Summary

Zurich Venezuela is a pioneer insurer extending coverage to the low-income market through the partnership with MFIs. The insurer's experience in microinsurance started in 2003 and though still at an early stage, the case study relates a success story. From 782 insured in 2003, the microinsurance business of Zurich Venezuela has now nearly 50,000 insured producing a gross written premium of more than US$ 1.6 million.

Zurich Venezuela has developed three products – life, motor and property insurance – mainly aimed at microentrepreneurs, most of whom work for the informal economy.

Partnerships have been created in the country with BanGente – Venezuela's pioneer and leading Microfinance Institution (MFI) – and Mibanco – another MFI.