Microinsurance
Microinsurance, when available at affordable price, is now recognised as an important financial service providing some protection to the poor in the event of personal and natural disasters. Microinsurance includes many specific products that are adapted to the needs and demands of low-income households and cover specific risks: life insurance, health insurance, weather insurance, agricultural insurance, livestock insurance, crop insurance, property & asset insurance, ……
The experimentation of the last ten years has seen failures as much as success stories. Careful analysis of both has resulted in a body of literature, manuals and guidelines that carries the sector further. Clear don’t have been identified, while do’s are gaining wide acceptance across the sector. This contributes to the development of a policy framework that, though still being in progress, already shows potential for bringing various actors and parties together to enhance insurance delivery to the poor in a rather substantial, if not spectacular way. Oxfam Novib and MIAN published the very interesting paper entitled Microinsurance, an overview of client, provider and support perspectives.
The four MicroNed members actually support some 20 microinsurance initiatives in the field of amongst others product development, studies and technical assistance. A complete list of these activities will be available later this year.
Oxfam Novib is the MicroNed coordinator for microinsurance.