Ensuring that the low-income population has access to insurance is one way of alleviating poverty. This is especially the case in a country like Swaziland where the World Bank estimates that 63% of the population lives on USD1.25 or less per day. Our report, however, makes the case that microinsurance (or insurance in general) may not be affordable to all Swazis. Below a certain income threshold, non-market interventions such as public social safety nets can play the role of insurance. With this caveat, the report estimates that the market opportunity for microinsurance in Swaziland stands at about 633,000 people. Tapping into this potential, however, will depend on the innovative capacity of insurers. That is, their ability to develop products that meet the specific needs of the low-income population as well as coming up with more cost effective ways of distributing such products. Our report makes the argument that the incentive to be innovative will depend greatly on the policy, regulatory and supervisory context. For instance, opening up the intermediation space to more entities beyond traditional brokers and agents such as church groups,  the SME network, employer groups and employee groups might allow for cost efficiencies in the distribution of microinsurance products.