Microinsurance: Key to Managing Risk
Insurance coverage is dramatically expanding with millions of more low-income households accessing better services and innovative products. This series will share recent practices and emerging ideas that have advanced the field. Featuring key practitioners, researchers and thought leaders on this topic, the blog series will present new insights from data, practice, and innovations that have emerged in recent years to meet the challenges of providing insurance to the poor, and in particular focus on:
- Data and demand
- Technology and innovations
- Insurance in emergencies
- The role of global standards
- Impact of microinsurance
Throughout our research, we are seeing that friends and family are often a preferred source of support when a financial shock strikes. So, what is the role of microinsurance.
CGAP's recent blog series on microinsurance brought together over a dozen thought leaders and confirmed that microinsurance is an important service to help poor households protect their fragile livelihoods and lives against inevitable risks and unexpected catastrophes.
Knowledge is still patchy but key insights are emerging on the impact of microinsurance products including financial protection and better access to health care.
The Microinsurance Network and its members have identified interesting opportunities for donors and funders, based on experiments already underway, to further galvanize the sector.
Is there a business case for microinsurance? Does it provide value for clients? In Tanzania, The MicroInsurance Centre's MILK Project found two clear benefits to clients: getting them to a doctor sooner and efficiently financing health shocks.