Report - Microinsurance Conference 2007

Making insurance work for the poor

From 13 to 15 November 2007, the Microinsurance Conference 2007 took place in Mumbai, India. The Conference was jointly hosted by CGAP [Consultative Group to Assist the Poor] Working Group on Microinsurance and the Munich Re Foundation with the support of the IRDA, GTZ and the World Bank. This event was the third international Microinsurance Conference.

Over 300 microinsurance experts and practitioners from over 50 countries were in Mumbai to discuss the latest trends and developments in insurance products for the poor.

This report summarizes the main findings.

Themes
1) Regulation, supervision and policy issues, such as:
-Key regulatory framework challenges and barriers to access
-Different regulatory approach models that facilitate access and ensuresustainability (country examples)
-Microinsurance regulation as a tool to meet policy objectives
 
2) Improving efficiency and enhancing benefits, such as:
-Efforts to lower administrative expenses (including use of technology)
-Market research, consumer education and client satisfaction
-Mutually beneficial partnerships
 
3) Innovative microinsurance products, such as:
-Microinsurance coverage for agricultural losses
-Successful property insurance policies
-Microinsurance for disasters
 
4) Group versus individual products: a comparison of:
-Marketing methods and underwriting standards
-Price and benefits
-The circumstances under which each is most appropriate
-Other advantages and disadvantages