Securing the Masses: An Assessment of Jan Suraksha Schemes

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Jan Suraksha, a combination of three schemes - PMSBY (accident insurance), PMJJBY (life insurance), APY (pension product) - is India's tryst to insure the country's masses and is part of the largest financial inclusion programme in the world. The policy brief, Securing the Masses: An Assessment of Jan Suraksha Schemes, looks at the main takeaways, as well as the primary recommendations, including the current state, how it can be expanded to reach more lives, and the challenges when it comes to customer awareness, claims and administrative processes.

Multi-Stakeholder Dialogue on Microinsurance

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The Pakistan economy expanded by 4.24% in the fiscal year 2014-15. Growth came from all sectors including agriculture, industry and services. One of the major tax sources is its industrial sector which produces 20.30% of the national GDP. Most low-income people in Pakistan, those working in the agriculture sector, as well as in textile and clothing are exposed to a number of life risk events. Specific MI products can manage the negative impact of unexpected incidents.

Nepal: Implementing Microinsurance Standard Products

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Shikhar Insurance Company Ltd. (SICL) is a publicly-listed general insurance company established in 2004. It holds 14% market share of total industry premium and 18% market share of total number of policies. With regard to its microinsurance products, SILC offers livestock, poultry and crop insurance under the agriculture insurance line of business. These products are enjoying up to 75% subsidy on premium from the government. Its main target group are farmers and their families who are policy holders of Shikhar’s agriculture insurance.

Nepal: Endowment and Term Microinsurance Products

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In Nepal almost 80% of the total population lives in the rural areas. Nepal Life Insurance Company Limited (NepalLife) is the leading life insurance company contributing 33% to the total industry premium. NepalLife enters the microinsurance market by offering Micro Endowment Life Insurance and Micro Term Life Insurance, which are pre-approved by BeemaSamiti. However reaching the targeted group at remote locations is the most challenging tasks for the company.

 

Pakistan: Delivering affordable life insurance solutions through mobile phones

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Low-income households and micro, small and medium size enterprises are particularly vulnerable to risks and those risks generally bring heavy financial implications. As climate change has an impact on all regions of the world, the poor and the vulnerable are the most at risk of the dire consequences that push millions into poverty every year. Nevertheless, there are two key challenges to extending effective insurance services to low-income households and a deterrent for the engagement of commercial insurers.

 

Pakistan: Delivering health based plan for women and their families through a non-government organisation

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Pakistan is the sixth most populous country in the world with an estimated population of 190 million in 2015. Approximately 40% are poor according to the Multidimensional Poverty Index. The proportion of people identified as multidimensionality poor in urban areas is significantly lower than in rural areas – 10% and 55% respectively.

Insights on Mobile Network Operators as a distribution channel for microinsurance in Asia

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This report provides insights on Mobile Network Operators (MNOs) as a distribution channel for microinsurance in Asia. The study shows that there are an estimated 2.6 billion SIM cards activated through various carriers in the Asian region. Two Technical Service Providers (TSPs), BIMA and MicroEnsure, and eight MNOs, which carry out distribution of Mobile Microinsurance (MMI), were identified in the region.

The Landscape of Microinsurance in Sri Lanka

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This report provides an analysis of the microinsurance sector in Sri Lanka with related data to the years 2013-2015. Microinsurance in Sri Lanka initially started as a service to support the microfinance sector, focusing on providing loan protection, insurance and life savings. The insurance business extended their services to provide welfare and health products to low-income people.

The value of claims analysis in health microinsurance: Learning from three South Asian cases

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Most providers of health microinsurance (HMI) can do more to understand the illness and claims patterns of insured clients. The objective of this study is to demonstrate that analysing claims data equips HMI practitioners with valuable insights to improve the client value and viability of HMI programmes. The study performs a comparative analysis of three South Asian HMI programmes – run by VimoSEWA, Uplift Mutuals and Naya Jeevan. These providers share a common geographic region and offer broadly similar insurance for hospitalization services to low-income households.

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