Reinsurance News
microinsurance
Merchants in India to benefit from WRMS Global & MIC Global new parametric flood resilience cover
19th February 2024
MIC Global, a full-stack embedded micro insurance provider, and WRMS Global, a climate and agriculture risk management company, have partnered to deliver parametric flood resilience cover to merchants and gig workers in India. According to the announcement, this is the first of a series of product innovations responding to increasing events ... Read the full article
Microinsurance crucial for at-risk families worldwide: MiN
20th April 2023
Microinsurance, which has the potential to be worth $61.8 billion, is a crucial lifeline for many at-risk families across the world, according to the Microinsurance Network (MiN). The 2022 study shows 253 insurance providers reporting on 935 products in 34 countries across Africa, Asia, Latin America, and the Caribbean. The findings of ... Read the full article
Microinsurance, a great opportunity for re/insurers to diversify their portfolio: Katharine Pulvermacher
16th March 2023
Interest in microinsurance is growing as governments and businesses are recognising the need for these products mainly after Covid-19 and climate related catastrophes, this situation has created a great opportunity for re/insurers to diversify their risk portfolios, said Katharine Pulvermacher, executive director of the Microinsurance Network. In an interview with Reinsurance ... Read the full article
Microinsurance Network adds insurtech veteran to Board
13th March 2023
The Microinsurance Network (MiN) has announced that InsurTech veteran Michele Grosso, is joining its Board of Directors. Grosso is the Co-Founder and CEO of Democrance, a global InsurTech firm that has a mission to make insurance accessible and affordable for those who are in need of it the most, particularly in emerging ... Read the full article
Heat microinsurance launched in India to protect women workers
17th February 2023
The Adrienne Arsht-Rockefeller Foundation Residence Center (Arsht-Rock) has announced the launch of the Extreme Heat Income Insurance, a new parametric insurance to help women in India recover wages lost due to climate-driven extreme heat events. Arsht-Rock partnered with insurtech Blue Marble, and the Self Employed Women’s Association (SEWA), a 50-year-old Indian ... Read the full article
Microinsurance Network adds 13 new members
5th December 2022
In the year it celebrates its 20th anniversary, the non-profit association Microinsurance Network (MiN), has welcomed 13 new institutional members, achieving more than 10% growth in membership for the second consecutive year. With these new 2022 additions, the MiN now has around 90 institutional members who come from across the entire ... Read the full article
SCOR expanding Pacific islands microinsurance scheme, after success in Fiji
23rd November 2022
SCOR has provided an update on the rollout of its parametric microinsurance cover against climate change in Fiji, and says its plans to expand into other Pacific island territories are “already underway.” The reinsurer has been involved since 2021 in the collaborative development and rollout of the Pacific region’s first parametric ... Read the full article
Guatemala implements agri scheme for smallholder farmers
16th February 2022
The Government of Guatemala has implemented an agricultural insurance scheme designed to protect smallholder farmers from heavy rains and prolonged droughts. The parametric and catastrophe insurance was designed by the Swiss Re backed Microinsurance Catastrophe Risk Organisation (MiCRO) for the Ministry of Agriculture (MAGA) and is operated by Crédito Hipotecario Nacional ... Read the full article
Microinsurance market growing on demand for health cover, study finds
29th October 2021
A significant surge in the global demand for health insurance across the world’s emerging economies offers "the most significant market and ESG opportunity in decades" for insurers, according to the international body representing the global microinsurance sector. The findings of the Microinsurance Network’s Landscape of Microinsurance Study 2021 suggest that the ... Read the full article
Blue Marble expands weather insurance program for Colombian farmers
5th September 2019
Blue Marble Microinsurance - a consortium of nine companies including Zurich, AIG, Aspen, and Hamilton – has renewed its weather index insurance program for smallholder coffee farmers in Colombia and expanded the coverage significantly. The CaféSeguro program provides insurance coverage for severe rainfall and drought during the coffee crop’s developmental stages ... Read the full article
Aon & Oxfam launch blockchain-based insurance for farmers in Sri Lanka
1st July 2019
Re/insurance broker Aon has partnered with Oxfam and insurtech firm Etherisc to launch a blockchain-based insurance platform for smallholder farmers in Sri Lanka. Nearly 200 farmers have been enrolled in the solution, which aims to deliver micro-insurance for paddy field farmers who are at risk of losing their crops due to ... Read the full article
Mutual microinsurance improves disaster resilience in vulnerable communities, finds report
25th June 2019
A new study from the University of Cambridge Institute for Sustainability Leadership (CISL) has concluded that the use of mutual microinsurance contributes significantly to the recovery of low-income households following a natural disaster. Taking the impact of the 2013 Typhoon Haiyan in the Philippines as its case study, the report found ... Read the full article
Sri Lankan microinsurance growth requires more regulation, says ICMIF
3rd January 2019
More regulation is needed to support the growth of the microinsurance sector in Sri Lanka, according to a new report by the International Cooperative and Mutual Insurance Federation (ICMIF) and the Institute of Policy Studies of Sri Lanka (IPS). The report, which was conducted as part of the ICMIF 5-5-5 Mutual ... Read the full article
Insurance penetration growing, but poorest more vulnerable than ever, report finds
6th November 2018
Insurance cover in emerging markets is steadily increasing, but climate change and extreme weather events are exposing the poorest and most vulnerable to risk as never before, according to the 2018 State of Microinsurance report from the Microinsurance Network. The report found encouraging signs of insurance uptake in some markets, with ... Read the full article
Aon, Etherisc and Oxfam partner on joint micro-insurance program in Sri Lanka
2nd November 2018
Re/insurance broker Aon is collaborating with Oxfam and InsurTech firm Etherisc on a joint program to deliver micro-insurance to small holder paddy field farmers in Sri Lanka using blockchain technology. The parties plan to leverage blockchain to automate parametric insurance products, which will simplify the claims process and remove the need ... Read the full article