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62 Chapter 4 - Microinsurance: Anticipating Client RisksConclusionThe microinsurance industry is still in its infancy, but it can play an important role in the risk management andconsumption smoothing of low-income households. It can also contribute to the growth of microbusinessesand their financial service providers. Low-income households and microbusinesses face a wide range ofunpredictable shocks, both large and small. These can include slow onset problems (such as a drought) orsudden, devastating shocks (such as hurricanes, earthquakes, and illnesses). Rural producers are also exposedto a series of production-related risks that can be addressed in an efficient and cost-effective way by innovativemicroinsurance products.Because of the needs and limitations of clients, microinsurance has important differences compared tocommercial insurance. It has special characteristics in design, delivery, claims processing, and premiumstructuring that make microinsurance an important alternative risk pooling mechanism for the poor. Althoughalternative models have shown success in some cases, in many countries the path to large-scale microinsurancecoverage will be through traditional insurance companies. These companies already have the skills, information,and risk management systems required for microinsurance.Governments and donors can help to foster the partnerships that can result in large-scale coverage by supportingresearch to develop actuarial tables, client education campaigns, financial literacy efforts (including insurance),and conferences and exchanges to share experiences in the region.
Managing Risk and Creating Value with Microfinance63ReferencesArce, Carlos. 2007. “Administración de Riesgos para Productores Agropecuarios: Instrumentos Innovadores.” Paperpresented at a workshop at the World Bank, Washington, DC, February.Goldberg, Michael, and Coimbatore S. Ramanathan. 2007. “Microinsurance: International Best Practices.” Draftpaper, World Bank, Washington, DC.McCord, Michael. 2007a. “Microinsurance Products and Delivery Channels.” Paper presented at Access to Insurancefor the Poor Workshop, Rio de Janeiro.———. 2007b. “Microseguros: Una vision general.” Paper presented at a workshop at the World Bank,Washington, DC, February.———. 2007c. “Overview of Microinsurance.” Paper presented at a workshop at the World Bank,Washington, DC, February.McCord, Michael, and Jim Roth. 2006. “What Is Microinsurance?” Microinsurance Focus Notes 1, U.S. Agency forInternational Development, Washington, DC.MicroInsurance Centre LLC. 2009. http://www.microinsurancecentre.org/UI/Home.aspx.Rivas, Hector F. 2007. “Seguro de Vida—FINSOL.” Paper presented at a workshop for the World Bank,Mexico City, Mexico, February.Roth, Jim, Michael McCord, and Dominic Liber. 2007. The Landscape of Microinsurance in the World’s 100Poorest Countries. Washington, DC: MicroInsurance Centre LLC.Uribe, Alvaro. n.d. http://www.microinsurancecentre.org/UI/Home.aspx.Additional SourcesConsultative Group to Assist the Poor. 2004–06. “The Good and Bad Microinsurance Practice Case Studies.”Working Group on Microinsurance, Consultative Group to Assist the Poor, Washington DC.http://www.microinsurancenetwork.org/networkpublication41.php.———. “Resource Centers.” http://www.microfinancegateway.org/p/site/m/template.rc/1.11.48248/.International Association of Insurance Supervisors and Consultative Group to Assist the Poor. 2007. “Issues Paper.”Working Group on Microinsurance Issues, Regulation and Supervision of Microinsurance, ConsultativeGroup to Assist the Poor, Washington, DC.Siegel, Paul B., and Jeffrey Alwag. 2001. “Viewing Microinsurance as a Social Risk Management Instrument.”Social Protection Discussion Paper, World Bank, Washington, DC.
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