LAUNCHING THE SOCIAL MICROINSURANCE OF THE STATE SECRETARY FOR CHILDREN AND ADOLESCENTS - Fundación Capital
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LAUNCHING THE SOCIAL MICROINSURANCE OF THE STATE SECRETARY FOR CHILDREN AND ADOLESCENTS

Today, the State Secretary for Children and Adolescents (SSCA) in Paraguay launched the new social microinsurance, a product that will provide the beneficiaries of the Abrazo program and their children with financial protection to automatically and immediately cover the costs of accidental death, deaths caused by diseases, and permanent and total disability for a period of 12 months, with annual renewals. This event took place in the Central Bank of Paraguay and gathered officials from the Ministry of Finance, the Central Bank of Paraguay, the insurance company Tajy, the National Development Bank, Fundación Capital and mothers and children who are beneficiaries of the Abrazo program.

The initiative is part of the National Financial Inclusion Strategy from the Government of Paraguay, and the SSCA is responsible for incorporating children and adolescents in vulnerable situations, as well as their families, to the program. 10,474 children and adolescents aged 0 to 17 will be covered for a total of 3,281 families, all of them beneficiaries of the Abrazo program.

Fundación Capital has worked for many years with the State Secretary for Children and Adolescents of Paraguay in the component Abrazo Kyre’ from the Abrazo program. Through this component we designed contents and financial education workshops aimed at strengthening the socio economic support for the families of the program. We created a strategy for generating income based on building capacities for employment and entrepreneurship. We also supported the implementation of the social microinsurance for the beneficiaries of the program.

We believe in financial products which, like this microinsurance, can widen the financial protection of the people and improve risk management and thus improve their quality of life and that of their families. This product is a particularly special example, because it focuses specifically on children and adolescents.

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