MILK Brief #8: Doing the Math - Cashless Funeral Microinsurance in Colombia

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In September 2011, MILK partnered with MAPFRE Colombia in Bogota to study how policyholders and non-policyholders of MAPFRE’s CODENSA "Seguro Exequial" funeral insurance policy cope financially with the death of a family member. The MILK’s Client Math methodology was implemented to better understand the financial tools available to and used by those with and without insurance, and to conduct a quantitative assessment of the plausible gains of having insurance.

Do caste and social interactions affect risk attitudes and adoption of microinsurance? Evidence from rainfall insurance adoption in Gujarat, India

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Agriculture is a risky enterprise and farmers’ risk bearing capacity as well as their risk management strategies are determined by their risk preferences or risk attitudes. Risk preferences of the farmers are central to agricultural decision making in the context of adoption of new technology and agricultural innovations. Risk factors are also critical in determining the consequences of risk on household welfare.

Disaster Microinsurance for Pro-Poor Risk Management: Evidence from South Asia

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This paper offers a large empirical cross-country assessment of the impact of disaster microinsurance in the South Asia region capitalising on the prevalence of disaster-prone communities, many of which are mixes of both households with and without disaster microinsurance. Overall, the results of this study show that there is interest in and willingness to pay for disaster microinsurance programmes. The products are reaching poor clients, many who are below the poverty line, highly in debt, and employ limited and difficult coping mechanisms after disasters.

Climate Change: A Microinsurance Perspective

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This discussion paper aims to stimulate the debate on the potential role of microinsurance in dealing with climate change as a long-term challenge and its impact on low-income people. The author argues that adaptation to a changing climate may be more important than protection through insurance. Insurance is not an appropriate tool to prevent climate change from unfolding. Microinsurance may, however, facilitate and enhance adaptive investments and activities.

Client-value of microinsurance products: evidence from the mutual assistance fund in Vietnam

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The microinsurance industry is relatively new in Vietnam and little research has been conducted on this industry. This study is one of the first that examines whether current insurance products provided by the Mutual Assistance Fund (MAF), Vietnam’s first microinsurance provider, satisfy their client’s needs.

Barriers to household risk management: Evidence from India

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Why do many households remain exposed to large exogenous sources of non-systematic income risk? To answer this question, this paper uses a series of randomised field experiments in rural India to test the importance of price and non-price factors in the adoption of the innovative rainfall insurance product. Demand is significantly price sensitive, but widespread take-up would not be achieved even if the product offered a payout ratio comparable to U.S. insurance contracts.

Are Existing Health Financing Mechanisms: Sufficient for Poor Women in Guatemala?

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This discussion note examines the health financing alternatives available to poor women in Gautemala and develops a hypothesis of the value that microinsurance might have for poor women. This hypothesis will be tested once Aseguradora Rural launches a new product aimed at covering women’s health needs and marketed to savings clients of BanRural in the last quarter of 2011.

A Microinsurance Puzzle: How do Demand Factors link to Client Value?

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Why should low-income people buy insurance? The quick answer is because they need it. Studies from across the developing world have confirmed this need for financial risk management tools. However, people who may need insurance do not always want it. If clients have not bought a seemingly valuable insurance product, the considerations outlined in this brief can help to shed light on possible reasons why.

A Case for Livestock Insurance

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The case presents lessons from IFFCO-TOKIO's implementation of a livestock insurance product using radio-frequency identification technology. It outlines how IFFCO-TOKIO improved value for clients through new business processes. The case shows that if administered carefully, livestock insurance has the potential to be viable.

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