The term “microinsurance” typically refers to adapting insurance services mainly to clients with low income and no access to mainstream insurance services.
More precisely, microinsurance is a means of protecting low income households against specific risks in exchange for a regular payment of premiums whose amount is proportional to the likelihood and cost of the relevant risk.
Microinsurance is a highly diversified sector:
- Stakeholders: Microinsurance is developed by commercial insurers, mutual funds, microfinance institutions, NGOs, governments or semi-public bodies.
- Products: Microinsurance covers an extreme broad variety of services like, for example, life insurance, health, invalidity, cattle breeding, crop and asset insurance.
- Portfolio size: A microinsurer may cover dozens as well as millions of policyholders.
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