Alternative Insurance Company

Alternative Insurance Company offers a wide range of insurance products and services to low income people in Haiti. AIC is one of Haiti's leading insurance players.

Company Description

Alternative Insurance Company (AIC) converted a family-owned insurance brokerage firm into an underwriting property/casualty, funeral and life insurance company. Unlike many of its competitors, it operates offices across Haiti, a country where less than 1% of the population is insured. AIC is recognised as an advocate for greater regulation of the local insurance industry. It paid 50% of all the taxes paid by insurance companies in 2014 and it was ranked 23rd amongst the top 100 tax-paying companies.

Impact

AIC now services over 150,000 insurance policies in Haiti. Many of these policies serve low income individuals, particularly women and rural clients. The company offers home, auto, commercial, health and life insurance to individual, corporate and government clients. It has developed a number of micro life insurance products. In 2014, AIC successfully piloted a number of new savings and insurance products to roll out through their network in 2015.

With MEDA’s help, AIC has created a positive impact in various ways:

  • Access to goods and services: Provides life and non-life insurance products including health insurance, car, home, business and funeral insurance to low and middle income families
  • High quality jobs: Created over 120 high quality jobs with benefits including private health coverage, subsidized food, car and continuing education plans
  • Governance and management:  Attracted high quality international investors and implemented improved company governance and board independence from management. Strengthened the capital base to withstand the possibility of escalating claims numbers
  • Innovation: Introduced a number of new products tailored to the needs of the lower income population such as universal life insurance and products linked to education and retirement savings


Announcements: MEDA investment AIC celebrates 10 years

Business Fights Poverty Article: The Power of Insurance: Why Haiti's future depends on planning for the worst