MicroEnsure, the world’s first insurance company that serves the needs of the poor, is opening a new office in Kenya after its ongoing success in Ghana, Tanzania, Uganda, India and the Philippines, according to an article in africanewsbreak.com
The company’s goal is to reach sustainability for insurance companies to grow local economies in partnership with microfinance organizations, rural banks, as well as humanitarian organizations that are providing non-financial services.
According to the company, traditional insurance products have tended to fail in these markets because they didn’t meet the needs of the poor. Despite this, the company said, demand for microinsurance products is growing.
“We are continuing MicroEnsure’s mission of providing insurance products for the poor, we are making a commitment to develop products that effectively meet the specific needs of the Kenyan market,” said Richard Leftley, the company’s president. ”We are looking to significantly expand the availability of microinsurance to the poor by making it easier to access, understand and afford.”
Leftley estimated that by 2012, the company will have increased its customer base worldwide to 22 million clients.
Moses Banda has been appointed the Country Manager of MicroEnsure, Kenya.
“The objective is sustainability for insurance companies, distribution partners and our clients as they seek to mitigate the financial risks they face on a daily basis such as death, illness, property loss, and crop failure,” Banda said at the office’s opening.
In 2007, the Bill and Melinda Gates Foundation provided a grant of $24 million to support MicroEnsure’s expansion.
Image courtesy of MicroEnsure