The Microinsurance Catastrophe Risk Organisation (MiCRO) was founded in 2011 by Mercy Corps and Fonkoze as a specialized reinsurance company incorporated in Barbados in the aftermath of the 2010 Haiti earthquake.
After the devastating Haiti Earthquake, there was an urgent need to strengthen the resilience of vulnerable segments of the population.

MiCRO was established with the goal to design and implement innovative natural disaster risk management solutions for microentrepreneurs and small farmers by engaging with key partners such as local insurance companies and microfinance institutions.  

MiCRO’s first catastrophe insurance products were offered through Fonkoze, one of Haiti’s largest and most well-known microfinance institutions.  

From 2011 to 2013 MiCRO provided coverage for the property and merchandise of nearly 65,000 microfinance clients of Fonkoze. Following Hurricane Sandy and Tropical Storm Isaac, more than 36,500 claims were paid out, totaling USD $8.8 million.

Although the initial client product is no longer in use, MiCRO learned invaluable lessons that are currently being applied in its expansion into Latin America.

In 2013, a partnership was formed with the Swiss Agency for Development and Cooperation (SDC), Swiss Re and Mercy Corps to design and implement risk management solutions across Central America. In 2014, the Inter-American Development Bank, managed by the Multilateral Investment Fund (IDB / IMF), joined this effort, followed by the Climate Adaptation Platform managed by KfW.

In 2017, the Company launched its first risk management solution, an index-based insurance that covers relevant risks that affects small farmers and micro-entrepreneurs in Guatemala, and in June 2018, a similar solution was launched in El Salvador.  

After this initial phase, MiCRO began an expansion phase and launched its first product in Colombia in October 2019 with the expectation of opening additional markets in the coming years.  

MiCRO's vision is a world where the uninsured have access to affordable and appropriate risk management tools that are essential to escape or avoid falling back into poverty.