To spur the development of innovative microinsurance products, the International Labour Organization’s (ILO’s) Microinsurance Innovation Facility has opened its fourth round of grant funding. Since “insurance providers often lack the know how to reach this market and need to experiment to develop sustainable business models…[these] grants are there to support those risk takers, cover their start up costs and harness lessons learnt,” said Craig Churchill, team leader of the Microinsurance Innovation Facility. Since its founding in 2008, the Facility has provided 34 innovation grants, ranging from USD 20,000 to USD 600,000, to insurance companies, cooperatives, non-governmental organizations (NGOs) and other microinsurance providers. The deadline for the fourth round of grant proposals is March 2nd, 2010. More information can be found at www.ilo.org/microinsurance.
By: Stefanie Rubin, Research Assistant
About the International Labour Organization (ILO):
The International Labour Organization (ILO) was founded in 1919 as part of the Treaty of Versailles to promote social justice by protecting workers’ rights. In 1946, it became the first specialized agency of the United Nations with the responsibility of overseeing labour standards. Working with its member states, ILO seeks to ensure that labour standards are respected in practice as well as principle. An annual report for the organization is not available on its website.
About the Microinsurance Innovation Facility (MIF):
Launched in 2008 with a USD 34 million grant from the Bill & Melinda Gates Foundation, the Microinsurance Innovation Facility (MIF) is housed at the International Labour Organization’s (ILO’s) Social Finance Programme. The Facility’s goal is to increase the availability of quality insurance for low-income families in developing countries to help them overcome poverty.
MIF provides grants to help organizations develop innovative microinsurance products, with an emphasis on agriculture, health, life and property insurance. MIF also provides technical assistance and advice.
Additional Resources
Source Article:
African Press Organization: “Insurance providers get support to invest in low income market / The ILO’s Microinsurance Innovation Facility calls insurance providers to apply for innovation grant,” http://appablog.wordpress.com/2009/12/09/insurance-providers-get-support-to-invest-in-low-income-market-the-ilo%E2%80%99s-microinsurance-innovation-facility-calls-insurance-providers-to-apply-for-innovation-grant/
ILO: http://www.ilo.org/global/About_the_ILO/lang–en/index.htm
ILO Press Release: “ILO and Gates foundation join forces to develop range of insurance products in developing countries,” http://www.ilo.org/global/About_the_ILO/Media_and_public_information/Press_releases/lang–en/WCMS_088398/index.htm
Similar Posts:
- MICROCAPITAL BRIEF: ILO, UNCDF to Expand PICAP Climate Microinsurance Program to 8 Pacific Countries
- MICROCAPITAL BRIEF: AfDB Seeking $1b for African Climate Risk Insurance Facility (ACRIFA) to Boost Microinsurance for Farms, Livestock Against Drought, Floods
- MICROCAPITAL BRIEF: EIB Lending $22m to Sahanala to Boost Sustainable Fisheries, Agricultural Value Chains, Mechanization of Farms in Madagascar
- MICROFINANCE EVENT: Global SME Finance Forum; September 12-14, 2023; Mumbai, India
- MICROCAPITAL BRIEF: 3k Displaced Persons, Returnees, Hosts Access Loans, Guarantees, Business Training in Iraq
