MIC’s underwriting appetite.
Our Involuntary Unemployment underwriting appetite enables us to offer protection designed to cover loss of income and associated loss mitigation expenses for working individuals. These include incomes earned by an individual from full-time or part-time employment, independent contract work, gig work, moonlighting or freelancing. We deliver our solutions through programs with commercial customers and local insurers.
Bridging a protection gap.
The traditional protection contracts fail to address the emerging needs of the digital, sharing and gig economy. We are here to fill the gap in the market by addressing specific circumstances that can affect an individual’s income.
What can be covered?
We do not have pre-determined triggers or perils outlined in our underwriting appetite for this type of business. Instead, we work with partners, insurers, and reinsurers to tailor the protection to the nature of the work of their target market. For example, we can cover loss of income for an Uber driver from damage to their vehicle or loss of income due to involuntary lay-off. The cause of the loss must be beyond the control of the covered worker. Typical coverage can include:
- Loss of income as a result of a covered event or trigger.
- Expenses incurred by an individual to mitigate their loss.
What is typically not covered?
We work with our partners, insurers, and reinsurers to create products that add value to all parties, with typical coverage exclusions being:
- Contractual disputes or breaches involving the covered worker.
- Failure by the covered worker to comply with local laws and regulations applicable to their work.
- Failure by the covered worker to seek the required permits, authorisation, and approvals necessary to execute the work.
- Any fraud or misrepresentation by the covered worker.
- Losses due to war, terrorism, strikes, or civil unrest.
- Government-imposed ban or restriction on the covered worker’s work.
- Losses due to nuclear, chemical, biological, radiation, pollution, and pandemic events.
- Losses due to the cover worker’s inability due to lack of financial resources of the covered worker to complete their agreed work.
Policy limits we can offer.
- MIC can offer an aggregate claim limit of USD $10,000 per covered worker limit. This can be adjusted up or down depending on the demographics being covered, coverage required, and scale of the program.
- We work with our partners, brokers, and insurers to tailor our limits specifically to each program.
- MIC requires that data on program enrolments, premiums, and claims be provided by partners on a monthly basis with insurers/brokers being able to provide data using Application Programming Interface (API) within 90 days of a program incepting.
- MIC will work with your partners, brokers, and insurers to put in place API connections for the seamless and real-time sharing of data between parties on the program.
- MIC, working with our partners, may seek integration with apps and webpages for the purpose of monitoring and validating claims, performing diagnostics, and assessing and managing risk.
- MIC has the ability to review program pricing, terms, and conditions in collaboration with the partner, broker, and insurer (on new risks that are covered by the program) if the loss ratio (i.e. claims/premium) is above 65%.
Minimum annual program premium.
- MIC has a minimum annual premium on each program of 240,000 USD / CAD / GBP / EUR.
MIC risk carrying entities.
- MIC Global Syndicate 5183 is a Lloyd’s of London Syndicate managed by Asta Managing Agency Limited and can do business in territories where Lloyd’s is licensed to write (re)insurance.
- Micro Insurance Company regulated by the Anguilla Financial Services Commission.
This is an indicative product summary. Policy triggers, coverage, and exclusions will need to be tailored for each specific opportunity.
MicroEnsure (UK) Limited is an appointed representative of Asta Managing Agency Ltd which is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Micro Insurance Company is regulated and authorised by the Anguilla Financial Services Commission.
Please note that any information in this product summary is for general information purposes only and is targeted at large sophisticated (re)insurance buyers, regulated (re)insurance distributors, and regulated (re)insurers.
Our products are subject to eligibility requirements, exclusions, limitations, and other terms and conditions. Please refer to your policy documentation for full details.
The content of this page does not constitute advice or a recommendation to purchase any product. You should seek professional advice before making any decisions based on the information provided. STP Group Holdings LLC, MicroEnsure (UK) Limited, Asta Managing Agency Limited, Micro Insurance Company, and their subsidiary and affiliated companies are not responsible for any losses that may arise from reliance on the information provided in this product summary.