Mexico is no stranger to effects of climate change. The country with a population close to 124 million and Mexico City, the largest city in the world, has its share of hurricanes and earthquakes. The 1985’s Hurricane Gilbert devastated coasts, properties and infrastructures. Thousands of people were left homeless.
As such, participants were glued in the presentation of Dr. Antonis Malagardis, program director of RFPI Asia on microinsurance response on the aftermath of Super Typhoon Haiyan. Dr. Malagardis was one of the presenters in the parallel session 12, Day 2 of the 10th International Microinsurance Conference held in Mexico City.
Dr. Malagardis drew the attention of the audience with statistics laid out on calamity claims, government initiatives with action centers installed, and use of satellite imaging for crisis mapping and claims validation. To access the presentation, please click this link.
The 10th International Microinsurance Conference was third international event in Latin America and Caribbean. It was organized by the Munich Re Foundation and the Microinsurance Network and supported by the German Federal Ministry for Economic Cooperation and Development (BMZ), the International Labour Organization (ILO), Federación Interamericana de Empresas de Seguros (FIDES), Bradesco, the Inter-American Development Bank (IADB) and the Georgia State University Center for the Economic Analysis of Risk (CEAR).
The event brought together 400 practitioners, researchers, insurers and regulators from nearly 60 countries to discuss key issues in the microinsurance sector.
The event launched the preliminary results of the new “The Landscape of Microinsurance in Latin America and the Caribbean (LAC) 2014” study. It reveals that the total premium of microinsurance in Latin America and the Caribbean exceeds US$ 800m which showed growth from 7.6% to 7.9% between 2011 and 2013.
Approximately 66% of the 112 million inhabitants of Mexico are considered potential microinsurance clients. Currently 15% of the population is covered; as such Mexico leads the region.