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Micro-Insurance Agency

Opportunity International is a pioneer in the provision of insurance products to the poor; and at the end of 2006 served in excess of three million people in ten countries. Opportunity’s Micro Insurance Agency aims to provide the poor with access to affordable insurance products. As the world’s first insurance broker exclusively serving the low-income segment, the Micro Insurance Agency is involved in areas of product design, distribution and administration. The Micro Insurance Agency works with a range of organizations including World Vision, Habitat for Humanity, Feed the Hungry and other microfinance networks to provide microfinance borrowers with access to life, property and health insurance. With average premiums as low as $1.50 a month for a family of five, the Micro Insurance Agency is making insurance available to those at risk for the first time. Visit the website: www.microinsuranceagency.com

 

Weather-Indexed Crop Insurance - In 2005, Opportunity introduced this product in Malawi, in partnership with the World Bank to help groundnut farmers access microloans. This product is designed to pay out if insufficient rainfall or too much rain occurs. Prior to this product, banks were unwilling to lend to farmers because of the risk that farmers would not have the ability to pay if there was a drought. With this insurance product, farmers are credit-worthy and able to secure finances needed to purchase the necessary inputs for production.

 

Crop Derivative - In 2005, Opportunity worked in partnership with the World Bank to launch this new program in Malawi which enabled commercial lenders to provide credit to small hold farmers for the first time.

 

Insurance Brokering Agency - Opportunity has created an insurance-brokering agency, making insurance available to credit clients and non-credit clients; initially serving MFI clients from ACCION, Women World Banking, and Opportunity International Partners in 2006.

 

Life Insurance – Opportunity provides life insurance to more than 2.6 million clients and family members in Africa, Asia and Latin America by partnering with the American International Group, Inc. (AIG), a leading international insurance organization, as well as with other local insurance providers.