Microinsurance: A new insurance model for the developing world

Microinsurance is insurance that enables low-income people, mostly in the developing world, to avoid the debt traps that often imperil their livelihoods and even their lives. Microinsurance provides life, health, and other unique forms of insurance, providing limited benefits for very low premiums. We spoke with Milliman consultant Lisa Morgan about some of the ins and outs of this intriguing and relatively new innovation in the insurance industry. Morgan was recently approved as a provider with the United Nations' International Labour Organization (ILO), offering her expertise in designing and pricing financially sustainable products to organisations with identified needs for microinsurance. She is also involved in the ILO's Consulting and Capacity Building Programme.

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