Micro-insurance Policies for Central America

The Inter-American Development Bank (IDB) and Central America's network of micro-financiers (REDCAMIF in Spanish) are to implement a business model for the development of micro-insurance in the region.

Friday, August 27, 2010

The agreement signed between the IDB and REDCAMIF is backed by a $2.4 million investment to develop the business model.

El Nuevo Diario reports comments from IDB's Nicaraguan representative, Mirna Lievano de Márquez: "In Central America there are few insurance services aimed at micro-enterprises, hence the need to promote this area in view of the great work done by families working hard to support our economy".

More on this topic

Regional Micro-Insurance Supply Deficit

August 2013

In Central America microinsurance coverage is minimal, with rates well below the rest of Latin America.

Throughout the region, Guatemala leads they way in such services with 0.58%, followed by El Salvador (0.13%), Nicaragua (0.12%), Panama (0.06%) and Honduras (0.05%) . According to a study by the Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB), Salvadorans prefer micro-life insurance (112,000 people) and health insurance (78,000 people).

Nicaragua: Microfinancers to Sell Microinsurance

May 2013

Backed by the Central American and Caribbean Network of Microfinancers six companies have begun offering microinsurance to families and small businesses.

Ivan Gutierrez, executive director of the Central American and Caribbean Microfinancers Network (Redcamif), said that "from July this year six microfinance institutions will start to offer life and accident insurance, health insurance and temporary disability income."

Micro-insurance Companies for Low-income Sectors

August 2010

For the past year Panama's insurance regulator has been reviewing how to create a micro-insurance market.

Luis Della Togna, head of the insurance regulator, discussed the idea but gave no indication of when micro-insurance companies could be introduced into the market.

"As a guide for Panama's insurance sector, Martha Rodríguez, commercial vice president of Mapfre Seguros Generales Colombia, explained that in Colombia 88% of the country is poor and therefore micro-insurance policies were created to supply this market," reports Laestrella.com.pa.

Regional insurers urged to offer micro-policies

May 2008

Alesia Rodríguez, one of the leading speakers at the Second Central American Insurance Symposium, suggested that companies in the region should offer micro-policies to the poor.

Micro-policies could cover health and funeral services, two of the main concerns of people of all social classes, Rodríguez said. Micro-policies for funeral expenses had proved particularly popular in other countries, she added.

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