The document provides an overview of microinsurance, highlighting statistics and trends, with 14.7 million people in Africa covered by 227 providers and premiums totaling USD 257 million in 2008. It discusses innovative products and distribution channels targeting low-income households, such as life, health, and agriculture insurance, while emphasizing the importance of consumer education and collaboration with local organizations. The presentation also addresses common mistakes and the increasing interest from policymakers and regulators in promoting access to insurance.

1. MicroinsuranceoverviewCraig ChurchillMicroinsurance Innovation Facility International Labour Organization

2. Would you insure these houses?

3. Would you insure these farmers?

4. Would you insure these assets?

5. Or these?

6. Would you insure these lives?

7. Overview of PresentationMicroinsurance stats and trendsExamples of innovationCommon mistakes

8. Survey results14.7 million people in Africa covered by 227 microinsurance providers

9. USD 257 million in premiums received in 2008

10. 2.6% of the population living under USD 2 per daySuccessDifficultyMicroinsurance product ironyCredit lifeFuneral insuranceTerm life/Personal accident Property insuranceEndowment lifeAgricultureHealthProducts in greatest demand are least available

11. Microinsurance trendsInsurance companies are increasingly interested in serving low-income households Microinsurance is emerging out of the shadow of microfinance Greater variety of distribution channels are being usedExperimentation with consumer education tools and methodologies is beginningPolicymakers, regulators are showing a greater interest (e.g. Access to Insurance Initiative)Product innovations are taking place to provide more valuable coverage

12. Four dimensions of value

13. Product Evolution

14. Overview of PresentationMicroinsurance stats and trendsExamples of innovationCommon mistakes

15. Overview of the Facility’s Grantees see Grantee Community on www.ilo.org/microinsurance for details

16. Innovative Distribution ChannelsLaunching a property insurance product sold through retailers and suppliers of cell phone airtime

17. Collaborating with national consumers’ association for rural water rights to develop life, health, personal accident and funeral insurance products for farming families, with premium payments collected with water bills

18. Distributing life insurance and savings product for the families of migrant workers through churches and schoolsProduct innovation: LifeA simple, tangible savings and insurance product sold through small retailers

19. Includes death and accident coverage based on account balance, irregular savings as low as USD 0.22

20. Does not lapseProduct innovation:HealthMicrofund for Women, JordanPilot the “Caregiver” product – cash payments when a client or a family member is hospitalized.

21. Benefits for lost wages, transportation, accommodation (not for medical expenses)

22. Includes family members Product innovations:HealthOut-patient cover using hand held terminals for tele-medicine and insurance (India)Product Innovations:AgricultureDHAN FoundationCrop insurance programme based on a weather or area-yield index to protect farmers, their assets and their crops Product innovations:LivestockLivestock insurance testing RFIDs to reduce fraud Satellite index of vegetative cover for livestock insurance

23. Product innovation: CompositeCooperative Insurance Company, KenyaBimaya Jamii: “Basket” product with the National Health Insurance Fund (NHIF)

24. Family (up to 7 members) coverage: In-patient health, AD&D, loss of income due to accident, funeral expenses

25. Selling through MFIs, SACCOs and other cooperatives