Ecuador Clients Impacted by Floods Get Back on Their Feet with Microinsurance.
Earlier this year, flooding in the cities of Guayaquil, Quevedo, Portoviejo, Santo Domingo, Libertad and Chone devastated more than 200 FINCA Ecuador client businesses, however clients are rebuilding their businesses, thanks to FINCA’s “Mi Hogar Progegido” (My Home Protected) insurance product. The product, which is provided for a small fee as part of FINCA Ecuador’s loan package, provides clients with a lump sum payment of $500 to rebuild their businesses, replace inventory, or repair their homes, if they are damaged or destroyed by fire or natural disasters.
In addition to cash support, FINCA Ecuador staff collected clothes and household good, as well as funds which were matched by FINCA International, and used to purchase food and supplies. Clients were invited to attend events in their communities, during which they received bags of food donated by local supermarket partner TIA. The chain also offered clients discounted prices in their stores.
The local team is proud that verified claims were processed in three days, in an effort to help clients get back on their feet quickly.
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