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3×1 Microinsurance

CODESPA and the microfinance institution ADOPEM have created the 3x1 Microinsurance: life, accidents and funeral expenses, in the Dominican Republic, with the funding of AECID.


3x1 Microinsurance

The chief aim of this microinsurance policy is to enable a large number of people living in poverty to access the benefits of insurance for just 4 dollars per year.

Worldwide there are over 4 million people who survive on less than 2 dollars a day. This sector of the population, with the lowest income, is excluded from traditional services and products, and therefore has important needs neglected. This means that when they are in a situation of risk, they resort to informal methods with very high interest rates which, in turn, make them even more vulnerable and even more difficult to escape from their situation of poverty.

3×1 Microinsurances has the coverage of three insurance policies in a single product: a life insurance, a funeral expenses insurance and an incapacity insurance. It therefore offers numerous benefits for the client as it provides a coverage of almost €1,000.

Thanks to the 3×1 Microinsurance the negative impacts of the risks affecting people living in situations of poverty and exclusion are considerably reduced, also giving them more opportunities for economic, social and human development.

To date, microinsurance policies have been sold to more than 19,000 people who, thanks to this product, have witnessed their living conditions substantially improved.

More information here.