The Microinsurance Centre was created in 2000 by Michael J. McCord. It is as an independent institution dedicated to promoting responsible
microinsurance
Microinsurance is the protection of low-income people (those living on between approximately $1 and $4 per day( below $4)) against specific perils in exchange for regular premium payment proportionate to the likelihood and cost of the risks involve ...
, with their focus on the partner-agent model. The partner-agent model links
microinsurance schemes (hosted primarily by MFIs) to established commercial
insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
companies. This link allows the risk of the schemes to remain with the insurer, and thereby can enable greater sustainability and long-term viability.
The Microinsurance Centre works on two fronts, helping to establish proper dialogue on micro-insurance policies and helping to set up proper
microinsurance schemes. They have a wide range of partners that they work with, including insurers, regulators, donors,
MFIs, and
NGOs
A non-governmental organization (NGO) or non-governmental organisation (see spelling differences) is an organization that generally is formed independent from government. They are typically nonprofit entities, and many of them are active in ...
. They have played a role in projects in numerous countries that include Uganda, Kenya, Ghana, India, Nepal, Jordan, Peru, Laos, and Indonesia. They are also actively involved in disseminating information on micro-insurance through their periodic Briefing Notes, web site, and speaking engagements. In addition, they have conducted several country case studies and held trainings in Italy, Uganda, and Pakistan.
External links
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Microfinance organizations
Organizations established in 2000
Insurance agents
Microinsurance