Workshop Report HIV/AIDS and Microinsurance in Africa
This report presents discussions and outcomes of the workshop HIV/AIDS and Microinsurance in Africa. The workshop discussed:
- The effect of HIV/AIDS on the health situation;
- The resultant change in the market place of MFIs and microinsurance companies (MICs);
- The demand for financial products;
- The roles of MFIs and MICs:
- Contributing to poverty alleviation, reduced vulnerability and economic empowerment of women;
- Providing access to health care via insurance products.
The workshop also discussed the following strategies for MFIs and MICs to deal with HIV/AIDS:
- Prevention strategies;
- Product adjustments;
- Introduction of:
- New products other than insurance;
- Insurance services.
- Highlighted the advantages of microinsurance;
- Distinguished the four main categories of insurance products;
- Focused on the relevance of health and life insurance in the face of HIV/AIDS;
- Discussed the barriers to health insurance.
The report lists the following lessons learned:
- Product design should be on the basis of market research;
- Products should be kept simple;
- Group-based products decrease adverse selection;
- Price premium should be set by the insurer;
- Staff training, client education and marketing is necessary for sales growth;
- Computerization is necessary for data mining and efficiency.
The report concludes by discussing the future, stressing the need for consorted efforts among MFIs, HIV/AIDS organizations, insurance companies, clients, health service providers and technical assistance providers in order to gain a foothold on the HIV/AIDS problem.