MICROCAPITAL BRIEF: Jordan’s Microfund for Women Launches Gender-Sensitive Microinsurance Product, Caregiver, in Partnership with Women’s World Banking (WWB)

Jordan’s Microfund for Women (MFW), a Jordanian microfinance program for women, has recently launched a microinsurance product, CareGiver, with its partner Women’s World Bank (WWB). The insurance policies are being provided to MFW borrowers, who pay a monthly premium with their loan repayment. The insurance covers medical fees, lost income from business closure, childcare and transportation for medical services.

Mary Ellen Iskenderian, President and CEO of WWB, says: “Women, more often than not, are the family’s primary caregiver. During a health event, there’s more than just medical expenses – lost wages, childcare, even transportation to and from the hospital – all add pressure on that household during a tough time. The CareGiver Program is designed to address just that issue.” [1]

CareGiver is being provided in collaboration with the International Labor Organization, an agency of the United Nations, Zurich Financial Services, a Swiss insurance-based financial services provider, and Al Manara Insurance, a Jordanian insurance company.

By Jennifer Shevock, Research Associate

About Microfund for Women:
Microfund for Women is a Jordanian microfinance institution which serves the entrepreneurial poor. As of April 2010 the company has 48,160 active loans, 97 percent of which are for women.

About International Labor Organization:
The International Labor Organization is an agency of the United Nations (UN) whose objective is to advance opportunities for men and women to obtain decent and productive work in conditions of freedom, equity, security and human dignity. Its founding mission is that labor peace is critical to prosperity.

About Women’s World Banking:
Women’s World Banking provides technical and advisory services to its network of microfinance institutions. As of February 26, 2010, WWB has 40 members working in 28 countries that serve 20 million microentrepreneurs.

About Zurich Financial Services:
Zurich Financial Services Ltd is an insurance-based financial services provider. Founded in 1872, it is a Swiss company with a global network of offices and subsidiaries. As of March 31, 2010 average invested assets were USD 194 billion.

About Al Manara Insurance:
Al-Manara Insurance PLC Co., formerly Arabian Seas Insurance Co. Ltd., is a Jordan-based public shareholding company that provides fire, general accident, marine and hull, health, travel, personal liability and motor vehicle insurance.

Sources and Additional Resources:
[1] “Jordan’s Microfund for Women launches Microinsurance Product ‘CareGiver’” June 29, 2010. http://www.microfinancefocus.com/news/2010/06/29/jordan%E2%80%99s-microfund-for-women-launches-microinsurance-product-caregiver/

MicroCapital Universe: Microfund for Women: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Microfund+for+Women

MicroCapital Universe: International Labor Organization: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Labor+Organization

MicroCapital Universe: Women’s World Banking: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Women%27s+World+Banking+(WWB)

MicroCapital Universe: Zurich Financial Services: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Zurich+Financial+Services

MicroCapital Universe: Al Manara Insurance: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Al+Manara+Insurance

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