Microinsurance Catastrophe Risk Organisation (MiCRO) - Haiti
- MiCRO provides natural catastrophe and weather index insurance to microfinance institutions in Haiti.
- Fonkoze uses insurance payouts to recapitalize borrowers affected by catastrophic events.
- A $8.9 million payout in 2012/13 helped thousands of women-owned micro-enterprises recover.
- The project aims to expand its reach to more low-income microfinance clients through additional MFI distributors.
- Approximately 70,000 micro-enterprises are expected to be insured by the end of December 2016.
The Microinsurance Catastrophe Risk Organization (MiCRO) project in Haiti aims to provide financial protection to vulnerable micro-enterprises against natural disasters. MiCRO partners with Fonkoze Financial Services, a microfinance institution, to offer natural catastrophe and weather index insurance. The insurance covers perils such as floods, hurricanes, and earthquakes. While direct payouts to micro-enterprises are no longer provided, Fonkoze uses insurance payouts to recapitalize borrowers affected by catastrophic events. A significant payout of $8.9 million in 2012/13 helped thousands of women-owned micro-enterprises recover from damages and reopen their businesses. The project faces challenges related to basis risk and ensuring affordable premiums for Fonkoze.
How to cite
Global Index Insurance Facility, 2011, Microinsurance Catastrophe Risk Organisation (MiCRO) - Haiti, accessed via HaitiDocs, https://www.haitidocs.org/doc/global-index-2011-microinsurance-catastrophe-risk