Partnership introduces a first-of-its-kind flood resilience insurance in India

Partnership introduces a first-of-its-kind flood resilience insurance in India | Insurance Business Asia

Catastrophe & Flood

Partnership introduces a first-of-its-kind flood resilience insurance in India

Collaboration to safeguard livelihoods of gig workers and merchants against climate risks

Catastrophe & Flood

By
Roxanne Libatique

MIC Global, a provider of embedded micro insurance solutions, has entered into a strategic partnership with WRMS Global, a leader in climate and agriculture risk management, to launch a flood resilience insurance product for India’s merchants and gig economy workforce.

This collaboration aims to mitigate the financial impact of flood-induced income loss, utilising MIC Global’s MiIncome digital reinsurance platform to provide crucial support.

This initiative signifies the introduction of a novel series of insurance products designed to address the challenges posed by extreme weather events, such as floods, which have a profound effect on income security for individuals globally.

Key features

The Flood Resilience trigger, a key feature of the MiIncome solution, targets micro businesses, merchants, and gig workers in India with financial protections against the adversities of local flooding.

Offered through a network of platform partners and insurance providers across India, this parametric insurance product enables swift financial relief for those impacted by floods. Its parametric claims process is streamlined to expedite payments, assisting platform companies in offering prompt financial aid to their users during times of need.

The partnership leverages WRMS Global’s expertise in utilising data, technology, and financial innovation to enhance productivity, foster sustainable practices, and ensure income reliability.

“As we embark on this exciting journey with WRMS, we are proud to introduce our first-of-its-kind flood resilience product for the Indian market,” said Jamie Crystal, co-founder and CEO of MIC Global. “Together, we are pioneering resilience micro insurance, supported by our MiIncome digital reinsurance solution – protecting merchants and gig workers in India from the harsh impact of income loss due to flooding and thereby helping to secure their livelihoods. This innovative product not only defines a new micro insurance category for India but also reflects our commitment to building a more sustainable and resilient future for the backbone of the nation’s economy.”

Echoing Crystal’s sentiments, WRMS Global CEO Anuj Kumbhat stressed the aligned goals of both organisations.

“This partnership embodies our joint commitment to create a more resilient future, intricately tailored by our expertise to fortify vulnerable individuals, communities, and businesses against emerging natural disaster risks. Together, we are revolutionising protection for millions of lives and livelihoods, ensuring resilience in the face of rapid climate change and evolving challenges,” he said.