MicroEnsure, a microinsurance intermediary founded by US-based nonprofit Opportunity International, has partnered with Telenor Group, a Norwegian mobile communications company, to launch MicroEnsure Asia, which will provide insurance products to Telenor’s business units in Asia. The entity also is open to working with other mobile network operators in Asia and Eastern Europe. As of October 31, 2012, Telenor Group reported total assets of NOK 162 billion (USD 29 billion).
In related news, Opportunity International, which is known for its focus on microfinance, has sold stakes of undisclosed size and price in MicroEnsure to the International Finance Corporation (IFC), a member of the World Bank Group, and Omidyar Network, a US-based investment firm. The move is part of a transition of MicroEnsure from a nonprofit into a commercially-funded venture that is intended to help MicroEnsure scale its model and reach more poor people. As of December 31, 2011, Opportunity International reported total assets of USD 207 million.
MicroEnsure 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.
By Charlotte Newman, Research Associate
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 Telenor Group
Telenor Group is a Norwegian mobile communications company provider operating in 11 markets in Europe and Asia as of 2012. Its fully owned subsidiary, Telenor Pakistan, controls Tameer Microfinance, a microfinance bank in Pakistan. Easypaisa is a joint venture of Telenor Pakistan and Tameer Microfinance that provides both branchless banking and mobile financial services in Pakistan. As of October 31, 2012, Telenor Group reported total assets of NOK 162 billion (USD 29 billion).
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 two million poor people in 24 countries in Africa, Asia, South America and Eastern Europe. As of December 31, 2011, Opportunity International reported total assets of USD 207 million.
Sources and Additional Resources:
MicroEnsure Press Release: “Telenor and MicroEnsure Bring Insurance to the Masses in Asia,” http://www.microensure.com/news.asp?id=250&start=0
MicroEnsure Press Release: “Opportunity International Courts New Strategic Investors for MicroEnsure,” http://www.microensure.com/news.asp?id=251&start=0
MicroCapital.org story, 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.org story, October 13, 2012, “MICROCAPITAL BRIEF: YuMobile, MicroEnsure, Jubilee Insurance Partner to Offer Life, Disability Insurance to Mobile Subscribers in Kenya,” https://www.microcapital.org/microcapital-brief-yumobile-microensure-jubilee-insurance-partner-to-offer-life-disability-insurance-to-mobile-subscribers-in-kenya/
MicroCapital Universe Profile: MicroEnsure
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=MicroEnsure
MicroCapital Universe Profile: Telenor Group
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=telenor
MicroCapital Universe Profile: Opportunity International
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=Opportunity+International
MicroCapital Universe Profile: International Finance Corporation
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation
MicroCapital Universe Profile: Omidyar Network
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=Omidyar+Network
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