MANILA, Philippines – Migrants often serve as the equivalent of an informal insurance policy when adversity strikes their families back home but they themselves tend to be vulnerable and have limited access to social protection in host countries.
Insurance could help address some of the risks involved but it is often too costly, complex and difficult to access for many low-income migrants.
International migrants send home over $400 billion a year, yet they and their families often lack basic social protection. That is where microinsurance can step in.
ILO’s Microinsurance Innovation Facility head Craig Churchill said that these households require simple products that can be delivered inexpensively and conveniently, characteristics common to microinsurance.
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Article written by: Mr. Ted P. Torres,PhilStar