Weather insured savings accounts

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Through a laboratory experiment in India, this paper assesses consumers' relative valuations of savings versus insurance when planning for risky rainfall in an attempt to measure potential demand for a new type of financial product that combines savings and rainfall insurance, the Weather Insured Savings Account (WISA). The study finds out that participants prefer both pure insurance and pure savings to any mixture of the two, and that this preference is most pronounced among those who are more risk averse.

Securing the Silent: Microinsurance in India - The Story So Far

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Insurance industry of India achieved one of the highest growth rates in the world. Post liberalisation in 2000, Indian insurance industry has grown at the average rate of 15-20% every year. Microinsurance also developed as a sub-segment of the insurance industry in this period. Being a sub-segment of the conventional insurance industry, microinsurance has imbibed both the positives and negative characteristics of the larger industry, specifically in the life insurance segment.

Savings in microinsurance: Lessons from India

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This paper assesses four products that combine the benefits of insurance and saving offered by Indian insurers and targeting low-income customers. The assessment is timely, as many insurers have launched or are giving serious consideration to initiatives aimed at bringing insurance combined with saving to low-income customers. The first section of this paper introduces the issues and presents a framework that is used for the product analysis. The products are then described in section two, highlighting the key characteristics that set each apart.

MILK Brief #12 - Doing the Math in Karnataka, India

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This study investigates the financial value of a health microinsurance product offered to clients of the microfinance institution Grameen Koota in India. Families that recently suffered one of several similar illnesses resulting in hospitalisation were interviewed, and the study found that insured respondents had substantially lower direct hospital expenditures than uninsured patients. However, the relative benefit of the insurance becomes less apparent when other associated costs are taken into account, including indirect expenses and in particular, opportunity costs.

MILK Brief #11 - Doing the Math - Health Microinsurance in Maharashtra, India

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The MILK project partnered with the global insurance intermediary MicroEnsure to study the extent to which a health microinsurance product covering inpatient care offered value to clients in terms of reduced spending and improved access. There is strong evidence that insurance can reduce the out-of-pocket spending for families when large health crises hit, though the extent of this protection depends on the specific product features, exactly how benefits are delivered, and the socio-economic characteristics of the target community.

Microinsurance Product Types in India

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This note analyses the characteristics and uniqueness of the different microinsurance product types with their effectiveness in delivering insurance services to the bottom of the pyramid in India. Although officially there are 23 registered microinsurance products filed by 15 insurance companies, there are a host of registered and non-registered microinsurance products in India.

Microinsurance in India: The Evolution of Market Trends

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After half a decade of microinsurance regulation in India, there are some clear trends emerging in the way microinsurance business is conducted. The note analyses these trends with decade long comparative data on microinsurance products and their performance. The reasons for the emerging trends are identified and possible future trends are also projected.

Microinsurance in India is now a macro business

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Microinsurance has become a macro business for insurers and service providers, and poverty reduction is not only the interest of governments anymore. Private sector has taken it as an opportunity for business growth rather than a corporate social responsibility. As the microinsurance sector in India is well regulated, there is a huge opportunity for insurers and risk carriers to enter into the microinsurance market and serve the 90% of the population that are still excluded.

Health Emergencies: How do the Poor Pay?

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How do the poor in India deal with medical emergencies? MicroSave’s India Focus Note 93 describes how low-income families in India deal with medical emergencies in the absence of quality public health care facilities. It advocates health insurance as an affordable alternative for low-income families. Poor people in India cope with medical emergencies by using savings, loans from various sources, and by pawning or selling assets. The expenditure to meet a major health shock often pushes low-income families into distress.

Doing the Math: Health Microinsurance in Maharashtra, India

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The MILK project partnered with the global insurance intermediary MicroEnsure to study the extent to which a health microinsurance product covering inpatient care offered value to clients in terms of reduced spending and improved access. There is strong evidence that insurance can reduce the out-of-pocket spending for families when large health crises hit, features, exactly how benefits are delivered, and the socio-economic characteristics of the target community.

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