MICROCAPITAL BRIEF: MicroEnsure to Retail “Triple 10” Microinsurance in the Philippines

MicroEnsure, a UK-based nonprofit microinsurance intermediary, has partnered with Bankers Assurance Corporation, a Filipino for-profit insurance company, and MI Central Corporation, a Filipino marketing and distribution company, to roll out a retail microinsurance product called Triple 10 in the Philippines.  Triple 10 costs PHP 250 (USD 6) per year and provides up to PHP 10,000 (USD 245) of coverage each for life insurance, fire and calamity assurance and medical reimbursement. Customers are also able to extend their Triple 10 coverage to family members or increase their coverage levels for an additional fee.

MicroEnsure provides microinsurance products to approximately 3.5 million clients in the Caribbean, Africa and Asia as of 2012.  Customer and financial data on Banks Assurance and MI Central are not available.

By Brian LeBlanc

About MicroEnsure

MicroEnsure was founded in 2005 in the UK as a wholly-owned subsidiary of Opportunity International, a US-based nonprofit microfinance network created in 1974. MicroEnsure was known as the Micro Insurance Agency until 2008. As an insurance intermediary, it provides a range of products including health, life, property and weather index-based insurance to approximately 3.5 million poor clients in the Caribbean, Africa and Asia as of 2012. In 2013, the International Finance Corporation (IFC) and Omidyar Network acquired equity stakes in the organization as part of its transition to a for-profit entity.

About Opportunity International

Based in the United States, Opportunity International is a nonprofit organization that was founded in 1971. Opportunity International provides small business loans, savings, insurance and training to approximately 5 million poor people in 24 countries in Africa, Asia, South America and Eastern Europe. As of July 2012, Opportunity International reported a gross loan portfolio of USD 515 million.

Sources and Additional Information:

MicroEnsure press release, http://www.microensure.com/news.asp?id=254

MicroCapital article, January 23, 2013, “MICROCAPITAL BRIEF: Telenor Participates in Launch of MicroEnsure Asia, Opportunity International Sells Stakes in MicroEnsure to International Finance Corporation (IFC), Omidyar Network,” https://www.microcapital.org/microcapital-brief-telenor-participates-in-launch-of-microensure-asia-opportunity-international-sells-stakes-in-microensure-to-international-finance-corporation-ifc-omidyar-network/

MicroCapital article, January 22, 2013, “MICROCAPITAL BRIEF: MicroEnsure to Tap Data from Meteo Rwanda to Provide Weather Index Insurance for Farmers,” https://www.microcapital.org/microcapital-brief-microensure-to-tap-data-from-meteo-rwanda-to-provide-weather-index-insurance-for-farmers/

MicroCapital article, November 28, 2012, “MICROCAPITAL BRIEF: MicroEnsure Ghana Unveils ‘EduSave’, Incorporating Insurance, Savings, Education Finance,” https://www.microcapital.org/microcapital-brief-microensure-ghana-unveils-edusave-incorporating-insurance-savings-education-finance/

MicroCapital Universe Profile: MicroEnsure https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MicroEnsure

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

Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/

 

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