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Formalising the Informal Insurance Inherent in Migration

Briefing note n°6, ILO, 2011

Jennifer Powers, Barbara Magnoni and Emily Zimmerman

In our increasingly global economy, labour continues to be a major export commodity for many developing countries. Migration can help families mitigate their risks by increasing overall income levels and diversifying income sources. Yet, many migrants tend to find themselves in positions of vulnerability in their host countries without any access to social safety nets. Emergencies can, thus, quickly erode any savings or assets that the migrant has.

Migrant-linked insurance products can help transnational families manage their risks and protect their assets. The note explores the existing and potential links between migration, remittances and insurance. It provides a mapping of migration-linked microinsurance products, a framework for how to think about them, and an outline of the opportunities and challenges for microinsurers interested in developing products for this market segment.

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Innovation Flash Issue 9 available

The ILO's Microinsurance Innovation Facility has published the ninth issue of its newsletter, which includes an editorial from Yoshi Kawai, Secretary General of the International Association of Insurance supervisors (IAIS). The newsletter also highlights the Facility's new fellowships opportunities, presents some grantees successes and shares useful resources.

Click here to download newsletter