New markets: microinsurance

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Microinsurance is attracting the big players such as AIG, reports The Wall Street Journal. Insurance markets are saturated in many rich countries and growth prospects limited, so insurance companies are looking for long term growth in emerging markets:

To penetrate these markets, insurers are devising unusual policies, charging from as little as 50 cents to insure everything from television sets to burial costs. They’re forgoing traditional documentation requirements, sometimes selling life insurance to people who don’t know when they were born.

To guard against fraud some companies operating in India use married women as their reps because they know the local community well. To avoid fraud in livestock cover, AIG hires retired vets who, armed with digital cameras, visit farms to verify a cow’s death.

For those interested in conferencing to learn more, here is one in Rio de Janeiro and one in India later in the year.

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