MiCRO is a specialty reinsurance company that works to understand the needs of its potential customers and the risks to which they may be exposed. Using sophisticated data modelling, MiCRO develops index-based insurance products that are appropriate, affordable, and sustainable for customers in that market. In order to achieve scale, MiCRO works through local partners, such as microfinance institutions, that share its vision to provide insurance against natural hazards to low-income customers.
MiCRO was founded in 2011 by Mercy Corps and Fonkoze, a microfinance institution based in Haiti. In the wake of two events that devastated Haiti: a series of tropical storms in 2008, and the 2010 earthquake, which killed tens of thousands of people. MiCRO’s first catastrophe insurance products were offered through Fonkoze, one of Haiti’s largest and most well-known microfinance institutions.