Making insurance market work for the poor: the case of Uganda

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Access to insurance may be an important strategy for reducing poverty. 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.

Making insurance market work for the poor: the case of South Africa

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Access to insurance may be an important strategy for reducing poverty. 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.

Facilitating inclusive financial markets: The role of regulation in the development of microinsurance

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This focus note presents an overview of the findings from the Philippines component of a five-country case study on the role of regulation in the development of microinsurance markets. With case studies examining the specific policy landscapes in Colombia, India, the Philippines, South Africa and Uganda, the project aims to cultivate a broad understanding of the ways different regulatory policies and practices can encourage or impede the growth in availability of microinsurance.

Creating the space for intermediation in the low income insurance market

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The South African National Treasury discussion paper on microinsurance2 seeks to balance the need for consumer protection with financial inclusion and reduce the impact of the cost of regulation on the market. It also proposes changes to the way market conduct and intermediaries are regulated in the low-income market. At its base, the paper recognises that insurance could have an important role in reducing the vulnerability of poor people. Protecting the poor out of the market is, therefore, neither in the interests of the consumer nor business.

Colombia country diagnosis: Making insurance work for the poor: Colombian case study

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This document presents the findings from the Colombian component of a five-country case study on the role of regulation in the development of microinsurance markets. The objectives of this project were to map the experience in a sample of five developing countries (Colombia, India, the Philippines, South Africa and Uganda) where microinsurance products have evolved and to consider the influence that policy, regulation and supervision on the development of these markets.

Security at little cost: Microinsurance in financial systems development

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The new BMZ Position Paper on microinsurance deals with the challenges in establishing microinsurance in developing countries. It develops a strategy for German development cooperation for promoting microinsurance. The paper shows that access to market-based microinsurance makes a significant contribution to social security and hence to poverty reduction. Microinsurance has been set on the agenda in different contexts such as social security, adaptation to climate change and rural development. The demand for improving the sustainable access to financial services incl.

Regulation, supervision and policy issues for microinsurance in Brazil

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This presentation is on regulation, supervision and policy issues regarding microinsurance in Brazil. The presentation identifies the regulatory barriers as well as identifies the stakeholders and their roles. It also outlines microinsurance products (including potential products such as credit life, group life and funeral) and microinsurance parameters (including term of the contract, maximum benefit values, reduced time limits for claim payments and documents required in case of claim). Lessons learned and as well the MI Commissions main proposals are also outlined.

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