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MIF, ILO partnership to boost microinsurance in Latin America and the Caribbean

Jun 19, 2013

The Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB) Group, and the International Labour Organization (ILO)’s Microinsurance Innovation Facility have announced a collaboration for the purposes of developing and disseminating Spanish-language knowledge products about microinsurance in Latin America and  the Caribbean.

The microinsurance sector in Latin America and the Caribbean has recently experienced impressive growth in life and accident coverage as well as in products covering multiple risks. Nevertheless, primary health and property microinsurance coverage remains limited, and there has been little progress in distribution. Despite the advancements, only 11% of low-income people in Latin America and the Caribbean have any type of microinsurance. Over 350 million people in the region have no coverage at all. The MIF-ILO joint learning and knowledge strategy seeks to respond to specific needs of the Latin American and Caribbean region by identifying gaps, developing knowledge products and activities, and helping to catalyze new microinsurance initiatives.

Upcoming product releases and events related to this partnership include the August 2013 release of a research study, “The Landscape of Microinsurance in Latin America and the Caribbean,” commissioned by the MIF from the consulting firm Microinsurance Centre; and a planned day-long seminar on microinsurance to be held September 29, 2013 in Guadalajara, Mexico on the eve of the MIF’s 2013 FOROMIC conference. More information on this seminar, organized by the MIF, the MunichRe Foundation and the Microinsurance Network, will be forthcoming.

For more information on the MIF’s work in microinsurance, click here. To receive future updates from this partnership, please fill out the form here.

About the MIF

The Multilateral Investment Fund (MIF), funded by 39 donors, supports private sector-led development benefitting low-income populations and the poor - their businesses, their farms, and their households. The aim is to give them the tools to boost their incomes: access to markets and the skills to compete in those markets, access to finance, and access to basic services, including green technology. A core MIF mission is to act as a development laboratory - experimenting, pioneering, and taking risks in order to build and support successful micro and SME business models. More information at www.fomin.org.

About the ILO Microinsurance Facility

The International Labour Organization, through its Microinsurance Innovation Facility, seeks to increase the availability of quality insurance for the developing world's low income families to help them guard against risk and overcome poverty. The Facility was launched in 2008 with the support of a grant from the Bill & Melinda Gates Foundation.

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