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ICMIF Development Newsletter

The sixth issue of the ICMIF Development Newsletter "Prosper" is now available on-line.
Included in this issue are a number of reports on member microinsurance activity and the main highlights of the third ICMIF Development Network Seminar in Nairobi hosted by CIC Kenya in July. The opening comments have been kindly provided by Mr Nelson Kuria, Managing Director & CEO of CIC Kenya who was recently nominated to be the Chair of the ICMIF Development Committee.

Download a copy here

Two new papers on how to calculate health insurance premiums

A new Study by D.M. Dror, Olga van Putten-Rademaker & Ruth Koren on : Incidence of illness among resource-poor households: Evidence from five locations in India (Indian Journal of Medical Research, issue 130, September 2009), completes the previous study by the same scholars on Cost of illness: Evidence from a study in five resource-poor locations in India (Indian Journal of Medical Research, issue 127, April 2008).

These twin papers provide the key parameters needed to calculate health insurance premiums.

Click on the titles to access them for free.

Arthur D. Little: Making Microinsurance Sustainable and Profitable

Bussiness Wire, 27 August 2009

As the world grapples with global economic recession, no one is left more vulnerable to unexpected accident, illness or disaster than the four billion people living on less than US$2 per day. According to a new report released today by global management consultancy Arthur D. Little, offering microinsurance to this large and disparate market is one way for downturn-hit financial services companies to develop a new profit stream while regaining customers’ trust and working toward a more responsible and sustainable world.

In “Emerging Markets in Microinsurance,” Arthur D. Little argues that despite potential barriers such as distribution and developing a profitable product at such a low-margin, insurers entering this largely unexplored market can succeed by developing a bespoke strategy and product offering suited to the specific needs of the low-income consumer:

  • Simplify products – lowering associated labour costs while maintaining quality without high overhead
  • Offer in-kind benefits (funeral service, groceries) rather than lump cash sums
  • Engage in public-private partnerships to improve local infrastructure and quality of life for consumers
  • Partner with microfinance companies to offer bundled services
  • Ensure applications and claims forms are simplified and accessible to consumers
  • Use technology (mobile point-of-sale devices, smart cards) to overcome distribution challenges

Download full report