The Center for the Economic Analysis of Risk (CEAR), based in the US city of Atlanta, and Munich Re Foundation, a nonprofit founded by German reinsurer Munich Re, recently entered into an agreement to collaborate on microinsurance research.
The agreement aims to build on the experience of both organizations: CEAR, which is housed at Georgia State University’s J Mack Robinson College of Business, is leading a research effort focusing on the creation of a mature and sustainable market for insurance for poor people, and Munich Re Foundation, along with the Microinsurance Network, created the International Microinsurance Conference, which has been held annually since 2005.
Richard D Phillips, chair of Robinson’s Department of Risk Management and Insurance, which houses CEAR, said, “Insurance for the poor holds enormous potential as a safety net for millions of impoverished households worldwide. We look forward to continuing our work with the Munich Re Foundation to advance microinsurance from an idea in its infancy to a widely used instrument.” [1] Detailed goals of the partnership have not yet been announced.
By Medha Ravi, Research Associate
About Munich Re:
Munich Re is a reinsurance company established in 1880 in Munich, Germany. It provides insurance advisory services, reinsurance, primary insurance and health insurance. Its assets are managed by Munich Ergo Asset Management (MEAG). As of 2009, Munich Re has an investment portfolio of EUR 182 billion (USD 256 billion), return on equity (ROE) of 11.8 percent and return on assets (ROA) of 4.3 percent.
About Center for the Economic Analysis of Risk (CEAR):
Based in the US city of Atlanta at the Department of Risk Management and Insurance at Georgia State University’s J Mack Robinson College of Business, the Center for the Economic Analysis of Risk (CEAR) focuses on economic research on the measurement and management of risks faced by individuals, households, institutions and societies. Center partners include Robinson’s Department of Finance and School of Accountancy, Georgia State’s Andrew Young School of Policy Studies and the Federal Reserve Bank of Atlanta.
Sources and Additional Resources:
[1] Georgia State University news article, “CEAR to partner with Munich Re Foundation on microinsurance research”, http://robinson.gsu.edu/news/3217.html
MicroCapital.org story, November 22, 2010, “MICROCAPITAL BRIEF: Munich Re Foundation, International Labour Organization (ILO) Announce Microinsurance Has Potential to Reach 3 Billion People”, https://www.microcapital.org/microcapital-brief-munich-re-foundation-international-labour-organization-ilo-announce-microinsurance-has-potential-to-reach-3-billion-people/
MicroCapital.org story, December 11, 2010, “MICROCAPITAL BRIEF: Munich Re Foundation, Microinsurance Network Publishes Proceedings of 6th International Microinsurance Conference in Manila, Philippines”, https://www.microcapital.org/microcapital-brief-munich-re-foundation-microinsurance-network-publishes-proceedings-of-6th-international-microinsurance-conference-in-manila-philippines/
MicroCapital’s Microfinance Universe profile: Munich Re
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Munich+Re
MicroCapital Universe: Center for the Economic Analysis of Risk (CEAR), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Center+for+the+Economic+Analysis+of+Risk+%28CEAR%29
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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