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Climate change adaptation likely to cost 2-3x current estimates - UNEP

Climate change adaptation likely to cost 2-3x current estimates - UNEP | MicroRisk | Scoop.it

The United National Environmental Programme (UNEP)s Adaptation Gap Report says that new finance will be required to avoid a significant funding shortfall after 2020, and failure to cut emissions will "dramatically increase! costs.  

"Even if global greenhouse gas emissions are cut to the level required to keep global temperature rise below 2°C this century, the cost of adapting to climate change in developing countries is likely to reach two to three times the previous estimates of $70-100 billion per year by 2050", says the UNEP report. More...

 

 

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MicroRisk
A newsletter on risk and risk management for the poor and emerging markets.
Curated by Lee Coppack
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New report from Financial Digital Inclusion Project

The 2015 Brookings Financial Digital Inclusion Report and Scorecard evaluate and rank these countries based on four dimensions of financial inclusion: country commitment, mobile capacity, regulatory environment, and adoption of traditional and digital financial services.

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The report is available free from the Brookings website. 

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India: A Small Step Towards Social Security

India: A Small Step Towards Social Security | MicroRisk | Scoop.it

What do people want? This innocuous question isn’t as hard to answer as the million-dollar question about what women want. Simply put, people want social and financial  security. Sadly, in India, only 3-4 of every 100 people have it, by way of life insurance. Going forward, that should change." More...

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A view on the value of increasing life and accidental death insurance cover for all bank account holders. 

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Five innovations in the growing microinsurance market

Five innovations in the growing microinsurance market | MicroRisk | Scoop.it

Here are ideas to follow the announcement earlier this year by eight leading insurers and brokers established a consortium to promote microinsurance ventures in developing countries. 

Lee Coppack's insight:

The mobile phone has become almost ubiquitous even in very poor countries and a great catalyst for innovation. 

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DOF: 28M low-income Pinoys covered by microinsurance as of end-2014

DOF: 28M low-income Pinoys covered by microinsurance as of end-2014 | MicroRisk | Scoop.it
The National Strategy for Microinsurance seems to be working, as coverage in the Philippines rose to 28.1 percent last year from 20 percent in 2012 to reflect an annual growth rate of 18.4 percent in terms of the number of people covered. ...
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The Philippines have put energy into promoting microinsurance. 

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Egypt: Microinsurance is the market's next driving force

Egypt: Microinsurance is the market's next driving force | MicroRisk | Scoop.it

Microinsurance has the potential to lead growth in the Egyptian insurance sector, according to speakers at the Regional Insurance Brokers Congress (RIBC) in Cairo." More..

Lee Coppack's insight:

Michael McCord's views are always worth hearing. 

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Human-centered design and microinsurance

Human-centered design and microinsurance | MicroRisk | Scoop.it
CGAP, Continuum and MicroEnsure use human-centered design in Kenya to develop a new microinsurance product shaped by what they see and hear from customers.
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Nice video. 

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Can Technology Push Microinsurance Further? 4 Reasons to Say Yes

Can Technology Push Microinsurance Further? 4 Reasons to Say Yes | MicroRisk | Scoop.it
There is great potential to better design and market insurance products for poor customers. A recent study by CGAP suggests that despite progress, four key opportunities across the insurance value chain are underexplored.
Lee Coppack's insight:

CGAP believes that technology does offer ways of bringing insurance to those who most need insurance and the stability it provides despite its observation that so far microinsurance has failed to gather significant momentum. 

 

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Greenfocus, artisans to develop microinsurance in Nigeria

Greenfocus, artisans to develop microinsurance in Nigeria | MicroRisk | Scoop.it

Greenfocus Global Services has said it is collaborating with artisans and farmers to develop microinsurance in the country." More...

Lee Coppack's insight:

People still do see value in the microinsurance concept. 

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Microinsurance covers 142,000 people in Taiwan

Microinsurance covers 142,000 people in Taiwan | MicroRisk | Scoop.it
Taipei, April 9 (CNA) Some 142,000 people in Taiwan are now part of a microinsurance program that was launched in the country in 2009, the Financial Supervisory Commission (FSC) said Thursday.
Lee Coppack's insight:

The number of insured is also expected to continue rising strongly. 

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Demand survey on disaster microinsurance for small businesses in urban areas

Demand survey on disaster microinsurance for small businesses in urban areas | MicroRisk | Scoop.it

A demand survey for developing a suitable microinsurance product was initiated in Puri district of the Odisha state of India in February 2015." More...

Lee Coppack's insight:

Microinsurance for the assets of small businesses is likely to be more straightforward to build than health insurance as important as that is. 

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Call for proposals for proposals for 11th International Microinsurance Foundation

Call for proposals for proposals for 11th International Microinsurance Foundation | MicroRisk | Scoop.it
 

 

The Munich Re Foundation has called for proposals for the 11th International Microinsurance Conference will take place in Morocco from 3 to 5 November 2015 in Morocco. The theme driving growth and sustainability – the business case for microinsurance.  is Approximately 400 participants and experts from around the world will discuss and identify ways of accelerating growth and economic viability in microinsurance.

www.microinsuranceconference.org/2015

 

 

Lee Coppack's insight:

Although more than 260m poor people in developing countries are covered by some insurance, many millions remain without even a simple policy as a financial safety net. The 11th International Microinsurance Conference will focus on the how to improve the supply of suitable insurance products. 

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Microinsurance for farms Has macro future

Microinsurance for farms Has macro future | MicroRisk | Scoop.it
Big data will enable microinsurance by improving weather forecasts -- and farmers will thrive throughout the developing world.
Lee Coppack's insight:

Rich data sources and new technology solutions can transform microinsurance from subsidized, pilot schemes into sustainable products that truly help stabilise farmers' income. 

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How is microinsurance being evaluated in Ghana?

How is microinsurance being evaluated in Ghana? | MicroRisk | Scoop.it
How is microinsurance being evaluated in #Ghana? https://youtu.be/DWWx2h-b3v4 Check out our new video w/ @poverty_action pic.twitter.com/jXS6dWPxfI
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APA insurance unveils livelihood microinsurance for workers in Kenya

"APA Insurance, in association with Citadel Micro Insurance, has unveiled a new microinsurance product that provides financial relief to employees against loss of their jobs, hospitalisation or loss of life." More at http://www.coastweek.com/3822-latest-news-01.htm

 

Lee Coppack's insight:

Livelihood protection is an important extension for microinsurance. 

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How microinsurance promises to save Africa: blog

How microinsurance promises to save Africa: blog | MicroRisk | Scoop.it

This blog from Edwin Moindi focuses primarily on the importance of digital capital in building microinsurance markets in Africa. 

Lee Coppack's insight:

Edwin Moindi's comments show how companies without an insurance history but with digital capital can enter into a market where traditional insurers are fighting for tiny shares in the market for better off customers. 

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Aftermath: perceptions of microinsurance after Typhoon Haiyan: blog

Aftermath: perceptions of microinsurance after Typhoon Haiyan: blog | MicroRisk | Scoop.it

Thomi Meyer looks at the lessons insurance can learn from microinsurance. 

Lee Coppack's insight:

Making microinsurance successful may drive changes in conventional insurance which is a useful but creaky product at retail level. 

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Microinsurance opportunity | Microfinance Gateway - CGAP

Microinsurance Catastrophe Risk Organisation (MiCRO) is seeking an individual to be be responsible for working with vulnerable low-income population. It wants someone with strong business acumen to:

Tackle issues that create solutions for development challenges, financial inclusion, climate change, and agricultural productivity;Understand people's lives and the challenges they face day-by-day, in order to design risk management solutions that make them more resilient to the unpredictable natural hazards around them.

jobs@microrisk.org 

Lee Coppack's insight:

The insurance mechanism plus more resilient construction can make a difference to poor people exposed to natural catastrophes.  

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Regulators and industry to discuss incentivising African insurers to serve the unserved: at Consultative Forum | Microinsurance

Regulators and industry to discuss incentivising African insurers to serve the unserved: at Consultative Forum | Microinsurance | MicroRisk | Scoop.it

The 4th Consultative Forum, organised by the Microinsurance Network, together with the Access to Insurance Initiative (A2ii) and the International Association of Insurance Supervisors (IAIS), will take place from 27-28 May 2015  in Tunis, Tunisia. The Forum is being organised in partnership with the African Insurance Organisation (AIO) and the ILO’s Impact Insurance Facility.

The 4th edition of this forum will focus on “How to encourage the insurance industry in Africa to provide sustainable insurance services to the unserved” and will centre on topics and strategies connecting regulation, supervision and public policy with industry action.

 

Lee Coppack's insight:

It is good to see regulators being involved at this level. 

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Low financial literacy hinders microinsurance in Philippines - adviser

Low financial literacy hinders microinsurance in Philippines - adviser | MicroRisk | Scoop.it

The country’s microinsurance industry is still plagued by low financial literacy levels as well as poor monitoring systems for regulatory compliance, according to an adviser who has been working with the country's Insurance Commission. More...

Lee Coppack's insight:

The Philippines are exposed to almost every possible natural catastrophe but a large majority of the population has little or no insurance protection. 

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Microinsurance: Disrupt, Fail, Repeat?

Microinsurance: Disrupt, Fail, Repeat? | MicroRisk | Scoop.it

"Many of the most-trumpeted initiatives in the microinsurance industry have failed to survive the past decade. With challenges far outweighing successes, the industry’s soul-searching holds implications for other emerging industries serving the bottom of the pyramid." More...

Lee Coppack's insight:

Coming from an organisation like CGAP these comments need to be taken seriously. Microinsurance has not reached scale. CGAP does not really delve into the reasons except that crop insurance has been too expensive. Is the problem cost generally? The nature of the insurance contract? Aiming at classes that are too difficult to underwrite? Or sacrificing commercial viability?

Perhaps it is just a question of more time, but it does need thought so as not to lose what should be a valuable tool for protecting the poor against fortutious shocks. 

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Old Mutual eyes microfinance sector

Old Mutual eyes  microfinance sector | MicroRisk | Scoop.it

OLD Mutual is considering acquiring a microfinance institution in Zimbabwe to support the informal sector which has now become the biggest economic sector in the country...more

Lee Coppack's insight:

The weight of Old Mutual behind a microfinance institution could give an important boost to microinsurance in Zimbabwe. 

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Zambia's PIA committed to developing micro-insurance

Zambia's PIA committed to developing micro-insurance | MicroRisk | Scoop.it
PIA FORUM with DOREEN KAMBANGANJI

CREATION of an enabling environment through appropriate legislative framework remains one of the key components of the Zambia microinsurance strategy, Pensions and Insurance Authority (PIA) registrar Martin...

Lee Coppack's insight:

Regulatory acceptance of microinsurance and a good framework are prerequisites of a market. 

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Understanding of insurance is essential to the development of microinsurance

Understanding of insurance is essential to the development of microinsurance | MicroRisk | Scoop.it
Insurers interested in developing #microinsurance must first raise awareness of what #insurance is: #NatCat15 panel pic.twitter.com/0leC8mDkjn
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El futuro de los microseguros ¿alianzas público-privadas?

El futuro de los microseguros ¿alianzas público-privadas? | MicroRisk | Scoop.it
Durante los últimos meses he reflexionado sobre una idea que formulé durante mi participación en la 10ª Conferencia Internacional de Microseguros en la Ciudad de México en noviembre y el Viaje de Estudio en Microseguros Agrícolas paralelo: es necesario tomar una perspectiva más integral del manejo de riesgos en el tema de microseguros. Se está viendo cada vez más que los microseguros no pueden tener el impacto que queremos si existen como productos y servicios aislados. Si tuviera que...
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Thoughtful comments from the Multilateral Investment Group of the International Development Bank.

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UBA Metropolitan, Etisalat partners to launch life microinsurance in Nigeria

UBA Metropolitan, Etisalat partners to launch life microinsurance in Nigeria | MicroRisk | Scoop.it

lUBA Metropolitan, Etisalat partners to launch life microinsurance in Nigeria. 

Lee Coppack's insight:

Mobile phones are again proving an important distribution channel for microinsurance. 

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