Micro Insurance & Economic Development


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Department of Economics, Federal Urdu University Arts, Science & Technology, Islamabad

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Micro Insurance & Economic Development

  1. 1. Group Members <ul><li>Imtiaz Hussain </li></ul><ul><li>Muhammad Irshad </li></ul>
  2. 2. Topic <ul><li>Micro Insurance and Economic Development </li></ul>
  3. 3. Aim <ul><li>Role of Micro Insurance in Economic Development of Pakistan </li></ul>
  4. 4. Inside <ul><li>1.Introduction </li></ul><ul><li>History </li></ul><ul><li>Structure </li></ul><ul><li>Types </li></ul><ul><li>Micro Insurance and Development </li></ul><ul><li>2.Literature Review </li></ul><ul><li>Related Articles </li></ul>
  5. 5. Introduction <ul><li>Definition </li></ul><ul><li>Micro insurance is financial arrangement to protect low income people against Specific risk. </li></ul><ul><li>It provide protection to low income individuals. </li></ul><ul><li>It is used at micro level in society . </li></ul>
  6. 6. History <ul><li>The Micro Insurance Network was originally established in 2002. </li></ul><ul><li>The Micro insurance Network decided in 2007 that it needed a clearer membership and organizational structure to accommodate the expansion of interest and activities in micro insurance. </li></ul>
  7. 7. Structure <ul><li>The Micro insurance Network is a membership association of donor organizations, insurance professionals, promoters, technical assistance providers, researchers and other interested parties that are involved in micro insurance. </li></ul><ul><li>The Network currently has over 40 institutional members and just under 20 individual members. With each institution having on average 3 members. </li></ul>
  8. 8. Types <ul><li>Although there are many variations, typical policy types include: </li></ul><ul><li>Life insurance </li></ul><ul><li>Health insurance </li></ul><ul><li>Disability Insurance and </li></ul><ul><li>Property Risk Insurance </li></ul>
  9. 9. Micro insurance and Development <ul><li>Micro insurance is recognized as a useful tool in economic development . </li></ul><ul><li>Micro insurance makes it possible for people to take more risks. </li></ul>
  10. 10. Literature Review <ul><li>1.Community-based health insurance in low-income countries: </li></ul><ul><li>mobilizes additional resources for health care in the operating area, health insurance. </li></ul><ul><li>provides financial protection for the target population. </li></ul><ul><li>And helps the Poor's in economy to enhance there living standard. </li></ul><ul><li>BJÖRN EKMAN Health Economics (LUCHE) </li></ul>
  11. 11. 2 . Availability of insurance <ul><li>Insurance should not only be available for the rich but more so for the poor. </li></ul><ul><li>The small local businesses, that will not have enough money to recover from a natural risk. Insurance is fundamentally about the transfer of risks, without an affordable insurance solution from insurers. </li></ul><ul><li>Warwick Tsang 2009-10-14 </li></ul><ul><li>5504:55:20 Micro insurance </li></ul>
  12. 12. 3.Need for Poor <ul><li>It is new for Poor's in Pakistan but same time necessary due to increasing rate of poverty in Pakistan. </li></ul><ul><li>Therefore measurable and innovative techniques are necessary for NGOs, Media and for government to bring Poor's network into micro insurance. </li></ul><ul><li> youngish Muhammad 2009-07-22 </li></ul><ul><li>15:38:10microcredit and insurance </li></ul>
  13. 13. Micro-insurance receiving encouraging Response in Pakistan <ul><li>micro-insurance is a contributor to the poverty reduction and social protection objectives of the government. </li></ul><ul><li>RSP and its members work with a mission to alleviate poverty and increase the standard of living of the poor </li></ul><ul><li>in October 2005, RSP and MFI”s initiate the first health insurance scheme covering hospitalization and accident for rural residents in 87 districts of Pakistan. </li></ul><ul><li> By Kaka khel ijaz </li></ul><ul><li>conference April 6-2010 </li></ul>
  14. 14. 5.Insurance access in Pakistan <ul><li>Due to less access in micro insurance it has less impact on GDP. </li></ul><ul><li>in Pakistan, the insurance penetration is simply 0.7 percent of the GDP. </li></ul><ul><li>MALIK ADNAN 2009-10-06 </li></ul><ul><li>Pakistan Daily Time . </li></ul>
  15. 15. Any Question <ul><li>??? </li></ul>