|AIC expands coverage|
|Thursday, 12 April 2012 14:15|
Haiti's leading local insurance company, Alternative Insurance Compagnie, will launch a new program to expand its services to low-income clients, thanks to a new investment loan from the Inter-American Development Bank (IDB).
Through the IDB's Opportunities for the Majority Initiative (OMJ), the AIC received a $2 million subordinated loan for its strategic growth plan in micro-insurance. The project is IDB's first non-sovereign guaranteed collaboration with a Haitian corporate borrower.
"The IDB has decided to support AIC because of its central role in building a viable insurance sector in Haiti and in extending insurance products to the most vulnerable sectors of the population," said OMJ project team leader Rahul Desai.
In the aftermath of the unprecedented destruction of the 2010 earthquake, the AIC notably honored all of its insurance claims. AIC has also become a regional leader in micro-insurance – an insurance approach that provides insurance plans with low premiums and low coverage limits for low-income communities often ignored by traditional insurance schemes. And, after the tragic loss of thousands of Haitians to the earthquake, AIC developed "Protesta," an innovative funeral insurance product which allows members of the Haitian Diaspora to assist their families back home.
Founded in 2001, AIC was awarded the Pioneers of Prosperity Award in 2009, which recognizes outstanding small and medium-size companies operating in challenging markets
"We are very proud to be IDB's first private sector partner in Haiti," said AIC CEO Olivier Barrau. "For 10 years, we have offered Haitians a hand to protect their wellbeing, providing them tools to mitigate risks and live with a safety net."
"Strengthening companies like AIC complements the hard work the Haitian government is doing to improve the business climate and reduce some of the regulatory obstacles associated with lending and investment in the country," said Eduardo Marques Almeida, the IDB's Representative in Haiti.