Evaluation of the first year results: Fonkoze’s Kore W natural catastrophe insurance for Haitian micro-entrepreneurs

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In 2011, Fonkoze, in partnership with its insurance company MiCRO, introduced Kore W - an innovative new product to protect Haitian microloan clients from the devastating effects of natural disasters. Through the cancellation of loan balances and disbursement of emergency payouts, Kore W helps clients recover quickly after being impacted by floods, hurricanes, high winds, landslides, or earthquakes. 100% of Fonkoze’s microcredit clients pay a small premium for their coverage which amounts to roughly 55% of the cost of the product to Fonkoze.

MILK Brief n°23: Getting better at improving client value: the case of Fonkoze’s Kore W microinsurance product

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In 2012, the Haitian microfinance institution Fonkoze partnered with the ILO’s Microinsurance Innovation Facility and the MicroInsurance Centre’s MILK Project to use two tools – MILK’s Client Math tool and the Facility’s PACE tool – to better understand how and whether its Kore W property insurance product added value in the lives of clients and how it might be modified to improve that value. The product itself was modified shortly after the study and following the devastating effects of Hurricane Sandy in October 2012.

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