ALLIANZ LAUNCHES MICRO-INSURANCE IN INDIA

European insurer Allianz has launched a micro-insurance product in the southern Indian state of Tamil Nadu in association with the humanitarian agency CARE. Allianz said that the new offering would give 75,000 tsunami-affected people the chance of insurance cover for the first time. The partnership between Allianz and CARE will initially run for three years, providing a series of “tailor-made” micro-insurance products specifically for those living near the coast and who work in the fishing, agricultural or plantation sectors. The products will be delivered by CARE in partnership with Allianz’s Indian joint venture Bajaj- Allianz. The project also aims to build an infrastructure that can administer micro-insurance products through community groups and self-help networks. Products offered will include life and non-life offerings. Allianz said that the initial phase of the project would determine what products were desires, allowing the insurer to create the appropriate solutions. The first products were likely to go on sale in 2007, Allianz said.