Protecting the working poor: microinsurance innovation facility
The primary objective of the Microinsurance Innovation Facility is to increase the availability of better insurance products for a greater number of low-income households.
Microinsurance is a mechanism aimed at protecting poor people against risk (accident, illness, death in the family, natural disasters, etc.) in exchange for insurance premium payments tailored to their needs, income and level of risk. It is aimed primarily at the developing world’s low-income workers, especially those in the informal sector, who tend to be underserved by mainstream commercial and social insurance schemes.