Holcim Limited, a Swiss building materials supplier, and Zurich Financial Services, an insurance-oriented financial services provider headquartered in Switzerland, recently joined forces to offer home microinsurance to low-income people in Indonesia. The microinsurance is sold by Holcim and underwritten by Zurich Financial. It covers homes built with materials supplied by Holcim in the event of an earthquake, tsunami, fire, windstorm or riot. The policies are free for the first year, with premiums of up to USD 10 per year thereafter.
Jim Roth, co-founder of LeapFrog Investments, was quoted as saying, “Microinsurance is seen as a way to get in and get market share. Today’s low income person is tomorrow’s middle class.” As of March 31, 2010, Zurich Financial reported average invested assets of USD 194 billion.
By Julie Moksim, Research Associate
About Zurich Financial Services: Zurich Financial Services is an insurance company that was founded in 1872, with subsidiaries and offices in 170 countries. The organization offers general and life insurance for individuals, small and medium-sized enterprises and multinational corporations. For the fiscal year ending December 31, 2010, Zurich Financial reported total revenue of USD 67.8 billion. As of March 31, 2010 average invested assets were USD 194 billion.
About Holcim Limited: Holcim is a supplier of cement and aggregates (crushed stone, sand and gravel) that was founded in Switzerland in 1912. Holcim also offers services such as consulting, research, trading and engineering. The company operates in 70 countries around the world and its business strategy is to promote continuous growth in developed and emerging economies. In 2011, Holcim teamed up with Zurich Financial Services to offer insurance policies on the homes that are built with its materials.
Sources and Additional Resources:
Bloomberg News: “Holcim Uses Cut-Price Insurance to Lure Homebuilders in Emerging Markets”, http://www.bloomberg.com/news/2011-04-06/holcim-uses-cut-price-insurance-to-tap-emerging-markets-clients.html
MicroCapital.org Brief, February 2, 2011; Z Zurich Foundation Contributes $2.83m to International Labor Organization’s (ILO) Microinsurance Innovation Facility to Provide Grants for Innovative Microinsurance Projects, https://www.microcapital.org/microcapital-brief-z-zurich-foundation-contributes-283m-to-international-labour-organizations-ilo-microinsurance-innovation-facility-to-provide-grants-for-innovative-microinsurance-projects/
MicroCapital’s Microfinance Universe Profile: Zurich Financial Services
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Zurich+Financial+Services
MicroCapital’s Microfinance Universe Profile: Holcim Limited
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Holcim+Limited
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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