Allianz has begun offering a microinsurance product with annual premiums of $0.66 to Indonesians. Following results of a study – commissioned by Allianz, German Technical Corporation, and the UN Development Program åö that pointed to there being high demand from low-income Indonesians for insurance, the banking and insurance behemoth decided to enter the sector. The product, named “Payung Keluarga”, or “family umbrella”, will be tested for one year before becoming permanent. Premium collection and claims administration for “Payung Keluarga” has been assigned to undisclosed microfinance lending institutions and nongovernmental organizations.
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