This document is a research article, carrying information about the various risks to which poor people in Sri Lanka are exposed, and discusses the risks that poor people are facing in Sri Lanka, need to have proper risk management tools for such people, methodology adopted to carry out the research, key findings and limitations of the research. The document also deals with the need for microinsurance products, introduction to Yasiru-a mutual and self managed insurance scheme for poorest of people in Sri Lanka and the activities it is involved with, institutional framework of Yasiru and its working methodology, progress and development of Yasiru - mutual provident society, need to develop new products according to the needs of the people, especially farmers.