Microinsurance Effort Lauded

The Microinsurance Catastrophe Risk Organization (MiCRO), a micro(re)insurance facility that helps Haiti’s micro-entrepreneurs protect themselves against the economic aftermath of severe natural catastrophes, has been awarded “Company Launch of the Year” at The Review’s annual Worldwide Reinsurance Awards.

MiCRO was formed in March 2011 with the backing of a variety of governmental, insurance and international development agencies including Fonkoze, Haiti’s leading microfinance institution; Caribbean Risk Managers Limited (CaribRM), the risk analytics arm of CGM Gallagher Group and Swiss Re. MiCRO seeks to establish a scalable model for microinsurance geared toward the organized poor who have taken steps to increase their economic standing and stability through the creation of small businesses.

“This award affirms our commitment to helping uninsured and underinsured entrepreneurs in high risk regions,” said Anne Hastings, CEO of Fonkoze Financial Services. “After the devastating floods in Haiti in early June of this year, we aimed for a rapid response for our policyholders in order to minimize the financial damage after the floods and mudslides. We hope that awareness and education about our program in Haiti will facilitate similar programs in other regions with comparable challenges.”