The microinsurance sector in Latin America and the Caribbean (LAC) has recently experienced tremendous growth in life and accident coverage as well as a notable increase in products covering multiple risks. Despite some significant initiatives, primary health and property microinsurance coverage remains extremely limited. In the eleven countries for which previous data was available, the total number of people and properties identified as covered by microinsurance grew by 125% over the six years from 2005 through the end of 2011. Within the region, the five largest microinsurance markets - Mexico, Brazil, Colombia, Peru, and Ecuador - remain dominant, as these countries account for 90% of all microinsurance coverage in LAC.
A total of 108 respondents from 19 countries where microinsurance was identified responded to the survey, providing data for 99 providers. The number of identified microinsurance products stands at 159. At the end of 2011, they provided cover to over 45.5 million lives and properties. As a result, 7.6% of the total LAC population benefits from microinsurance cover. More than 55% of this coverage is found in Mexico and Brazil, where 14.7 million and 10.4 million lives and properties were identified as insured, respectively.
The study identified that life microinsurance products reached 32.5 million people, while 15.9 million were identified as covered through credit life. Health microinsurance products covered at least 10.3 million, and 24.0 million people benefit from accident cover. About 2.9 million properties are protected through corresponding microinsurance products. Many of these products are offered as riders and add-ons to a primary microinsurance product, which is reflected in the fact that the sum of lives and properties covered by individual product types is greater than the 45.5 million unique lives or properties identified by the study.
|Date of publication: ||2013 |
|Language: ||English |
|Order No.: ||Only available as download |