Micro-insurance for Tsunami victims

Asia

Bajaj Allianz, the Indian joint venture subsidiary of the Allianz Group, will provide low cost insurance cover for tsunami victims in southern India. Bajaj Allianz will offer a series of tailor made micro insurance products aimed specifically at those living near the coast in the high-risk tsunami-affected zone who work in fishing, agriculture and plantations as part of a three year partnership with the aid agency, CARE International. Allianz AG board member Werner Zedelius said that while the partnership represented an opportunity for Allianz to give something back to one of the communities hardest hit by the tsunami in December 2004, it was also an oppportunity to demonstrate how micro-insurance can be commercially viable. The first products are likely to be available in 2007. to see this model replicated elsewhere, offering more services to poor and vulnerable communities,” Mr Zedelius said.