International insurance intermediary group Howden has snapped up microinsurance specialist MiCRO, which provides parametric natural disaster insurance to underserved populations in Latin America. The move, according to Howden, underscores its commitment to leveraging insurance as a ‘force for good’, particularly in emerging markets.
Established by Mercy Corps and Fonkoze following the 2010 earthquake in Haiti, MiCRO currently operates in Guatemala, El Salvador, Colombia, and Mexico. As a parametric insurance firm, MiCRO offers rapid financial relief to smallholder farmers and micro-enterprises through payouts based on a disaster’s severity rather than traditional claims assessments.
