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Microinsurance: Small price, big growth

People in emerging markets are recognizing the need to protect their basic assets—and the insurance industry is developing the infrastructure to deliver microinsurance. Can this be the model for small U.S. business, too?

By Marik Brockman | Updated on March 09, 2011

Microinsurance represents a dynamic and growing opportunity for insurers and distributors worldwide as new geographic and customer market segments emerge.  While microinsurance is generally an emerging market phenomenon, developments elsewhere may lead to increasing opportunity for both carriers and distributors in the U.S.

Microinsurance typically involves simple property-casualty and life-related micro products with very small premiums for the working poor who are emerging from or hovering near severe poverty. These people depend on assets such as livestock, agricultural crops, small businesses or sole wage earnings; if they lose them, then they will slip back into severe poverty without a clear path to recovery.

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