Microinsurance

Micro-insurance 1 'Microinsurance' is the protection of low- income people (those living on between approximately $1 and $4 per day) against specific perils in exchange for regular premium payment proportionate to the likelihood and cost of the risks involved

Micro-insurance 1 The institutions or set of institutions implementing microinsurance are commonly referred to as a microinsurance scheme.

Micro-insurance - Definitions of microinsurance 1 The IRDA’s characterization of microinsurance by the product features is further complemented by their definition for microinsurance agents, those appointed by and acting for an insurer, for distribution of microinsurance products (and only those products).

Micro-insurance - Definitions of microinsurance 1 #Microinsurance is a financial arrangement to protect low-income people against specific perils in exchange for regular premium payments proportionate to the likelihood and cost of the risk involved

Micro-insurance - Definitions of microinsurance 1 #Microinsurance is synonymous to community-based financing arrangements, including community health funds, mutual health organizations, rural health insurance, revolving drugs funds, and community involvement in user-fee management

Micro-insurance - Definitions of microinsurance 1 Under this definition, decisions in microinsurance are made within each unit, (rather than far away, at the level of governments, insurance company|companies, NGOs that offer support in operations, etc.).

Micro-insurance - Definitions of microinsurance 1 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

Micro-insurance - Definitions of microinsurance 1 # the essential role of the network of microinsurance units is to enhance risk management of the members of the entire pool of microinsurance units over and above what each can do when operating as a stand-alone entity.

Micro-insurance - Microinsurance products 1 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.

Micro-insurance - Microinsurance products 1 Microinsurance has made a significant difference in countries like Mali, as Maxime Prud'Homme and Bakary Traoré describe in [ ndex.en.shtml Innovations in Sikasso]

Micro-insurance - Microinsurance delivery models 1 [ ndex.en.shtml 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

Micro-insurance - Microinsurance delivery models 1 In this model, microinsurance schemes benefit from limited risk, but are also disadvantaged in their limited control

Micro-insurance - Microinsurance delivery models 1 *'Full service model': The microinsurance scheme is in charge of everything; both the design and delivery of products to the clients, working with external healthcare providers to provide the services. This model has the advantage of offering microinsurance schemes full control, yet the disadvantage of higher risks.

Micro-insurance - Microinsurance delivery models 1 *'Provider-driven model': The healthcare provider is the microinsurance scheme, and similar to the full-service model, is responsible for all operations, delivery, design, and service. There is an advantage once more in the amount of control retained, yet disadvantage in the limitations on products and services.

Micro-insurance - Microinsurance scheme 1 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.

Micro-insurance - Microinsurance scheme 1 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).

Micro-insurance - Microinsurance scheme 1 Microinsurance schemes may cover various risks (health, life, etc.); the most frequent microinsurance products are:

Micro-insurance - Microinsurance scheme 1 * Life microinsurance (and retirement savings plans)

Micro-insurance - Microinsurance scheme 1 * Health microinsurance (hospitalisation, primary health care, maternity, etc.)

Micro-insurance - Microinsurance scheme 1 * Disability microinsurance

Micro-insurance - Microinsurance scheme 1 * Property microinsurance – assets, livestock, housing

Micro-insurance - Microinsurance scheme 1 * Crop microinsurance

Micro-insurance - Microinsurance scheme 1 Dirk Reinhard provides a good list summarising reading pertinent to microinsurance. [ ndex.en.shtml Small means, massive impact]

Micro-insurance - Microinsurance and development 1 Furthermore, microinsurance makes it possible for people to take more risks

Micro-finance - Microfinance and social interventions 1 Pro Mujer uses a “one-stop shop” approach, which means in one building, the clients find financial services, business training, empowerment advice and healthcare services combined.Microinsurance - Healthy Clients why-microfinance-institutions-should-offer- healthcare-services-too

Global Risk Forum GRF Davos - Bibliography 1 * Ammann, W.J., Amsicora Onnis, G., Morelli, E., Sutter, C. (eds.): Microinsurance. An innovative tool for risk and disaster management. Davos,

Opportunity International - History 1 As the world’s first microinsurance intermediary, MicroEnsure provides protection against the many risks faced by those living in poverty

Economy of Morocco - Insurance 1 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.

Microfinance institution - Microfinance and social interventions 1 Pro Mujer uses a “one-stop shop” approach, which means in one building, the clients find financial services, business training, empowerment advice and healthcare services combined.Microinsurance - Healthy Clients mujer-why-microfinance-institutions- should-offer-healthcare-services-too

Innovations for Poverty Action - Microfinance 1 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.

Micro Insurance Centre 1 'The Microinsurance Centre' was created in 2000 out of an initiative of MicroSave in Africa. 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.

Micro Insurance Centre 1 The Microinsurance Centre works on two fronts, helping to establish proper dialogue on micro-insurance policies and helping to set up proper microinsurance schemes

For More Information, Visit: m/the-microinsurance- toolkit.html m/the-microinsurance- toolkit.html The Art of Service