{"id":36282,"date":"2022-04-12T08:00:05","date_gmt":"2022-04-12T06:00:05","guid":{"rendered":"https:\/\/www.fundacionmicrofinanzasbbva.org\/los-microseguros-ofrecen-proteccion-social-y-sanitaria-por-menos-de-un-euro-al-mes\/"},"modified":"2022-04-18T11:18:07","modified_gmt":"2022-04-18T09:18:07","slug":"los-microseguros-ofrecen-proteccion-social-y-sanitaria-por-menos-de-un-euro-al-mes","status":"publish","type":"post","link":"https:\/\/www.fundacionmicrofinanzasbbva.org\/en\/los-microseguros-ofrecen-proteccion-social-y-sanitaria-por-menos-de-un-euro-al-mes\/","title":{"rendered":"Microinsurance: social and health protection for less than a euro per month"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The pandemic has shown the importance of having insurance to cover hospital expenses, temporary unemployment or death. These unexpected expenditures are a shock for people under vulnerable conditions and their household economy. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In 2021, the extreme poverty rate in Latin America increased up to 13.8%, which implies a 27-year setback with an estimated increase by approximately 5 million people, according to the latest annual report from the <\/span><a href=\"https:\/\/www.cepal.org\/es\/publicaciones\/47718-panorama-social-america-latina-2021\"><span style=\"font-weight: 400;\">Economic Commission for Latin America and the Caribbean<\/span><\/a><span style=\"font-weight: 400;\"> (ECLAC). Under these circumstances, <strong>having an insurance policy at hand with medical coverage and basic health care is available to only a few.\u00a0\u00a0<\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Microinsurance are products tailored to address these needs and offer protection to low-income persons aiming to guarantee their well-being and security in the face of risks, all at affordable prices.\u00a0\u00a0<\/span><\/p>\n<blockquote><p>&#8220;<span style=\"font-weight: 400;\">I think it\u2019s a great initiative and very important as well, in case of illness<\/span>\u201d<\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/en\/\"><span style=\"font-weight: 400;\">BBVA Microfinance Foundation<\/span><\/a><span style=\"font-weight: 400;\"> (BBVAMF), in collaboration with insurance companies, has developed policies at affordable prices, mainly for less than 1EUR monthly. These microinsurance cover\u00a0 from diagnosing serious illnesses such as Alzheimer or cancer, to life and disability coverage, maternity aid or medical attention for families.<\/span><\/p>\n<h3>Cancer coverage<\/h3>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/en\/entidades\/microserfin\/\">Microserfin<\/a> (BBVAMF\u2019s Panamanian institution), in alliance with <\/span><a href=\"https:\/\/www.mapfre.com.pa\/\"><span style=\"font-weight: 400;\">Mapfre Panam\u00e1<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"http:\/\/www.continental-corp.com\/\"><span style=\"font-weight: 400;\">Corporaci\u00f3n Continental<\/span><\/a><span style=\"font-weight: 400;\">, has recently launched a specialized cancer insurance for low-income women entrepreneurs. Most of them, like Ana, are heads of household and breadwinners, managing the homes\u2019 resources and the only ones takingcare of the children.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cTo face a cancer diagnosis or a health problem not only means higher expenses for them but also a decrease in income\u201d, explained Edison Mej\u00eda, Microserfin\u2019s General Manager. 88% of the Panamanian women live under vulnerable economic conditions and \u201cour studies show that 82.7% of them don\u2019t have any type of insurance because they can\u2019t afford it.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ana Jaramillo, a Panamanian entrepreneur, acknowledges that it was a surprise to have received an offer to sign up for health care insurance. In many cases, the majority of low-income people can\u2019t even fathom having access to this kind of service. She shares, \u201cpersonally, I think it\u2019s a great initiative and very important as well, in case of illness.\u201d<\/span><\/p>\n<div id=\"attachment_36258\" style=\"width: 690px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-36258\" class=\"wp-image-36258 size-large\" src=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/wp-content\/uploads\/2022\/04\/Ana-Jaramillo-FMBBVA-Panama-1024x682.jpg\" alt=\"Ana Jaramillo FMBBVA Panam\u00e1\" width=\"680\" height=\"453\" srcset=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/wp-content\/uploads\/2022\/04\/Ana-Jaramillo-FMBBVA-Panama-1024x682.jpg 1024w, https:\/\/www.fundacionmicrofinanzasbbva.org\/wp-content\/uploads\/2022\/04\/Ana-Jaramillo-FMBBVA-Panama-180x120.jpg 180w, https:\/\/www.fundacionmicrofinanzasbbva.org\/wp-content\/uploads\/2022\/04\/Ana-Jaramillo-FMBBVA-Panama-768x511.jpg 768w, https:\/\/www.fundacionmicrofinanzasbbva.org\/wp-content\/uploads\/2022\/04\/Ana-Jaramillo-FMBBVA-Panama.jpg 1500w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><p id=\"caption-attachment-36258\" class=\"wp-caption-text\">Ana Jaramillo, Panamanian female entrepreneur working with Microserfin<\/p><\/div>\n<p><span style=\"font-weight: 400;\">This is the case for Leysi Guaitot\u00f3 Salas, another entrepreneur from Microserfin, who took out a microinsurance, and said that \u201cit\u2019s an excellent aid, spectacular, because cancer is something we\u2019re all exposed to yet nobody expects it\u201d.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since 2021, the Panamanian BBVAMF entity also has <\/span><a href=\"https:\/\/microserfin.com\/servicios\/microseguros-y-asistencias\/\"><span style=\"font-weight: 400;\">Microsaf <\/span><\/a><span style=\"font-weight: 400;\">microinsurance, specialized in funeral assistance. This policy seeks to protect microentrepreneurs and their families against any unexpected economic shock in the event of death.<\/span><\/p>\n<h3><b>Microinsurance with a gender perspective<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Vulnerability in women is higher. According to the <a href=\"https:\/\/ilostat.ilo.org\/es\/over-2-million-moms-left-the-labour-force-in-2020-according-to-new-global-estimates\/\" target=\"_blank\" rel=\"noopener\">International Labor Organization (ILO) and UN Women<\/a>, female participation in the labor market dropped to 56.4% in 2019 and up to 51.5% in 2020 (a 4.9 percentage point-drop, compared to 2.7% of men&#8217;s).<\/span><\/p>\n<p>This is why BBVAMF designs tailored products and services for them, at the same time supporting working mothers. <span style=\"font-weight: 400;\">In the case of entrepreneurs it supports, 56% live alone (single, separated or widowed), with dependents under their care.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/en\/entidades\/bancamia\/\">Bancam\u00eda<\/a>, BBVAMF\u2019s institution in Colombia, has recently launched the MAPFRE <\/span><a href=\"https:\/\/www.bancamia.com.co\/productos\/detalle\/seguro-mi-maternidad-protegida\"><i><span style=\"font-weight: 400;\">Mi Maternidad Protegida<\/span><\/i><\/a><span style=\"font-weight: 400;\"> (My protected maternity), with special coverage such as support in paying their microloans. It also includes medical and psychological assistance, women\u2019s health promotion and prevention, medical exam interpretation and analysis, legal orientation to protect their rights by way of a petition for protection and for medical procedures, among others.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another example is the <\/span><i><span style=\"font-weight: 400;\">Bolso protegido<\/span><\/i><span style=\"font-weight: 400;\"> (Mi protected purse) policy, for women in catalog sales who have to go door-to-door to sell their products. For less than 1\u20ac, they can protect their goods in case of theft.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to then executive president, Miguel Ang\u00e9l Charria, after five years in this institution, \u201cBancam\u00eda is the main microinsurance actor in Colombia with 970,000 policies brokered, where more than 610,000 are voluntary insurance, tailored to the needs of this segment, with prices starting from 4,000 pesos monthly premium (less than 1EUR)\u201d.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The BBVA Microfinance Foundation also has a microinsurance in Chile, called <\/span><a href=\"https:\/\/www.fondoesperanza.cl\/mifamiliamasprotegida\"><i><span style=\"font-weight: 400;\">Mi familia protegida<\/span><\/i><\/a><span style=\"font-weight: 400;\"> (My protected family) and covers entrepreneurs in case of accidents or accidental death. Furthermore, it offers other benefits for the family. Since its creation in 2017, more than 150,000 families have already benefited from this insurance, which gives medical, pediatric, geriatric and nutritional orientation via telephone and legal orientation (civil, penal, familiar, theft, among others) via telephone as well, costing approximately 1.2USD monthly.<\/span><\/p>\n<h3><b>Medical care for all<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The pandemic has shone a light on <strong>the importance of having\u00a0 microinsurance tailored to low-income people\u2019s needs.<\/strong> This<\/span><span style=\"font-weight: 400;\"> is why their economic situation has to be considered, as well as their payment capacity when making microinsurance services available for them.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pandemic has shown the importance of having insurance to cover hospital expenses, temporary unemployment or death. These unexpected expenditures are a shock for people&#8230;  <a class=\"excerpt-read-more\" href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/en\/los-microseguros-ofrecen-proteccion-social-y-sanitaria-por-menos-de-un-euro-al-mes\/\" title=\"Read Microinsurance: social and health protection for less than a euro per month\">Read more &raquo;<\/a><\/p>\n","protected":false},"author":13,"featured_media":36261,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1841,1437],"tags":[3829,3828,1244,1170],"class_list":["post-36282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-news","tag-gender-perspective","tag-healthcare","tag-microfinance","tag-microinsurance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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