ClydeCo-Resilience-Inclusive Insurance Report

What is inclusive insurance?

1. What is microinsurance? Microinsurance, as defined in the 2007 International Association of Insurance Supervisors (IAIS) Issues Paper on the Regulation and Supervision ofMicroinsurance, is insurance that is accessed by the low- income population, provided by a variety of different entities and run in accordance with generally accepted insurance practices. This means that the risk insured under a microinsurance policy is managed based on insurance principles and funded by premiums. Microinsurance covers a broad variety of products, for example, life insurance, funeral cover, health, invalidity, livestock, crop and asset insurance. 2. What is inclusive insurance? Inclusive insurance is a broader term denoting all insurance products aimed at the excluded or underserved market; rather than just those aimed at the poor or a narrow conception of the low-income market. This definition can be found in the IAIS Conduct of Business in Inclusive Insurance Issues Paper published in 2015. 4


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