Insurance Blog

NBC’s Tom Brokaw will be the special guest speaker at the annual dinner of the New York division of the Insurance Industry Charitable Foundation (IICF) being held on December 9 at the Waldorf-Astoria Hotel in New York City. Pierre Ozendo, chairman and CEO of Swiss Re America Corp and the 2008 honoree will serve as this year’s dinner chair. IICF will honor Brokaw’s commitment to philanthropy with a grant to the Youth Program of the International Rescue Committee, where he serves on the board of overseers. Proceeds from the event will provide significant grants to other children’s charities in the New York tri-state area such as Boys Hope Girls Hope and the Starlight Children’s Foundation. For Gala information, including ticket sales, please contact the IICF Benefit Office at 212-763-8593 or iicf@cmevents.net. According to a Conference Board survey, the insurance industry ranks among the top 15 contributors when it comes to […]

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“Insurance as a Means of Socio Economic Development” is the main theme for the 16th annual conference of the International Association of Insurance Supervisors (IAIS) which opens this Wednesday in Rio, Brazil. A growing number of insurers are tapping into markets in developing countries through microinsurance projects which provide low cost insurance to individuals generally not covered by traditional insurance or government programs. The opening session at the IAIS will address challenges in identifying appropriate regulation and supervisory tools to facilitate access to insurance without distorting the market. Speakers will also discuss regulation and supervision of alternative providers of insurance and proportionate regulation of microinsurance providers. Check out I.I.I. facts and stats on microinsurance.

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A growing number of insurers are providing low cost insurance to individuals in developing countries. For example just last week Munich Re announced a pilot project with Indonesian insurer Asuransi Wahana Tata and GTZ, the German government’s international development agency, to offer flood insurance coverage to low-income households in Jakarta. Instead of a lengthy policy document, the insured receives a simple protection card that guarantees a one-time payment in the event of a flood. Munich Re notes that with just 3 percent of low-income individuals currently having access to insurance products in the world’s 100 poorest countries, the microinsurance segment is a growing market. Microinsurance products tend to be much less costly than traditional products and thus extend protection to a much wider market. Check out I.I.I. facts & stats on microinsurance. 

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