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Microinsurance premium crosses US$800 mln in Latin America and Caribbean

Source: Asia Insurance Review | Oct 2016

Almost 8% of Latin America and the Caribbean (LAC) population (48.6 million people) are covered by microinsurance as of the end 2013 and this amounts to US$828 million in premiums, according to a study published by the Microinsurance Network and the Munich Re Foundation which was launched at the 12th Annual Meeting of the Latin American Reinsurance Group (LARG) held in August. 
   The study, which is the only one of its kind, allows a comparative analysis of the microinsurance experiences across countries and regions, said Mr Andrea Keenan, Microinsurance Network Vice-Chair. It involved the analysis of data from almost 100 insurers in LAC. The data collected through the landscape study is part of the World Map of Microinsurance (WMM) programme, an initiative that aims to provide the sector with a bird’s eye view of the landscape of microinsurance worldwide. 
   It is also noted that across the LAC region, the comparable growth rate in terms of lives covered between 2011 and 2013 was 1.2%, with a dominance of life and accident products.
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