It’s got a market of four billion people: other ingredients include creativity, technology and an appetite for change: it’s called microinsurance

What is microinsurance?

The author’s bit:

The money per person may be microscopic, but multiply it by the numbers of those that would want it and it’s vast.

What if it was ultimately responsible for lifting them out of poverty?

The impact of microinsurance, alongside its other microfinance counterparts would be measured in trillions of dollars.

Microinsurance is insurance with low premiums and low payout caps and coverage

Microinsurance is typically associated with community-based arrangements, such as community health funds, mutual health organizations, rural health insurance and community involvement in user-fee management.

Most of these community schemes have developed in extremely challenging practical conditions.

The common feature is the active involvement of the community in revenue collection, pooling, resource allocation and service provision.

So just how big is the global market for microinsurance?

http://www.youtube.com/watch?v=rnvcIvZVkZk

The first video is called:

The critical success factors in micro-insurance

It’s presented on ILSTV by ILScorp of Canada and presents the views of Marik Brockman, a principal in Diamond Management and Technology Consultants‘ practice, has fourteen years of experience in marketing and strategic planning roles.

There are more details of the content of the video here (it’s a web page with a transcript of the video)

The second video is called:

Microinsurance: untapped source of development

It’s presented by Michal Matul, who works in the International Labor Organisation‘s Microinsurance Innovation Facility

There are more details of the content of the video here It’s a (PDF)