A risk-pooling product like micro-insurance has a huge potential market in Bangladesh and meets the current needs of the micro and small entrepreneurs. The majority of formal financial institutions within the insurance market in Bangladesh are predominantly serving only the upper class and ignoring a significant part of society.
Pragati and INAFI bring a composite micro-insurance product for the MSEs with risk assurances for income, loan and life coverage through a private-private partnership model.
Pragati Life Insurance Ltd. is the lead agency, and product-owner who will provide the insurance coverage. INAFI is the administrative partner, who will facilitate collaboration and coordination among the partners, along with providing support through market promotion and R&D. MFIs will be the policy-owners and distribution-channel to enrol their members under insurance coverage.
Report a reduction of vulnerability of 114,750 MSEs through new insurance products against a total premium of BDT 112,950,000.