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The 4th International Conference on Microinsurance, organized by the Munich Re Foundation, was held in November 2008 in Cartagena, Colombia. It opened with an introduction to microinsurance. The following three presentations are excellent sources for those wanting to become more familiar with the microinsurance sector. For more presentations on microinsurance, please see below. (Note)
Introductions to microinsurance
Overview of microinsurance, an historical perspective
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Introduction to Microinsurance -
(pdf 562 KB)
Gabrielle Tomchinsky, Microinsurance Specialist
Gabriele Tomchinsky gives an overview of microinsurance by explaining the concept through its origins and evolution.
She also describes the current situation in the microinsurance sector.
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The stakes in a constantly progressing sector
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Microinsurance Products and Delivery Channels -
(pdf 364 KB)
Craig Churchill, ILO
Using specific cases, Craig Churchill discusses the different types of microinsurance products
(life, health, agriculture, asset, composite, etc). He explains how these products can be distributed
to the low-income population as well as what difficulties the various actors in the sector might encounter.
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The ABCs of microinsurance
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Stakeholder Perspectives -
(pdf 732 KB)
Michael McCord, MicroInsurance Center
Michael J. McCord talks about the different types of actors in the microinsurance sector
(political decision makers, insurance supervisors, insurers, etc) and he specifies the principal
points to be observed in order to provide efficient services to the low income market.
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Further presentations on microinsurance
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Educational outreach for index insurance: lessons from a pilot program in Peru -
(pdf 1,86 MB)
Steve Boucher, University of California
This presentation addresses the potential of index insurance to protect low income farmers and the need to cumulatively set up educational programs, in order to make this type of insurance widely accessible. Index based insurance can certainly benefit small holding farmers in the developing world, through enabling greater food security, increased earnings, and reduced inequality. However, due to its technicality, the product is little understood, and outside of India has had limited success.
Mr Boucher presents a pilot programme in Peru with a unique approach to client education. Based on experimental economics, trainings sessions involving 'role play games' allow participants to bet real money on their choice of risky high profit crops, low risk low profit crops, or risky high profit crops with insurance. The games sought to simulate real life local conditions such as insurance costs, projected crop earnings, and the likelihood of good or poor weather conditions. The presentation of the game methodology may serve as inspiration for anyone interested in microinsurance consumer education.
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Insurance Education -
(pdf 0,98 MB)
Part 1: Monique Cohen, Microfinance Opportunities (MFO)
Monique Cohen presents the latest module from the Global Financial Education Programme: "Risk Management and Insurance,
Protect your Family's Future". The Global Financial Education Programme, led by
MFO and
Freedom from Hunger, is involved with developing a curriculum for financial education for the developing world's poor. This latest insurance focused module introduces insurance through comparisons with traditional informal risk pooling systems, and seeks to answer frequent asked questions for potential microinsurance clients.
Part 2: Alejandra Diaz, Fasecolda - Fundaseg
Fasecolda (the insurance association from Colombia), was involved with piloting and adapting the module for the Columbian market. Alejandra Diaz, from Fundaseg the not for profit foundation of Fasecolda, describes how the module was developed on the basis of client feedback and focus group discussions, to fit the needs and concerns of potential clients. Fasecolda, says Ms Diaz, wants more than to sell insurance. They want to develop an educated consumer population who know it's options and make informed choices. Fasecolda is supporting a range of institutions, including MFIs and cooperatives, to deliver the training module to their low income clients.
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Microinsurance, a tool for social and economic development -
(pdf 3,9 MB)
Olivier Barrau, Alternative Insurance Company (AIC)
In this presentation, Mr Olivier Barrau, describes how AIC have launched a successful microinsurance programme in Haiti. AIC started operations in 2001, in the traditional insurance sector, but decided to diversify into microinsurance for both commercial and social reasons: in Haiti 96.5% of the population is not insured and 80% works in the informal sector.
AIC partnered with Fonkoze, the country's largest Microfinance institution (MFI) and a year after the first life microinsurance product went on the market, the insurance company had reached 48,000 clients. Mr Barrau highlights the importance of microinsurance to complement microcredit products and enable low income populations to manage risk. He also discusses the factors that have led to the economic success of AIC's microinsurance programme, and how the company envisions the future of the sector.
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Risk mitigation through innovation in channels and products -
(pdf 2,95 MB)
Pranav Prashad, formerly at ICICI Lombard General Insurance Co. Ltd, India
Pranav Prashad presents ICICI Lombard's innovative approach to microinsurance in rural India. Indian insurers are legally obliged to provide some products that are affordable for the low income market; this is generally viewed by companies as a loss making proposition - an obligation that will seldom deliver returns. ICICI Lombard takes a different perspective. Considering the 95% of Indians, who do not have insurance, as a wealth of potential opportunity, the company has worked to come up with new solutions that meet the needs of the rural poor. The company has, for example, set up automated weather stations that can record the weather data in local areas therefore allowing for good value weather index insurance products for small farmers; outpatient department centres providing free treatment for clients, therefore reducing the need for inpatient claims and allowing for affordable health insurance premiums; It has also pioneered, amongst other innovations, the use of smart cards and other technologies which can reduce processing costs.
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