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Natural disaster and accident insurance for less than ten euro cents a day (15 US cents, UK 8p) is to be offered by Allianz, one of the world’s largest private insurers, in parts of India hit by the 2004 Boxing Day tsunami.
Allianz, which is running the micro-insurance project with the aid agency CARE International, hopes to attract 200,000 customers, mainly women, aged 18 to 70 in four regions south of Chennai within a year.
The targeted communities have worked with the insurers to write the policies, covering death, medical treatment after accidents, funeral costs, hospital expenses and wages during illness.
Wolfgang Jamman, CARE Germany’s national director, said: ‘Micro-insurance provides a comprehensive measure of social security in an area which desperately needs this sort of protection against accidents and shocks that can push poor communities right to the limit.’
Allianz board member Werner Zedelius said: ‘For us, micro-insurance is a growing social business. We expect it to be profitable within the first year and plan to reinvest any profits into the project to enlarge it further.’
Allianz offers micro-insurance in other Indian states and in Indonesia and Egypt but the products are mainly life insurance policies.
Allianz, which is running the micro-insurance project with the aid agency CARE International, hopes to attract 200,000 customers, mainly women, aged 18 to 70 in four regions south of Chennai within a year.
The targeted communities have worked with the insurers to write the policies, covering death, medical treatment after accidents, funeral costs, hospital expenses and wages during illness.
Wolfgang Jamman, CARE Germany’s national director, said: ‘Micro-insurance provides a comprehensive measure of social security in an area which desperately needs this sort of protection against accidents and shocks that can push poor communities right to the limit.’
Allianz board member Werner Zedelius said: ‘For us, micro-insurance is a growing social business. We expect it to be profitable within the first year and plan to reinvest any profits into the project to enlarge it further.’
Allianz offers micro-insurance in other Indian states and in Indonesia and Egypt but the products are mainly life insurance policies.
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