Haiti - Economy : After the microfinance, the microinsurance

Download the School calendar 2024-2025 (Official)

iciHaiti - Obituary : Passing of feminist activist Guerda Bien-Aimé

iciHaiti - Politic : CEP President on official mission to Jamaica

iciHaiti - Insecurity : Gangs control almost all of the country's highways

iciHaiti - Economy : Impact of insecurity on the functioning of the banking sector

iciHaiti - FLASH : First public appearance of Pope Francis and return to the Vatican (Video)

more news

Haiti - NOTICE : New version of the American Traveler Enrollment Program in Haiti (STEP)

Haiti - FLASH : 3 armored vehicles set on fire in Petite Rivière de l’Artibonite

Haiti - News : Zapping...

Haiti - Spain : Strengthening of the academic and scientific cooperation

Haiti - FLASH : Every hour, more than one Haitian is infected with tuberculosis

more news

Haiti - Economy : After the microfinance, the microinsurance
15/09/2011 16:45:02

After heavy rainfall in parts of Haiti, microfinance institution Fonkoze has given more than US $1 million in damages to its 3,800 borrowers in the first payout of its natural disaster insurance.

Eligible borrowers received cash payments of USD$125 each to repair their homes and recapitalize their businesses and had their loans repaid for them through their insurance product Kore W.

Fonkoze founded insurance company MiCRO (the Microinsurance Catastrophe Risk Organization) to offer micro-insurance throughout the world. Its insurance policies combine both parametric and basic risk options, allowing for fast and flexible products that can be catered to organizations’ specific needs. Fonkoze paid most claims within 60 days in its first event.

Through more than 15 years of working in this context, Anne Hastings, CEO of Fonkoze said, "It means nothing to help our clients build their assets if they have no way to protect them against sudden loss in a natural disaster. "Fonkoze already provides its clients with life insurance to cover the death of a client, a common cause of financial distress for families in the rural countryside where disease is common and healthcare is scarce. The 2010 earthquake made their susceptibility to natural disasters all too clear.

MiCRO's founding partners include Swiss Re, Caribbean Risk Managers Limited (CaribRM), GC Micro Risk Solutions SM and Fonkoze. The UK Department for International Development (DFID) and the Swiss Agency for Development and Cooperation (SDC) are core donors.

HL/ HaitiLibre