The Microinsurance Innovation Facility was established in 2008 to support the extension of insurance to millions of low-income people in the developing world, with the overall aim of reducing their vulnerability to risk. The primary objective of the Facility is to increase the availability of better insurance products for a greater number of low-income households. This objective involves engaging in activities aimed at stimulating the market for microinsurance among low-income people – activities that support the development of insurance products, the emergence of institutional models and partnerships, and the education of potential consumers on the utility and value of insurance.