Howden acquires microinsurance specialist | Insurance coverage Enterprise America

Worldwide insurance coverage middleman group Howden has snapped up microinsurance specialist MiCRO, which gives parametric pure catastrophe insurance coverage to underserved populations in Latin America. The transfer, in response to Howden, underscores its dedication to leveraging insurance coverage as a ‘drive for good’, notably in rising markets.

Established by Mercy Corps and Fonkoze following the 2010 earthquake in Haiti, MiCRO at present operates in Guatemala, El Salvador, Colombia, and Mexico. As a parametric insurance coverage agency, MiCRO presents speedy monetary reduction to smallholder farmers and micro-enterprises via payouts based mostly on a catastrophe’s severity somewhat than conventional claims assessments.

As of the top of final yr, MiCRO had greater than 180,000 energetic policyholders.

Howden stated the transaction, monetary phrases of which weren’t disclosed, aligns with the group’s aim of empowering weak communities to develop into extra resilient and adapt to local weather change threats. On the identical time, MiCRO will now have the chance to develop by leveraging Howden’s worldwide attain, international markets entry, and sturdy knowledge and analytics capabilities.

Regardless of Mercy Corps exiting as a part of the deal, MiCRO will proceed to hunt collaborative alternatives with the organisation to assist its mission of assuaging struggling, poverty, and oppression, and constructing safe, productive, and simply communities.

“MiCRO has achieved outstanding progress in recent times, and as we embark on additional growth, Howden emerged as a pure development companion,” MiCRO chief government Carlos Boelsterli (pictured) highlighted. “I’ve been extraordinarily impressed with their long-term dedication to the underserved, and they’re undoubtedly a enterprise whose actions communicate louder than phrases.

“Within the face of the worldwide problem posed by local weather change, it’s important that we empower marginalised communities with entry to the right insurance coverage cowl to deal with the volatility of tomorrow.”

Charlie Langdale, chair of local weather danger and resilience at Howden, famous: “At Howden, we firmly consider that the insurance coverage market holds important potential for fostering resilience amongst underinsured communities, enabling them to adapt to the long run local weather panorama, and microinsurance is among the instruments to attain this.

“MiCRO’s proprietary knowledge platform and distinctive experience, each in parametric insurance coverage and in addition in creating wider entry to insurance coverage, will assist us scale this necessary functionality for these most in danger.”

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