The Landscape of Microinsurance in Latin America and the Caribbean

The microinsurance sector in Latin America and the Caribbean (LAC) has recently experienced tremendous growth in life and accident coverage as well as a notable increase in products covering multiple risks. Despite some significant initiatives, primary health and property microinsurance coverage remains extremely limited. In the eleven countries for which previous data was available, the total number of people and properties identified as covered by microinsurance grew by 125% over the six years from 2005 through the end of 2011. Within the region, the five largest microinsurance markets Mexico, Brazil, Colombia, Peru, and Ecuador remain dominant, as these countries account for 90% of all microinsurance coverage in LAC.