What is the landscape for mutual microinsurance in Colombia?
Colombia boasts the highest microinsurance coverage ratio in South America, and has the highest GDP per capita in comparison to the other four countries involved in the 5-5-5 Strategy. Despite this, 5.6% of the population in Colombia live below the poverty line, mainly in rural areas, and are vulnerable to the impacts of climate change.
Where are we now?
The country diagnostic stage of the 5-5-5 project in Colombia began in August 2016, in partnership with ICMIF/Americas (ICMIF’s regional association for the Americas). Consultancy firm INSPOWERING, led by Colombian lawyer Andrea Camargo Garcia and her team, will use various resources to provide a snapshot of the mutual microinsurance sector in Colombia, collecting both quantitative and qualitative data. The country intervention programme to develop mutual microinsurance to more low-income communities in Colombia is expected to commence in 2017.