Private Sector Insurers and Microinsurance
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![Overview of Presentation ,[object Object],[object Object],[object Object],[object Object],[object Object]](https://image.slidesharecdn.com/estoniamay2009myangluishuerta-12790246448505-phpapp02/75/private-sector-insurers-and-microinsurance-2-2048.jpg?cb=1670046021)
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![Micro vs. Conventional Insurance Adapt to needs of microinsurance Conventional Insurance Microinsurance ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]](https://image.slidesharecdn.com/estoniamay2009myangluishuerta-12790246448505-phpapp02/75/private-sector-insurers-and-microinsurance-4-2048.jpg?cb=1670046021)
![A few insurers providing microinsurance ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],To stimulate new ideas and test new approaches to provide better products ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]](https://image.slidesharecdn.com/estoniamay2009myangluishuerta-12790246448505-phpapp02/75/private-sector-insurers-and-microinsurance-6-2048.jpg?cb=1670046021)
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![Profile: Seguros Argos, Mexico ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]](https://image.slidesharecdn.com/estoniamay2009myangluishuerta-12790246448505-phpapp02/75/private-sector-insurers-and-microinsurance-11-2048.jpg?cb=1670046021)
![Base of the Pyramid in Mexico ,[object Object],[object Object],[object Object],[object Object],Microinsurance target market 57.1 million Extreme poverty Annual Per Capita Income (Mex Cy.) Population (in Millions) 30,000 9.7 25,000 13.2 20,000 17.3 15,000 16.9 10,000 12.4 5,000 2.8 Total 72.3](https://image.slidesharecdn.com/estoniamay2009myangluishuerta-12790246448505-phpapp02/75/private-sector-insurers-and-microinsurance-13-2048.jpg?cb=1670046021)
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Private Sector Insurers and Microinsurance
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Luis Huerta (Seguros Argos) and Mary Yang (Microinsurance Innovation Facility, ILO) present on the topic of Private Sector Insurers and Microinsurance in Tallinn, Estonia – May 2009.
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Private Sector Insurers and Microinsurance
- 1. Private Sector Insurers and Microinsurance Luis Huerta – Seguros Argos Mary Yang – ILO Tallinn, Estonia – May 2009
- 5. Front office Risk carrier Players in the microinsurance space Insurance companies Retailers Utility companies Cell phones Large employee groups Service providers Banks/MFIs Cooperatives Credit unions NGOs Large employee groups Banks Cooperatives MFIs NGOs Large employee groups Banks Cooperatives MFIs NGOs Back office
- 12. Microinsurance and Commercial Insurers in Mexico
- 24. Product experience Credit-linked insurance Savings-linked insurance Accumulating-value insurance
- 25. Product experience Property insurance Health insurance Composite products
- 26. Product experience Agriculture insurance Innovation is the catalyst
- 28. Thank you! Mary Yang yang @ilo.org Tel +41 22 799 6684 www.ilo.org/microinsurance Luis Huerta lhuerta@ segurosargos.com Tel +52 55 1500 1611 www.segurosargos.com
Notas do Editor
- Credit-linked insurance Most common and “successful” Primarily benefits the lender and insurer Often mandatory: Low claims rate Typically provides limited value to the poor Starting point for many microinsurers Savings-linked insurance Provides coverage Simple to manage Low transaction costs EX1: Columna, Guatemala Life savings pays beneficiary a multiple of the balance in the account at the time of death Size of benefit varies based on client’s age Premiums paid by reducing the interest rate on savings EX2: Zurich, Boliva and Bancosol Term life insurance, hospitalization Paid through monthly deductions from savings account Accumulating-value insurance Combines savings and insurance Usually long-term products Potentially powerful, but not generally providing sufficient value to clients EX1: Max New York Life, India Developed unlapsable policy Initial premium of Rs 1000 Additional savings top ups available Benefit a multiple of accumulated value
- Credit-linked insurance Most common and “successful” Primarily benefits the lender and insurer Often mandatory: Low claims rate Typically provides limited value to the poor Starting point for many microinsurers Savings-linked insurance Provides coverage Simple to manage Low transaction costs EX1: Columna, Guatemala Life savings pays beneficiary a multiple of the balance in the account at the time of death Size of benefit varies based on client’s age Premiums paid by reducing the interest rate on savings EX2: Zurich, Boliva and Bancosol Term life insurance, hospitalization Paid through monthly deductions from savings account Accumulating-value insurance Combines savings and insurance Usually long-term products Potentially powerful, but not generally providing sufficient value to clients EX1: Max New York Life, India Developed unlapsable policy Initial premium of Rs 1000 Additional savings top ups available Benefit a multiple of accumulated value
- Credit-linked insurance Most common and “successful” Primarily benefits the lender and insurer Often mandatory: Low claims rate Typically provides limited value to the poor Starting point for many microinsurers Savings-linked insurance Provides coverage Simple to manage Low transaction costs EX1: Columna, Guatemala Life savings pays beneficiary a multiple of the balance in the account at the time of death Size of benefit varies based on client’s age Premiums paid by reducing the interest rate on savings EX2: Zurich, Boliva and Bancosol Term life insurance, hospitalization Paid through monthly deductions from savings account Accumulating-value insurance Combines savings and insurance Usually long-term products Potentially powerful, but not generally providing sufficient value to clients EX1: Max New York Life, India Developed unlapsable policy Initial premium of Rs 1000 Additional savings top ups available Benefit a multiple of accumulated value
- Credit-linked insurance Most common and “successful” Primarily benefits the lender and insurer Often mandatory: Low claims rate Typically provides limited value to the poor Starting point for many microinsurers Savings-linked insurance Provides coverage Simple to manage Low transaction costs EX1: Columna, Guatemala Life savings pays beneficiary a multiple of the balance in the account at the time of death Size of benefit varies based on client’s age Premiums paid by reducing the interest rate on savings EX2: Zurich, Boliva and Bancosol Term life insurance, hospitalization Paid through monthly deductions from savings account Accumulating-value insurance Combines savings and insurance Usually long-term products Potentially powerful, but not generally providing sufficient value to clients EX1: Max New York Life, India Developed unlapsable policy Initial premium of Rs 1000 Additional savings top ups available Benefit a multiple of accumulated value
- Credit-linked insurance Most common and “successful” Primarily benefits the lender and insurer Often mandatory: Low claims rate Typically provides limited value to the poor Starting point for many microinsurers Savings-linked insurance Provides coverage Simple to manage Low transaction costs EX1: Columna, Guatemala Life savings pays beneficiary a multiple of the balance in the account at the time of death Size of benefit varies based on client’s age Premiums paid by reducing the interest rate on savings EX2: Zurich, Boliva and Bancosol Term life insurance, hospitalization Paid through monthly deductions from savings account Accumulating-value insurance Combines savings and insurance Usually long-term products Potentially powerful, but not generally providing sufficient value to clients EX1: Max New York Life, India Developed unlapsable policy Initial premium of Rs 1000 Additional savings top ups available Benefit a multiple of accumulated value
- Credit-linked insurance Most common and “successful” Primarily benefits the lender and insurer Often mandatory: Low claims rate Typically provides limited value to the poor Starting point for many microinsurers Savings-linked insurance Provides coverage Simple to manage Low transaction costs EX1: Columna, Guatemala Life savings pays beneficiary a multiple of the balance in the account at the time of death Size of benefit varies based on client’s age Premiums paid by reducing the interest rate on savings EX2: Zurich, Boliva and Bancosol Term life insurance, hospitalization Paid through monthly deductions from savings account Accumulating-value insurance Combines savings and insurance Usually long-term products Potentially powerful, but not generally providing sufficient value to clients EX1: Max New York Life, India Developed unlapsable policy Initial premium of Rs 1000 Additional savings top ups available Benefit a multiple of accumulated value
- Credit-linked insurance Most common and “successful” Primarily benefits the lender and insurer Often mandatory: Low claims rate Typically provides limited value to the poor Starting point for many microinsurers Savings-linked insurance Provides coverage Simple to manage Low transaction costs EX1: Columna, Guatemala Life savings pays beneficiary a multiple of the balance in the account at the time of death Size of benefit varies based on client’s age Premiums paid by reducing the interest rate on savings EX2: Zurich, Boliva and Bancosol Term life insurance, hospitalization Paid through monthly deductions from savings account Accumulating-value insurance Combines savings and insurance Usually long-term products Potentially powerful, but not generally providing sufficient value to clients EX1: Max New York Life, India Developed unlapsable policy Initial premium of Rs 1000 Additional savings top ups available Benefit a multiple of accumulated value
- Credit-linked insurance Most common and “successful” Primarily benefits the lender and insurer Often mandatory: Low claims rate Typically provides limited value to the poor Starting point for many microinsurers Savings-linked insurance Provides coverage Simple to manage Low transaction costs EX1: Columna, Guatemala Life savings pays beneficiary a multiple of the balance in the account at the time of death Size of benefit varies based on client’s age Premiums paid by reducing the interest rate on savings EX2: Zurich, Boliva and Bancosol Term life insurance, hospitalization Paid through monthly deductions from savings account Accumulating-value insurance Combines savings and insurance Usually long-term products Potentially powerful, but not generally providing sufficient value to clients EX1: Max New York Life, India Developed unlapsable policy Initial premium of Rs 1000 Additional savings top ups available Benefit a multiple of accumulated value
- Credit-linked insurance Most common and “successful” Primarily benefits the lender and insurer Often mandatory: Low claims rate Typically provides limited value to the poor Starting point for many microinsurers Savings-linked insurance Provides coverage Simple to manage Low transaction costs EX1: Columna, Guatemala Life savings pays beneficiary a multiple of the balance in the account at the time of death Size of benefit varies based on client’s age Premiums paid by reducing the interest rate on savings EX2: Zurich, Boliva and Bancosol Term life insurance, hospitalization Paid through monthly deductions from savings account Accumulating-value insurance Combines savings and insurance Usually long-term products Potentially powerful, but not generally providing sufficient value to clients EX1: Max New York Life, India Developed unlapsable policy Initial premium of Rs 1000 Additional savings top ups available Benefit a multiple of accumulated value
- Credit-linked insurance Most common and “successful” Primarily benefits the lender and insurer Often mandatory: Low claims rate Typically provides limited value to the poor Starting point for many microinsurers Savings-linked insurance Provides coverage Simple to manage Low transaction costs EX1: Columna, Guatemala Life savings pays beneficiary a multiple of the balance in the account at the time of death Size of benefit varies based on client’s age Premiums paid by reducing the interest rate on savings EX2: Zurich, Boliva and Bancosol Term life insurance, hospitalization Paid through monthly deductions from savings account Accumulating-value insurance Combines savings and insurance Usually long-term products Potentially powerful, but not generally providing sufficient value to clients EX1: Max New York Life, India Developed unlapsable policy Initial premium of Rs 1000 Additional savings top ups available Benefit a multiple of accumulated value
- Credit-linked insurance Most common and “successful” Primarily benefits the lender and insurer Often mandatory: Low claims rate Typically provides limited value to the poor Starting point for many microinsurers Savings-linked insurance Provides coverage Simple to manage Low transaction costs EX1: Columna, Guatemala Life savings pays beneficiary a multiple of the balance in the account at the time of death Size of benefit varies based on client’s age Premiums paid by reducing the interest rate on savings EX2: Zurich, Boliva and Bancosol Term life insurance, hospitalization Paid through monthly deductions from savings account Accumulating-value insurance Combines savings and insurance Usually long-term products Potentially powerful, but not generally providing sufficient value to clients EX1: Max New York Life, India Developed unlapsable policy Initial premium of Rs 1000 Additional savings top ups available Benefit a multiple of accumulated value
- Credit-linked insurance Most common and “successful” Primarily benefits the lender and insurer Often mandatory: Low claims rate Typically provides limited value to the poor Starting point for many microinsurers Savings-linked insurance Provides coverage Simple to manage Low transaction costs EX1: Columna, Guatemala Life savings pays beneficiary a multiple of the balance in the account at the time of death Size of benefit varies based on client’s age Premiums paid by reducing the interest rate on savings EX2: Zurich, Boliva and Bancosol Term life insurance, hospitalization Paid through monthly deductions from savings account Accumulating-value insurance Combines savings and insurance Usually long-term products Potentially powerful, but not generally providing sufficient value to clients EX1: Max New York Life, India Developed unlapsable policy Initial premium of Rs 1000 Additional savings top ups available Benefit a multiple of accumulated value
- Property insurance Often linked to a loan May not help with replacement, just repayment Most common examples are for livestock, huts EX1: Hollard, South Africa Exception to typical property insurance Experimenting with voluntary property cover Pre-underwitten coverage of households and contents Health insurance Product for which there is the greatest demand Often coverage limited to hospitalization, or even a daily payment not linked to health care costs Straddles the gray area between social protection and commercial insurance Difficult to offer because: Additional player involved (health care provider) Prone to moral hazard, fraud, adverse selection and over-usage problems Skewed incentives On a commercial basis, can only be made affordable to the poor by severely limiting benefits Composite products Combines multiple benefits in one product, sometimes with different risk carriers Efficient mechanism for protecting the poor if kept simple and understandable Prone to abuse with “window dressing” benefits EX1: SEWA, India Links with life and general insurers to provide composite product (and carries some of the risk itself) Coverage includes death, hospitalization and hut EX2: CIC, Kenya Provides life, disability and health cover (linked to National Health Insurance Fund)
- Agriculture insurance No evidence yet of sustainable agriculture insurance (for the poor), all heavily government subsidized Prone to moral hazard problems: farmers were less likely to pursue sound practices; so needs to combined with education Recent innovations such as rain-fall index insurance show some potential to make agriculture insurance measurable, objective and viable...although most experiences are only in the pilot stage