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ILO: Micro insurance increases worldwide
10.04.2012 16:57 "Agro Perspectiva" (Kyiv) —
The number of people receiving microinsurance, which covers poor people, has increased substantially over the past five years according to a new report by the International Labour Organization.
The report said that the number of people covered by microinsurance had risen from 78 million in 2007 to 135 million in 2009 and reached almost 500 million today.
Microinsurance is a mechanism to protect poor people against risks such as accidents, illnesses, death in the family, natural disasters and property losses.
The insurance premium payments are tailored to their preferences and capacity to pay.
Asia and its two microinsurance powerhouses, India and China, were spearheading the trend, covering roughly 80 per cent of the market, mainly because of large and dense populations, interest from public and private insurers, proper distribution channels and active government support.
The report was published by International Labour Organization in collaboration with the Munich Re Foundation.
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