In the absence of basic and essential social care provisions, every-day life events often turn into crippling financial liabilities. For low-income people micro-insurance is the only viable solution to the problems everyday crises bring in their wake.
Global statistics tell a clear story. Close to 70% of the world’s population live on less than $10 a day. Almost 2.5 billion people live on less than $2 a day. 70% of the world’s population collectively owns 3% of all global wealth (Credit Suisse). Unsurprisingly for many people the consequences of a common family crisis like a hospital treatment becomes a life altering event that often spells financial ruin.
A core part of the GBG Fund’s mission is to help people manage risks and avoid the debt traps these situations so often become. Like the philosophy driving the microloan initiative, the mission is to empower people to create and manage their own financial destinies.
The GBG Fund is a partnering supporter and donor to the United Nations International Labour Organization (ILO) and an active supporter of the ILO Insurance Capacity Building Program. With parent company GBG having insured over a million lives in the last few years alone, for GBG the micro-insurance sector represents the next logical step in its own evolution, even as it works with the GBG Fund to help create a safety net for low-income workers and their families.
of the world earns less than $10 a day
billion people earn less than $2 a day