An Industry Note - Microinsurance - Taking Risk Management to the
Grassroots
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Case Details:
Report Code : BREP027
Report Length : 8 Pages
Period : 1970 - 2005
Organization : -
Pub Date : 2005
Teaching Note : Not Available
Countries : India, Bangladesh, Zambia
Industry : Microfinance
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Abstract
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The opening up of the Indian Insurance sector in 1999 has given microfinance
institutions (MFIs) a new window of opportunity. Tie ups between insurance
companies and MFIs have resulted in a win-win partnership for all the concerned
stakeholders. The poor sections of the population face a variety of risks. Risk
mitigation becomes important as their meager incomes and livelihoods are
dependent on their physical well being and health. As with the case of
microcredit, the opportunity for marketing insurance products to the poor (rural
and urban) is huge. SEWA (India), BASIX (India), Delta Insurance (Bangladesh),
and Madison Insurance Zambia Limited (Zambia) have implemented microinsurance
initiatives at the grassroots.
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Since microinsurance is a recent phenomenon, regulation is virtually
non-existent in many developing countries. However the Insurance Development
Regulatory Authority (IRDA), India has suggested a few proposals to develop
the market for insurance in rural areas.
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But there
are a few critical issues MFIs have to consider before they embark on
the microinsurance path.
Successful microcredit ventures need not
necessarily translate into microinsurance success. The attitudes of the
rural consumers towards insurance and savings and their understanding of
the benefits of these products are still at a nascent stage.
Insurance
companies have to work closely with their target customers to understand
their needs and design suitable products. Regulation of this sector is
likely to be a key issue in the future... |
Introduction
Till the late 1990s, microfinance institutions (MFIs)
focused primarily on providing credit and facilitating savings among the poor.
However, over time, their activities and product portfolio have widened
considerably in scope. With the opening up of the Indian insurance sector in
1999, MFIs also began to offer insurance products to their members.
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