The Allianz Group has been active in the microinsurance industry since 2005, when the South-East Asian tsunami devastated communities and left many families homeless. The company realized that the risks faced by the poor are much the same as those for others, but without insurance, the financial impact of disasters such as the tsunami is obviously greater. From a business point of view, this is a significant opportunity: microinsurance in emerging economies represents a market of great potential growth and profitability, as insurance markets in many rich countries become saturated and growth prospects limited. On a global scale, Allianz aims to reach 3 million clients with microinsurance products by the end of 2009. More…

Source: WBCSD