According to a press release, the Z Zurich Foundation, the arm of the Zurich Financial Services Group focused on social initiatives related to microinsurance, has contributed CHF 3 million, the equivalent of over USD 2.83 million, to the International Labour Organization’s (ILO) Microinsurance Innovation Facility to provide grants to organizations that are involved with microinsurance [1,2,3].Five to seven projects will be selected to receive grants [1]. The selected projects will then be monitored by the Microinsurance Innovation Facility for three to four years [1]. The Z Zurich Foundation press release cites enrollment and fee collection in remote areas, management of a large number of policies, and the integration of multiple parties providing microinsurance as key challenges that require innovative approaches [1].
By Christopher Maggio, Research Assistant
About:
Z Zurich Foundation
Description:
The Z Zurich Foundation is a private foundation formed by the Zurich Financial Services Group. It provides grants for initiatives involving insurance for the poor. These grants support research and education related to microinsurance, as well as promote risk reduction itself. The foundation also provides relief to people effected by war, pandemics, or natural disasters.
Organization’s Website:
http://www.zurich.com/main/about/corporateresponsibility/globalnonprofitpartnerships/zurichsgroupfoundation.htm#m
Contact:
Zurich Financial Services Ltd
P.O. Box
8022 Zurich
Switzerland
+41 44 625 25 25
MicroCapital’s Microfinance Universe profile: Z Zurich Foundation
About:
International Labour Organization’s (ILO) Microinsurance Innovation Facility
Description:
The Microinsurance Innovation Facility is a program conducted by the International Labor Organization (ILO), an agency of the United Nations. The facility was founded in 2008 with support from the Bill & Melinda Gates Foundation, a charitable organization. The facility attempts to increase access to insurance for the poor by providing grants to organizations that develop innovations in microinsurance. The facility prioritizes insurance related to agriculture, health, life and property. Its grantees include CARE Foundation, Microfinance Opportunities, Protecta, and Freedom from Hunger.
Organization’s Website:
http://www.ilo.org/public/english/employment/mifacility/
Contact:
ILO – Microinsurance Innovation Facility
Room 8/109
4 route des Morillons
CH – 1211 Geneva 22
Switzerland
Tel: +41 22 799 6784
Fax: +41 22 799 6896
MicroCapital’s Microfinance Universe profile: ILO Microinsurance Innovation Facility
Bibliography:
[1] Z Zurich Foundation press release entitled ‘Zurich’s Z Zurich Foundation supports ILO’s Microinsurance Innovation Facility’: http://www.zurich.com/main/media/newsreleases/2010/english/2010_0128_01_article.htm
[2] Z Zurich Foundation: http://www.zurich.com/main/about/corporateresponsibility/globalnonprofitpartnerships/zurichsgroupfoundation.htm
[3] International Labour Organization’s (ILO) Microinsurance Innovation Facility: http://www.ilo.org/public/english/employment/mifacility/
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