Programs: Alternative Insurance Company
September 12, 2012
Addressing Critical, Unmet Needs
Fund Amount: $1,000,000 Equity Investment
Above, a woman reviews her funeral insurance coverage through AIC.
The Clinton Bush Haiti Fund made a $1 million equity investment in the Alternative Insurance Company (AIC). Alongside other funding, including a $2 million subordinated loan from the Inter-American Development Bank and $1 million equity investment from Sarona Asset Management/MEDA, the Fund’s investment is supplying the Haitian insurance company with capital to expand its current insurance product offerings.
AIC products range from commercial, auto, life, and health insurance to lower-cost insurance products, known as micro-insurance, targeted toward middle- and low-income clients. AIC will use its new capital to develop innovative insurance offerings for the working poor, a population that does not traditionally have affordable access to insurance in Haiti.
One micro-insurance product is AIC’s funeral insurance, Protecta, which provides families with a safety net, preventing the shock of a death in the family from driving that family into deeper financial distress. An AIC survey shows that a funeral costs on average 11 times the monthly income of a low-income family. Without insurance, families must cover this expense by borrowing money or selling the few assets they have.
Why We Invested in AIC
Clinton Bush Haiti Fund's equity investment in AIC reflects our commitment to promoting economic opportunity through access to insurance and increasing access to micro-insurance for the working poor.
Transforming Lives and Livelihoods
The Clinton Bush Haiti Fund equity investment to support AIC is:
- Providing affordable insurance products for low-income families;
- Bolstering Haitian enterprises;
- Investing in Haiti's insurance sector.
Alternative Insurance Company (AIC) is a Haitian multiline insurance company founded in 2001 to provide insurance products to all segments of the population. AIC offers a variety of insurance products targeted to meet the needs of all Haitians. Business lines include Auto, Commercial, Homeowners, Life, Group health, Protecta and micro-insurance products, supported by a strong distribution network and an excellent record of governance and responsiveness to its clients.