MiCRO named Company Launch of the Year
The Review calls it "the most significant new venture in an area of need". Swiss Re is a founding partner.
Microinsurance Catastrophe Risk Organisation (MiCRO), an innovative micro(re)insurance facility, was named “Company Launch of the Year” at The Review magazine’s annual Worldwide Reinsurance Awards in September 2011. The publication acknowledged MiCRO as the most significant new venture in an area of need and as an organisation that made a notable mark in a relatively short period of time. MiCRO provides catastrophe insurance to the most vulnerable through an innovative combination of parametric risk transfer and ‘peer-pressure’ adjusting of losses. “The Review”, founded in 1869, provides timely and incisive coverage of the global reinsurance, insurance and insurance linked securities markets.
“We are honored to accept this accolade from this esteemed magazine,” said Anne Hastings, CEO of Fonkoze Financial Services, “This award affirms our commitment to helping uninsured and underinsured entrepreneurs in high risk regions. After the devastating floods in Haiti in early June of this year, we aimed for a rapid response for our policyholders in order to minimise the financial damage after the floods and mudslides. We are humbled and appreciate The Review’s acknowledgement that we have achieved significant progress in a relatively brief period of time. We hope that awareness and education about our program in Haiti will facilitate similar programs in other regions with comparable challenges.”
Following on from acceptance of the Review award, MiCRO’s board and operational team met to finalise the company’s strategic framework. According to Simon Young, CEO of CaribRM, MiCRO’s Technical Operations Managers, “MiCRO has responded to the success of its early experience in Haiti and the interest shown by many other parties in Latin America and beyond by formulating a strategic plan to secure the rapid and sustainable growth of the organisation. Such growth will help MiCRO to better meet the needs of vulnerable people around the world who presently don’t have access to traditional risk management tools.”
In March 2011, the formation of MiCRO was announced with the goal of helping Haiti's micro-entrepreneurs protect themselves against the economic aftermath of severe natural catastrophes. MiCRO's first-of-its-kind, scalable model for microinsurance is geared towards the organised poor who have taken steps to increase their economic standing and stability through the creation of small businesses.
In late June 2011, MiCRO announced the release of a large amount of parametric insurance proceeds by Swiss Re in Haiti. These proceeds followed a major rainfall event in the south of the country during early June, which resulted in widespread flooding, mudslides and loss of life. The proceeds were given to Fonkoze, which in turn eliminated the debt and provides cash support to its clients impacted by these events.
More About MiCRO’s Strategic Founding Partners
MiCRO's strategic founding partners include the Department for International Development (DFID), the UK Government’s international development department; the Swiss Agency for Development and Cooperation (SDC), the Swiss government’s equivalent; Mercy Corps, a global relief and development agency; Fonkoze, Haiti’s leading microfinance institution; Caribbean Risk Managers Limited (CaribRM), the risk analytics arm of CGM Gallagher Group, the Caribbean’s largest risk intermediary; Swiss Re, a leading and highly diversified global reinsurer committed to working with governments and related entities to further strategic, long term country risk management; GC Micro Risk SolutionsSM, a division of the world’s leading risk and reinsurance specialist Guy Carpenter & Company, LLC and the Caribbean Development Bank, which administers a multi-donor trust fund that supports the operations of MiCRO.
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