In December 2008, PlaNet Finance and PlaNet Guarantee implemented a project cofounded by the Dutch entrepreneurial development bank, FMO, to develop new microinsurance products and microinsurance programs in 8 countries: Argentina, Colombia, Guatemala, and Peru in Latin America, and Egypt and Senegal, Mali and Burkina Faso in Africa. The FMO project targeted the low-income population, which is unfamiliar with the concept of insurance, insurance mechanisms, and risks management methods and strategies. In the countries were the study took place, the private insurance market is also unfamiliar with the profile and needs of the low-income population. Meanwhile, social security systems tend to cover only formal workers. Currently, saving is the main risk management tool for this sector of the population.
Planet Guarantee, FMO