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Insurance in Developing Countries: Exploring Opportunities in Microinsurance |
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Download Document
(file size:
618.21 KB) |
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Exploring the positives and negetives of offering Microinsuramce.
The potential market for insurance in developing economies is estimated to be between 1.5 and 3
billion policies. There is significant demand for a range of insurance products from health and life,
agricultural and property insurance, to catastrophe cover.
• Besides profits, there are several other benefits for commercial insurers providing microinsurance:
a larger and diversified risk pool, benefits to reputation, and market intelligence and innovation
that can be applied to other business activities.
• The success of microcredit worldwide has shown that people with low incomes are a proven market
for financial services and are effective consumers if given appropriate products, processes, and
knowledge.
• Microinsurance already covers around 135 million people, or around 5% of the potential market.
• Microinsurance is effective even in markets with little experience of insurance, as long as products,
procedures and policies are simple, the premiums are low, the administration is efficient, and
distribution channels are innovative.
• The main suppliers of microinsurance are commercial insurers. Most international insurers and
reinsurers are involved in microinsurance initiatives or offer products directly. At the same time,
international organisations, donors, non-governmental organisations (NGOs) and governments
are important facilitators.
• Community-based and informal insurance schemes will prove valuable sources of innovation,
but it is likely that, as communities develop, opportunities for regulated insurers with appropriate
products and processes will increase and these insurers will become market leaders. |
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11 2009 |
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Oliver Zenklusen and Michael J. McCord for Lloyd`s of London
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