Microinsurance, an emerging category of microfinance, works in a manner similar to traditional commercial insurance - except products are designed for and distributed to low-income populations, predominantly in emerging economies that have had historically low insurance penetration. Because this corner of the market is relatively new, many insurers find it difficult to write “micro” policies with little access to loss history, exposure data, and other essential underwriting information. Without access to reinsurance, the situation becomes even more challenging.
The microinsurance movement represents an effort to jumpstart a culture of utilization of insurance in the developing world by making coverage available where it would not exist otherwise. The microinsurance market holds huge growth potential for (re)insurers. Though accessing this potential requires a comprehensive, innovative and novel approach to new business development.
Guy Carpenter & Company, LLC will be collaborating with Hanson Wade to bring together insurance experts from around the world at the Fourth International MicroInsurance Summit 2010 to be held in London on September 29 and 30, 2010. The Summit will focus on the concept of the advancement of sustainable and scalable models of microinsurance.
The 4th MicroInsurance Summit 2010 will gather some of the world’s top experts in this emerging market to debate strategic, financial, regulatory, operational and technological challenges, and offer potential solutions.
Paul Picardo, a Managing Director at Guy Carpenter, will be running a pre-conference workshop on Tuesday September 28 entitled Fast-Track Reinsurance Overview: Innovative Microreinsurance Solutions to Maximize Microinsurance Portfolio Results.
As a leader in the micro(re)insurance sector, Guy Carpenter continues to promote the need for and the opportunities within this innovative and growing arena with its partnership role in the MicroInsurance Summit 2010, in London. Guy Carpenter entered the microfinance sector in 2008 after being awarded a grant by the Microinsurance Innovation Facility to develop a reinsurance facility for microinsurance and microfinance company operations. We believe this burgeoning market provides our industry with the means to grow and tremendous opportunity for those with a long-term view of new market development. We are committed to its success.
Guy Carpenter invites other leaders to look more closely at the microreinsurance sector and determine how to help develop the future of our industry.