This note assesses the business case for microinsurance through case studies of five initiatives of insurance companies, Co-operative Insurance Company (Kenya), Old Mutual (South Africa), ICICI Lombard (India), Aseguradora Rural (Guatemala), and Malayan Insurance (Philippines). The study uses a framework to identify the main drivers of profitability using key performance indicators and a qualitative assessment of the information gathered. The drivers are: 1) scale, 2) claims costs, and 3) acquisition and administration costs.