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The concept of microinsurance--low-cost policies providing coverage for accidental death, medical problems, crop failures and other calamities--is growing in popularity in Colombia.
Development experts say it could a tool in fighting poverty because impoverished families are the most exposed to risk but almost never have coverage.
“They live on the margins. One small financial jolt can put them way back into deep poverty,” said an expert. “I would watch people build up their businesses, make better profits with microcredit but then as soon as there was a health crisis in the family, or a death in the family, all those gains would be lost.”
