Insurance Articles

What is micro-insurance and how does it work?

Microinsurance refers to insurance products that have been made to cater to low-income earners who do not have access to mainstream insurance products. It seeks to protect low-income earners from risks such as accidents, illness, theft, death, fire and natural disasters such as flood and drought in exchange for regular payment of premiums whose amount is proportional to the likelihood and cost of the relevant risk.