Mutual Assistance Fund – Annual Report 2010

This post is also available in: Tiếng Việt (Vietnamese)

Introduction

Micro-insurance, which was originally a part of micro-finance, is attracting a lot of attention from many countries in the world, especially developing countries. While micro-finance helps low-income people build assets, micro-insurance supports them with asset protection. Micro-insurance protects them from risks in life and reduces their damage and losses. Moreover, micro-insurance helps them overcome difficulties and escape poverty sustainably.

In Vietnam, Vietnam Women’s Union is the first organization to provide micro-insurance services for poor people through a unit of its name “TYM Fund” (now officially called “TinhThuong One-member Limited Liability Small-scale Micro-finance institution, or shortly TYM). In 1996, the Union started with some small and simple products. In 2008, it established the Mutual Assistant Fund (MAF) in a hope that MAF would be a specialized unit in providing micro-insurance services to members of TYM. Since then, products have become more diverse and useful and payment procedures have been fast and simple. MAF has gained a lot of confidence of members because it secures them against risks in life.

As of 2010, it has been two years since MAF started its activities. To date, MAF makes all efforts to improve itself in all aspects from organization, operation, finance and accounting to training of officers and members.

“The Annual Report” is an overview of MAF’s main activities in 2010. With its endless efforts, MAF strives and it committed to become a leading mutual insurance organization serving low-income women and their families. MAF’s motto is “ Dedicated – Professional – Cooperative”