Can NGOs and microfinance institutions increase access to insurance for poor people? Michael J. McCord, CEO of the MicroInsurance Centre, thinks commercial banks and insurers can better reach the world's billion potential insurance clients.
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I am working as Branch Head Takaful Pakistan Limited, Peshawar branch. Our company is a new company promoting and practicing new concept i.e of Islamic insurance in Pakistan. Our senior management is highly interested in micro takaful/insurance. For this purpose, we are in negotiations with few MFI's where they are asking us to prepare a micro health insurance/takaful product for their borrowers and we are in the final tocuches. According to these MFI's, when a family member of their borrwoers gets a serious health problem, he or she spends all his savings and income including the lended money in the treatment and gets empty handed,due to which he also defaults. MFI's has asked us to prepare a micro health takaful product covering the borrower and his dependents, so that if any health problem arises, our company may help the borrower in the treatment. In short, micro health takaful/insurance is one of the most important tool in saving a poor family from their Financial death.