Making insurance markets work for the poor: The case of India

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Access to insurance may be an important strategy for reducing poverty, as financial markets, and particularly insurance services, can help poor people manage critical risks such as death in the family, illness, or loss of income or property. Despite the growing importance and expansion of microinsurance services geared to low-income people, microinsurance penetration remains limited, leaving the vast majority of poor people without adequate protection.

Indian country diagnostic: Making insurance markets work for the poor: microinsurance policy, regulation and supervision. Indian case study

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The sheer scale of the Indian low-income market creates enormous scope and need for microinsurance. Potential voluntary demand is strong, particularly for micro health cover. A strong political imperative exists for financial inclusion, resonating in regulation that mandates low-income market expansion, as well as a dedicated microinsurance space. Yet the actual extent of microinsurance penetration in India remains very small. The legacy of a state-owned insurance monopoly still looms large.

Incidence of illness among resource-poor households: Evidence from five locations in India

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This study examines the association between household attributes and perceived morbidity within resource-poor house holds (HHs) in India at five locations. This presents an innovation compared to most epidemiological studies, which focus on associations between the incidence of an illness and characteristics of the ill person. The findings showed that attributes of the unit household, including type of house, income, education and size, have significant effects on IIH, variability in IIH cannot solely be explained by age and gender of HH members.

Health microinsurance schemes: Diversity, innovation and trends. A national review 2009

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The objective of the present report is to provide an across-the-country review of the various on-going health micro-insurance schemes targeting the disadvantaged groups of Indian society. To this day, there are only a few fully documented initiatives all over the world. India may become a new reference with the present work reviewing 100 on-going health micro-insurance schemes spread all over the country.

Financing disaster management in India: Possible innovations

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This paper analyses the current funding mechanism to finance disaster management in India. It looks at the drawbacks of the current system which is more focused on ex-post strategies. The paper then looks at possible ex-ante strategies that can strengthen the current mechanism, and provides relevant examples of other countries using such instruments. It also highlights the importance of a domestic insurance market, challenges of domestic insurance markets and makes suggestions on the possible features of a domestic insurance market that can be created in India.

PepsiCo contract farming in India, in The Potential for scale and sustainability in weather index insurance

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The Weather Risk Management Facility, a joint undertaking of IFAD and WFP, reviewed a range of recent experiences with index insurance programmes around the world, analysing the key actors, features of the products, and their successes and challenges. These pilot programmes have demonstrated the great potential of index insurance as a risk-management tool. They suggest that index insurance could not only provide an additional effective, market-mediated solution to promote agricultural development, but it could also make disaster relief more effective.

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