themselves and their families, crops will be grown which are more drought resistant, but which have a much lower yield in good weather conditions.
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.
Microfinance management in the Philippines is improving substantially. In 2009, the Economist Intelligence Unit "recognized the Philippines as the best in the world in terms of its microfinance regulatory framework." The DOF-National Credit Council (DOF-NCC) focused on improving the state of local cooperatives by developing a supervision and examination manual, launching advocacies for these cooperatives, and pushing for the Philippine Cooperative Code of 2008. A standardized national strategy for microinsurance and the provisions of grants and technical assistance were formulated.
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.
More broadly, the Moroccan insurance sector is already consolidated, with five large players controlling the market. The sector is set to be opened up to foreign competition from 2010 onward, and the consolidation of insurance companies into larger entities should strengthen the local players to better compete with eventual competition from foreign insurers. 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.