MiCRO offered initially catastrophe insurance since its founding in Haiti in 2011 to Fonkoze, one of the countries largest and most well known microfinance institutions.
MiCRO was born from two events that devastated Haiti: a series of tropical storms in 2008 and the 2010 earthquake which killed tens of thousands of people. MiCRO has achieved many things since then in Haiti, and also learned invaluable lessons.
From 2011 to 2013 MiCRO provided coverage for the property and merchandise of nearly 65,000 microfinance clients of Fonkoze, the country’s largest microfinance institution. More than 36,500 claims were paid out totaling $8.8 million following events like Hurricane Sandy and Tropical Storm Issac—an historic achievement in catastrophic insurance protection. Although the initial design suffered challenges with sustainability, invaluable lessons learned that are being applied to Central America, and will be applied as we expand globally.