Protecting the Poor: A Microinsurance Compendium – Volume II released
The second volume of the Microinsurance Compendium has recently been published by the Microinsurance Innovation Facility (part of the International Labour Organisation – ILO) and the Munich Re Foundation. The latest Compendium examines recent developments and achievements in the microinsurance sector. This volume brings together current thinking of many leading academics, actuaries, and insurance and development professionals in the microinsurance field.
Since the publication of the first edition of the Compendium in 2006 the microinsurance sector has changed enormously. With almost 500 million people now covered by microinsurance, the book discusses the trends and changes in the sector; while also considering where it currently stands from a global point of view. The focus of the new book is on how insurance products and services can successfully tackle the needs of low-income populations and help to reduce their vulnerability.
There are a number of case studies and mentions of ICMIF members in this latest version of the Compendium, including:
- CIC Kenya,
- CLIMBS (Philippines)
- IFFCO-Tokio (India)
- CARD MBA (Philippines)
- Uplift Mutual (India)
- La Equidad (Columbia)
- Seguros Futuros (El Salvador)
“Since 2008, we have seen numerous innovations emerging to overcome the challenges of providing viable insurance services to more low-income people,” says Craig Churchill, Team Leader of the Microinsurance Innovation Facility and Chair of the Microinsurance Network.
“Efforts now should focus on increasing effectiveness so that insurance products can successfully reduce their vulnerability. The Compendium comes at the right time to help insurers, delivery channels, donors and other stakeholders understand what it means to provide valuable risk-management services to the working poor,” Churchill adds.
The results show that Asia – with its two microinsurance powerhouses: China and India – is leading the trend, covering roughly 80 per cent of the market. It is estimated that 60 percent of people around the world who are covered by microinsurance live in India. Latin America accounts for 15 percent of the market and Africa 5 percent.