MiCRO, founded by Mercy Corps and Fonkoze in the wake of the 2010 Haiti Earthquake, has since expanded its operations to Guatemala, El Salvador, Colombia, and Mexico.
The acquisition aligns with Howden’s strategy to invest in innovative solutions that leverage insurance as a tool for positive impact, particularly in emerging markets where there is a growing demand for protection against volatile weather events driven by climate change. Howden’s international reach, coupled with its extensive access to global markets and advanced data and analytics capabilities, will enable MiCRO to broaden its parametric insurance offerings.
Charlie Langdale, Chair of Climate Risk and Resilience at Howden, said the potential of the insurance market to foster resilience among underinsured communities. He explained: “At Howden, we firmly believe that the insurance market holds significant potential for fostering resilience among underinsured communities, enabling them to adapt to the future climate landscape, and microinsurance is one of the tools to achieve this.
The acquisition marks a significant step in Howden’s commitment to using insurance as a force for good, providing critical support to communities vulnerable to natural disasters.
Langdale continued: “MiCRO’s proprietary data platform and exceptional expertise, both in parametric insurance but also in creating wider access to insurance will help us scale this important capability for those most at risk.”
Carlos Boelsterli, Chief Executive Officer, MiCRO also commented, saying, “MiCRO has achieved remarkable progress in recent years, and as we embark on further expansion, Howden emerged as a natural growth partner. “I have been extremely impressed with their long-term commitment to the underserved and they are undoubtedly a business whose actions speak louder than words.
He added: “In the face of the global challenge posed by climate change, it is essential that we empower marginalised communities with access to the correct insurance cover to cope with the volatility of tomorrow.”
