The conditions for growth and the degree of inequality are two key factors that determine the extent of
poverty reduction from per capita economic growth. The lower the inequality levels the more positive effect
economic growth has on poverty levels. The link between economic development and human development is
dependent on the effectiveness of countries to convert income into better lives for all their citizens (UNDP
2000). The international development target of halving the proportion of people living in extreme poverty by
2015 can be attained by low-inequality countries without any change in their growth pattern and with lower
growth rates. However, high-inequality countries will only reach the target if growth is pro-poor and
significantly higher than in the past (twice that of low-inequality countries). If all countries belonged to the lowinequality
group then a forecasted growth of four per cent per annum would realize the target as early as 2005
(Hanmer et al 2000). So, this paper explores the idea of development and reduction of poverty, vulnerability and
inequality by micro insurance in India.
This document discusses microinsurance as a tool for uplifting rural India. It begins by defining microinsurance as low-premium, low-coverage insurance designed for low-income individuals. The development of microinsurance in India is then outlined, noting its historical roots in NGO programs and current regulatory framework established by IRDA. Several studies on microinsurance are reviewed showing positive impacts on poverty reduction. The objectives and need for the study are stated as understanding microinsurance's importance for rural poor and initiatives by private and public insurers. Key features of IRDA's microinsurance regulations are described. Data is presented showing growth in microinsurance agents, with LIC leading private insurers. Overall, the document analyzes microinsurance's potential role
Insurance is one of the emerging concepts in the recent period which involves huge investments in
Socio economic developments. The term "Micro insurance" first appeared as a new financial
service within microfinance and then developed into a sector of its own. Hence this paper discusses
the concepts of micro insurance in general.
1. Microinsurance provides insurance protection to low-income individuals against risks like illness, death, property damage or loss, and natural disasters. It aims to protect vulnerable populations that are ignored by commercial insurance and lack social protections.
2. Microinsurance is defined as the protection of low-income people through regular premium payments that are proportionate to the likelihood and cost of the risk. It can be delivered through various channels to reach even informal workers.
3. While microinsurance alone cannot eliminate poverty, it can help low-income households manage large losses and make progress toward goals like reducing poverty, hunger, and mortality if available alongside other risk management tools.
Social protection and the demand for private insurance in ghanaAlexander Decker
This document summarizes a research study on social protection and demand for private insurance in Ghana. The study examined the types of life insurance products offered by private insurers in Ghana and how well they meet customers' social security needs. It assessed customers' awareness and satisfaction with insurance products and the factors considered in product development. The main findings were that customers had some knowledge of products but could be more aware, and were satisfied with some insurer services. Insurers primarily considered customer attributes like age, risk level, health, and income when developing products. Customers saw positive impacts of insurance for death and retirement but not for working life.
Launch Presentation - Social Protection for the Informal Economy: Operational...RenataMello60
Launch Presentation. The informal economy in Africa is large and diverse, and it is the main source of employment in the region. It is projected to grow and create more jobs. The informal economy is well established in the region, but it also faces a host of development challenges. It is characterized by low human capital and productivity compared with the formal economy and is typically associated with limited access to resources such as electricity, finance, land, and public services. People who work in the informal economy are usually more susceptible to short-term shocks and the more catastrophic consequences of idiosyncratic shocks (acute short-term crises, such as illness) and covariate shocks (chronic or widespread shocks affecting entire communities). These vulnerabilities are exacerbated because these people ordinarily have limited avenues to formal financial institutions or risk mitigation instruments. Women are more likely to work in the informal economy in Africa and are therefore also more likely to experience precarious work environments. The COVID-19 pandemic highlighted the vulnerabilities of the vast informal economy, especially in urban areas. Social protection cash transfers provided an essential platform for delivering assistance in response to the COVID-19 shock in the Africa region. In addition to macroeconomic measures to support economic recovery, governments needed to limit the damage to livelihoods, especially in the informal economy. Many governments in the region added to their capacity to extend coverage with innovations in targeting and delivering payments by leveraging technology and using big data. In many cases, registration was carried out using mobile technology. Some governments opted to implement more direct registration processes by creating dedicated websites or relying on informal economy associations. These swift responses were success stories in their own right, but they were undertaken essentially as a response to an urgent requirement to provide much-needed support to groups that lacked social protection and to prevent them from slipping into poverty. Governments allocated significant resources, typically through external financing (US6.1 billion dollars in additional spending in 30 countries across Africa).
Luis Huerta (Seguros Argos) and Mary Yang (Microinsurance Innovation Facility, ILO) present on the topic of Private Sector Insurers and Microinsurance in Tallinn, Estonia – May 2009.
This document summarizes a research paper on microinsurance in India. It begins by defining microinsurance as insurance for low-income individuals involving modest premiums and benefits. It then discusses the development of microinsurance in India, noting that some programs were started by NGOs and more have emerged due to microfinance activity and regulations requiring insurance companies to serve rural and social sectors. Key points covered include IRDA's 2005 microinsurance regulations, the definition of rural and social sectors, and insurance companies' strategies of partnering with civil society organizations to reach the poor. Supply of microinsurance products is also summarized, finding that most cover life or accident risks with limited health coverage and contract durations of 3-20 years.
This document discusses microinsurance as a tool for uplifting rural India. It begins by defining microinsurance as low-premium, low-coverage insurance designed for low-income individuals. The development of microinsurance in India is then outlined, noting its historical roots in NGO programs and current regulatory framework established by IRDA. Several studies on microinsurance are reviewed showing positive impacts on poverty reduction. The objectives and need for the study are stated as understanding microinsurance's importance for rural poor and initiatives by private and public insurers. Key features of IRDA's microinsurance regulations are described. Data is presented showing growth in microinsurance agents, with LIC leading private insurers. Overall, the document analyzes microinsurance's potential role
Insurance is one of the emerging concepts in the recent period which involves huge investments in
Socio economic developments. The term "Micro insurance" first appeared as a new financial
service within microfinance and then developed into a sector of its own. Hence this paper discusses
the concepts of micro insurance in general.
1. Microinsurance provides insurance protection to low-income individuals against risks like illness, death, property damage or loss, and natural disasters. It aims to protect vulnerable populations that are ignored by commercial insurance and lack social protections.
2. Microinsurance is defined as the protection of low-income people through regular premium payments that are proportionate to the likelihood and cost of the risk. It can be delivered through various channels to reach even informal workers.
3. While microinsurance alone cannot eliminate poverty, it can help low-income households manage large losses and make progress toward goals like reducing poverty, hunger, and mortality if available alongside other risk management tools.
Social protection and the demand for private insurance in ghanaAlexander Decker
This document summarizes a research study on social protection and demand for private insurance in Ghana. The study examined the types of life insurance products offered by private insurers in Ghana and how well they meet customers' social security needs. It assessed customers' awareness and satisfaction with insurance products and the factors considered in product development. The main findings were that customers had some knowledge of products but could be more aware, and were satisfied with some insurer services. Insurers primarily considered customer attributes like age, risk level, health, and income when developing products. Customers saw positive impacts of insurance for death and retirement but not for working life.
Launch Presentation - Social Protection for the Informal Economy: Operational...RenataMello60
Launch Presentation. The informal economy in Africa is large and diverse, and it is the main source of employment in the region. It is projected to grow and create more jobs. The informal economy is well established in the region, but it also faces a host of development challenges. It is characterized by low human capital and productivity compared with the formal economy and is typically associated with limited access to resources such as electricity, finance, land, and public services. People who work in the informal economy are usually more susceptible to short-term shocks and the more catastrophic consequences of idiosyncratic shocks (acute short-term crises, such as illness) and covariate shocks (chronic or widespread shocks affecting entire communities). These vulnerabilities are exacerbated because these people ordinarily have limited avenues to formal financial institutions or risk mitigation instruments. Women are more likely to work in the informal economy in Africa and are therefore also more likely to experience precarious work environments. The COVID-19 pandemic highlighted the vulnerabilities of the vast informal economy, especially in urban areas. Social protection cash transfers provided an essential platform for delivering assistance in response to the COVID-19 shock in the Africa region. In addition to macroeconomic measures to support economic recovery, governments needed to limit the damage to livelihoods, especially in the informal economy. Many governments in the region added to their capacity to extend coverage with innovations in targeting and delivering payments by leveraging technology and using big data. In many cases, registration was carried out using mobile technology. Some governments opted to implement more direct registration processes by creating dedicated websites or relying on informal economy associations. These swift responses were success stories in their own right, but they were undertaken essentially as a response to an urgent requirement to provide much-needed support to groups that lacked social protection and to prevent them from slipping into poverty. Governments allocated significant resources, typically through external financing (US6.1 billion dollars in additional spending in 30 countries across Africa).
Luis Huerta (Seguros Argos) and Mary Yang (Microinsurance Innovation Facility, ILO) present on the topic of Private Sector Insurers and Microinsurance in Tallinn, Estonia – May 2009.
This document summarizes a research paper on microinsurance in India. It begins by defining microinsurance as insurance for low-income individuals involving modest premiums and benefits. It then discusses the development of microinsurance in India, noting that some programs were started by NGOs and more have emerged due to microfinance activity and regulations requiring insurance companies to serve rural and social sectors. Key points covered include IRDA's 2005 microinsurance regulations, the definition of rural and social sectors, and insurance companies' strategies of partnering with civil society organizations to reach the poor. Supply of microinsurance products is also summarized, finding that most cover life or accident risks with limited health coverage and contract durations of 3-20 years.
This document discusses microinsurance and strategies for succeeding in the microinsurance market. It begins by defining microinsurance and noting its target population is those living on $2-8 per day. It then discusses how microinsurance is taking off as carriers experiment with new business models to differentiate themselves, innovate, and partner with other organizations. Key differences between microinsurance and traditional insurance are that microinsurance products have lower premiums and benefits, simpler concepts and processes, and rely more on group pricing and non-traditional distribution channels. The document advocates that to succeed in microinsurance, carriers must differentiate their products and services, innovate in their operating models, and form partnerships with governments, NGOs, and other organizations.
An introductory presentation on microinsurances as a way to reduce poverty and vulnerabilities. Covers
1. general principles and approaches of microninsurances, including the linkage to poverty reduction and vulnerability; and
2. the value chains, actors and networks involved in making microinsurances work.
Held at a summer school on Development Policy at the University of Cologne in September 2009 (http://www.lateinamerika.uni-koeln.de/summerschool2009.html). It targets students with a general knowledge of development economics and politics (but without prior knowledge of microinsurances). In the seminar, the presentation was the frame for work sessions on microinsurance case studies (from CGAP), texts from the Microinsurance Compendium and a one-day country workshop on Colombia to which Jenny Hennig, GTZ, gave an additional input. Details on the course are available on request to martin.herrndorf@oikos-international.org.
Impact of microcredit in the context of BangladeshA H
This document discusses the impact of microcredit in Bangladesh. It states that Bangladesh pioneered microcredit programs and they have significantly reduced poverty and improved socioeconomic conditions, especially in rural areas. Microcredit has empowered women, increased employment opportunities, and raised incomes and living standards. However, microcredit is now facing challenges in Bangladesh and some argue it has lost effectiveness. The document examines both the positive impacts and current challenges of microcredit in the context of Bangladesh.
This document contains information about the insurance sector in India. It lists several insurance companies operating in India and factors that influence demand and supply in the insurance sector. It discusses major drivers of growth in the insurance industry such as rising incomes and an aging population. Reasons for historical failure are listed as well as current growth trends. Statistics on insurance premiums, investments, employment, and the relationship between insurance and GDP are provided.
Joseph Alaban from RIMANSI Organization for Asia and the Pacific, Inc speaks about Microfinance and Micro-insurance. (Jan 30, PACAP Community Development Forum: Microfinance Amidst the Global Financial Crisis)
India is the global leader in microinsurance. Innovation is blooming and new products and delivery models are being explored. More than 300 million low-income risks are insured. Indeed, more than 60% of microinsurance policyholders are to be found in India! What are the catalysts for the success of microinsurance in India? What role has the government as well as market forces played in the exponential growth of the sector? What can insurers learn from India's experience? The webinar focuses on "Insights from India's Microinsurance Success", one of the chapters of the newly launched "Protecting the Poor: A Microinsurance Compendium, Volume II" published by the Munich Re Foundation and the International Labour Office.
This document discusses opportunities and challenges for Royal Sundaram Alliance Insurance Company in marketing rural general insurance products. It provides a brief history of the company and overview of its products. The document then outlines research objectives, problems, and methodology used to assess awareness and market potential for rural insurance among rural cooperatives in Bhavnagar city. Analysis of survey findings show most cooperatives have some insurance but primarily through Iffco-Tokio. Recommendations include improving promotions through agents and publications to increase awareness of insurance needs. The conclusion is that rural penetration requires educating opinion leaders in cooperatives to spread awareness of products.
This document discusses micro insurance in India. It provides an introduction to micro insurance, noting that it offers protection to underprivileged populations. It discusses the current challenges facing the micro insurance industry in India, including technical specialization, marketing and sales, and distribution channels. The document also discusses strategies that could help make micro insurance a reality in India, such as product design, flexibility, and linking with formal players. It provides an overview of different models for delivering micro insurance products and examples from other countries.
International Journal of Humanities and Social Science Invention (IJHSSI)inventionjournals
is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
An analysis of the Indian Cashless Health Insurance Industry identifying the key structural deficiencies leading to a situation of distrust between parties involved. The study as a part of IIM, Indore’s Consulting competition, Chanakya, organized in association with Cognizant also proposes solutions for resolving the present imbroglio between the service providers and insurance companies.
This document is a term paper that examines how the intensity of commercial microfinance lending affects inequality. It provides background on microfinance, noting it originated to provide small loans to the poor without collateral. There is debate around whether for-profit or non-profit organizations are better at reducing inequality. The paper analyzes cross-country data on commercial microfinance lending intensity and rural poverty gaps. Preliminary results suggest commercial microfinance is negatively, though not significantly, associated with rural poverty gaps, providing some evidence it may not exacerbate inequality as critics claim.
The Problems Being Faced By Insurance Agency OwnersCogneesol
Insurance business owners face a number of challenges which hit their business performance. Check out this Cogneesol presentation that describes the major issues faced by insurance agency owners and the recommendations to avoid these issues.
This document summarizes a study that examined factors influencing agent retention in the insurance industry in Kenya. The study focused on three major life insurance companies in Nairobi.
The main objective was to establish factors influencing agent retention, guided by how social demographics, remuneration, resources, product knowledge, working conditions, and training/development influence retention. Questionnaires were administered to 129 agents from the companies.
The findings showed that commissions as remuneration, training/development, social demographics, product knowledge, and resources strategies were key factors negatively influencing retention. Working conditions did not negatively influence retention. The study recommends insurance industries improve resources for agent training/development and resourcing strategies to boost retention.
A study on recent trends and problems in using micro finance services in india 2prjpublications
This document analyzes recent trends and problems in using microfinance services in India based on a study of 100 microfinance users across 7 states. The following key points are made:
1. The volume of microloans distributed and number of active borrowers has declined in recent years after peaking in 2010, indicating reduced use of microfinance services.
2. The average loan size per active borrower has also decreased in recent years, from $100 in 2005 to $155 in 2010 before declining to $155 in 2011.
3. Several reasons are affecting the use of microfinance products, including lack of deployment strategy, institutional support, and lack of promptness among borrowers in repaying loans.
The document is a report on identifying rural distribution channels for selling insurance products and preparing a business plan accordingly. It was submitted as part of an MBA program. The report provides background on microinsurance and its importance for low-income households. It discusses the current state of microinsurance in India, including key findings from studies on existing microinsurance schemes. The report aims to analyze rural demand for insurance products and recommend ways to expand distribution and market coverage through a new business plan.
A Critique on the Empirics of Microfinance by Niels Hermes and Robert LensinkCypran Akubude
The piece of work is a critique about an article written by two authors, that is Niels Hermes and Robert Lensink. The work looks at the relevance of microfinance in the developing countries and how it can help alleviate poverty.
Investment opportunities in the non-banking sector - 2014 Imara Investor Conf...Imara Group
Presentation on the investment opportunities in the non-banking sector, by Douglas Hoto from First Mutual Holdings at the Imara Investor Conference 2014 in Zimbabwe.
Leading insurance carriers have withdrawn from the group long-term care insurance (LTCI) market, prompting employers to think twice about implementing new programs. What’s happening? Are we witnessing the death throes of worksite LTCI? No, just a shift to a flexible new form.
The insurance industry in Oman faces challenges including low penetration rates, an overcrowded market, and lack of awareness and quality manpower. However, compulsory medical insurance which is being considered could drive significant growth in the health insurance segment. While consolidation in the industry would be beneficial, cultural factors have prevented much merging of companies. Improving infrastructure, awareness, and the regulatory framework could help Oman's insurance industry realize its potential for further expansion.
Insurance is one of the emerging concepts in the recent period which involves huge investments in
Socio economic developments. The term "Micro insurance" first appeared as a new financial
service within microfinance and then developed into a sector of its own. Hence this paper discusses
the concepts of micro insurance in general.
The Case for Increasing FDI Caps in Insurance
The history of India’s political economy is replete with missed opportunities. The approach to growth and investment has been often stranded in the many romantic notions of selfreliance and what constitutes national interest. In every
decade since Independence, the approach to foreign direct investment has been influenced by a mistrust triggered by a colonial hangover. Every time India has opened its doors – or windows if you please – to foreign investment, it has been characterised by gradualism in the wake of much opposition. The debates around opening or expanding FDI are similar – as it was when telecom or banking opened up for foreign investment. What is important to recognise is that every such initiative has been beneficial, delivering greater common good.
Higher economic growth is driven by competition and consumer choice. Competition drives efficiency and efficiency drives growth. This is true of every country that has done well economically. It is also true of India since 1991, in segments where competition has been introduced. Any attempt to artificially introduce protection always has costs. Inefficient producers are protected, but at the expense of consumers. Consumers suffer from higher prices,bad service and limited choice. This is straightforward under-graduate economic theory. The gains to inefficient producers are more than neutralized by losses to consumers, leading to an overall deadweight welfare loss to the country.
In this argument, the colour of the competition, whether it is domestic or foreign, does not matter. In addition, there is the macroeconomic argument about a current account deficit having to be met through capital account inflows and non-debt-creating FDI inflows are preferable to debt-creating capital inflows. While these broad arguments about competition and FDI are accepted, the question to ask is, why should the insurance sector not be subject to these compelling arguments? Is there anything special about insurance that rational arguments should not be applied to
this sector? In every sector where India has opened up to FDI, be it manufacturing or be it services, two propositions are empirically evident. First, liberalization helps consumers. Second, fears about inefficient producers being eliminated are also vastly exaggerated.
Instead, producers of goods and services adapt and survive, based on access to capital, technology, knowhow, improved management practices and customer orientation. Therefore, protection not only harms the cause of consumers, it also harms the cause of producers. There is no reason why insurance should be treated differently. And economic logic and rationale should not be conditional on whether one is within the government or is in opposition.
This document discusses microinsurance and strategies for succeeding in the microinsurance market. It begins by defining microinsurance and noting its target population is those living on $2-8 per day. It then discusses how microinsurance is taking off as carriers experiment with new business models to differentiate themselves, innovate, and partner with other organizations. Key differences between microinsurance and traditional insurance are that microinsurance products have lower premiums and benefits, simpler concepts and processes, and rely more on group pricing and non-traditional distribution channels. The document advocates that to succeed in microinsurance, carriers must differentiate their products and services, innovate in their operating models, and form partnerships with governments, NGOs, and other organizations.
An introductory presentation on microinsurances as a way to reduce poverty and vulnerabilities. Covers
1. general principles and approaches of microninsurances, including the linkage to poverty reduction and vulnerability; and
2. the value chains, actors and networks involved in making microinsurances work.
Held at a summer school on Development Policy at the University of Cologne in September 2009 (http://www.lateinamerika.uni-koeln.de/summerschool2009.html). It targets students with a general knowledge of development economics and politics (but without prior knowledge of microinsurances). In the seminar, the presentation was the frame for work sessions on microinsurance case studies (from CGAP), texts from the Microinsurance Compendium and a one-day country workshop on Colombia to which Jenny Hennig, GTZ, gave an additional input. Details on the course are available on request to martin.herrndorf@oikos-international.org.
Impact of microcredit in the context of BangladeshA H
This document discusses the impact of microcredit in Bangladesh. It states that Bangladesh pioneered microcredit programs and they have significantly reduced poverty and improved socioeconomic conditions, especially in rural areas. Microcredit has empowered women, increased employment opportunities, and raised incomes and living standards. However, microcredit is now facing challenges in Bangladesh and some argue it has lost effectiveness. The document examines both the positive impacts and current challenges of microcredit in the context of Bangladesh.
This document contains information about the insurance sector in India. It lists several insurance companies operating in India and factors that influence demand and supply in the insurance sector. It discusses major drivers of growth in the insurance industry such as rising incomes and an aging population. Reasons for historical failure are listed as well as current growth trends. Statistics on insurance premiums, investments, employment, and the relationship between insurance and GDP are provided.
Joseph Alaban from RIMANSI Organization for Asia and the Pacific, Inc speaks about Microfinance and Micro-insurance. (Jan 30, PACAP Community Development Forum: Microfinance Amidst the Global Financial Crisis)
India is the global leader in microinsurance. Innovation is blooming and new products and delivery models are being explored. More than 300 million low-income risks are insured. Indeed, more than 60% of microinsurance policyholders are to be found in India! What are the catalysts for the success of microinsurance in India? What role has the government as well as market forces played in the exponential growth of the sector? What can insurers learn from India's experience? The webinar focuses on "Insights from India's Microinsurance Success", one of the chapters of the newly launched "Protecting the Poor: A Microinsurance Compendium, Volume II" published by the Munich Re Foundation and the International Labour Office.
This document discusses opportunities and challenges for Royal Sundaram Alliance Insurance Company in marketing rural general insurance products. It provides a brief history of the company and overview of its products. The document then outlines research objectives, problems, and methodology used to assess awareness and market potential for rural insurance among rural cooperatives in Bhavnagar city. Analysis of survey findings show most cooperatives have some insurance but primarily through Iffco-Tokio. Recommendations include improving promotions through agents and publications to increase awareness of insurance needs. The conclusion is that rural penetration requires educating opinion leaders in cooperatives to spread awareness of products.
This document discusses micro insurance in India. It provides an introduction to micro insurance, noting that it offers protection to underprivileged populations. It discusses the current challenges facing the micro insurance industry in India, including technical specialization, marketing and sales, and distribution channels. The document also discusses strategies that could help make micro insurance a reality in India, such as product design, flexibility, and linking with formal players. It provides an overview of different models for delivering micro insurance products and examples from other countries.
International Journal of Humanities and Social Science Invention (IJHSSI)inventionjournals
is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
An analysis of the Indian Cashless Health Insurance Industry identifying the key structural deficiencies leading to a situation of distrust between parties involved. The study as a part of IIM, Indore’s Consulting competition, Chanakya, organized in association with Cognizant also proposes solutions for resolving the present imbroglio between the service providers and insurance companies.
This document is a term paper that examines how the intensity of commercial microfinance lending affects inequality. It provides background on microfinance, noting it originated to provide small loans to the poor without collateral. There is debate around whether for-profit or non-profit organizations are better at reducing inequality. The paper analyzes cross-country data on commercial microfinance lending intensity and rural poverty gaps. Preliminary results suggest commercial microfinance is negatively, though not significantly, associated with rural poverty gaps, providing some evidence it may not exacerbate inequality as critics claim.
The Problems Being Faced By Insurance Agency OwnersCogneesol
Insurance business owners face a number of challenges which hit their business performance. Check out this Cogneesol presentation that describes the major issues faced by insurance agency owners and the recommendations to avoid these issues.
This document summarizes a study that examined factors influencing agent retention in the insurance industry in Kenya. The study focused on three major life insurance companies in Nairobi.
The main objective was to establish factors influencing agent retention, guided by how social demographics, remuneration, resources, product knowledge, working conditions, and training/development influence retention. Questionnaires were administered to 129 agents from the companies.
The findings showed that commissions as remuneration, training/development, social demographics, product knowledge, and resources strategies were key factors negatively influencing retention. Working conditions did not negatively influence retention. The study recommends insurance industries improve resources for agent training/development and resourcing strategies to boost retention.
A study on recent trends and problems in using micro finance services in india 2prjpublications
This document analyzes recent trends and problems in using microfinance services in India based on a study of 100 microfinance users across 7 states. The following key points are made:
1. The volume of microloans distributed and number of active borrowers has declined in recent years after peaking in 2010, indicating reduced use of microfinance services.
2. The average loan size per active borrower has also decreased in recent years, from $100 in 2005 to $155 in 2010 before declining to $155 in 2011.
3. Several reasons are affecting the use of microfinance products, including lack of deployment strategy, institutional support, and lack of promptness among borrowers in repaying loans.
The document is a report on identifying rural distribution channels for selling insurance products and preparing a business plan accordingly. It was submitted as part of an MBA program. The report provides background on microinsurance and its importance for low-income households. It discusses the current state of microinsurance in India, including key findings from studies on existing microinsurance schemes. The report aims to analyze rural demand for insurance products and recommend ways to expand distribution and market coverage through a new business plan.
A Critique on the Empirics of Microfinance by Niels Hermes and Robert LensinkCypran Akubude
The piece of work is a critique about an article written by two authors, that is Niels Hermes and Robert Lensink. The work looks at the relevance of microfinance in the developing countries and how it can help alleviate poverty.
Investment opportunities in the non-banking sector - 2014 Imara Investor Conf...Imara Group
Presentation on the investment opportunities in the non-banking sector, by Douglas Hoto from First Mutual Holdings at the Imara Investor Conference 2014 in Zimbabwe.
Leading insurance carriers have withdrawn from the group long-term care insurance (LTCI) market, prompting employers to think twice about implementing new programs. What’s happening? Are we witnessing the death throes of worksite LTCI? No, just a shift to a flexible new form.
The insurance industry in Oman faces challenges including low penetration rates, an overcrowded market, and lack of awareness and quality manpower. However, compulsory medical insurance which is being considered could drive significant growth in the health insurance segment. While consolidation in the industry would be beneficial, cultural factors have prevented much merging of companies. Improving infrastructure, awareness, and the regulatory framework could help Oman's insurance industry realize its potential for further expansion.
Insurance is one of the emerging concepts in the recent period which involves huge investments in
Socio economic developments. The term "Micro insurance" first appeared as a new financial
service within microfinance and then developed into a sector of its own. Hence this paper discusses
the concepts of micro insurance in general.
The Case for Increasing FDI Caps in Insurance
The history of India’s political economy is replete with missed opportunities. The approach to growth and investment has been often stranded in the many romantic notions of selfreliance and what constitutes national interest. In every
decade since Independence, the approach to foreign direct investment has been influenced by a mistrust triggered by a colonial hangover. Every time India has opened its doors – or windows if you please – to foreign investment, it has been characterised by gradualism in the wake of much opposition. The debates around opening or expanding FDI are similar – as it was when telecom or banking opened up for foreign investment. What is important to recognise is that every such initiative has been beneficial, delivering greater common good.
Higher economic growth is driven by competition and consumer choice. Competition drives efficiency and efficiency drives growth. This is true of every country that has done well economically. It is also true of India since 1991, in segments where competition has been introduced. Any attempt to artificially introduce protection always has costs. Inefficient producers are protected, but at the expense of consumers. Consumers suffer from higher prices,bad service and limited choice. This is straightforward under-graduate economic theory. The gains to inefficient producers are more than neutralized by losses to consumers, leading to an overall deadweight welfare loss to the country.
In this argument, the colour of the competition, whether it is domestic or foreign, does not matter. In addition, there is the macroeconomic argument about a current account deficit having to be met through capital account inflows and non-debt-creating FDI inflows are preferable to debt-creating capital inflows. While these broad arguments about competition and FDI are accepted, the question to ask is, why should the insurance sector not be subject to these compelling arguments? Is there anything special about insurance that rational arguments should not be applied to
this sector? In every sector where India has opened up to FDI, be it manufacturing or be it services, two propositions are empirically evident. First, liberalization helps consumers. Second, fears about inefficient producers being eliminated are also vastly exaggerated.
Instead, producers of goods and services adapt and survive, based on access to capital, technology, knowhow, improved management practices and customer orientation. Therefore, protection not only harms the cause of consumers, it also harms the cause of producers. There is no reason why insurance should be treated differently. And economic logic and rationale should not be conditional on whether one is within the government or is in opposition.
Micro insurance portfolio of public and private sector insurance companiesRAVICHANDIRANG
Insurance is one of the emerging and growing sectors in India. The micro-insurance portfolio has made steady progress. More life insurers have commenced their micro-insurance operations and many new products are being introduced every year. Micro-insurance business was procured largely under the group portfolio. Life Insurance Corporation of India contributed the most both in terms of policies sold and number of micro-insurance agents. Insurance companies are now offering already approved products as micro-insurance products with the approval of the authority, if the sum assured for the product is within the range prescribed for micro-insurance. With this aspect the present paper made an attempt to discuss about micro insurance portfolio of individual as well as group by public and private sectors insurance companies.
MICRO INSURANCE PORTFOLIO OF PUBLIC AND PRIVATE SECTOR INSURANCE COMPANIESRAVICHANDIRANG
Insurance is one of the emerging and growing sectors in India. The micro-insurance portfolio has made steady progress. More life insurers have commenced their micro-insurance operations and many new products are being introduced every year. Micro-insurance business was procured largely under the group portfolio. Life Insurance Corporation of India contributed the most both in terms of policies sold and number of micro-insurance agents. Insurance companies are now offering already approved products as micro-insurance products with the approval of the authority, if the sum assured for the product is within the range prescribed for micro-insurance. With this aspect the present paper made an attempt to discuss about micro insurance portfolio of individual as well as group by public and private sectors insurance companies.
Micro Insurance Portfolio of public and private sector insurance companiesRaja Ram
Insurance is one of the emerging and growing sectors in India. The micro-insurance portfolio has made steady progress. More life insurers have commenced their micro-insurance operations and many new products are being introduced every year. Micro-insurance business was procured largely under the group portfolio. Life Insurance Corporation of India contributed the most both in terms of policies sold and number of micro-insurance agents. Insurance companies are now offering already approved products as micro-insurance products with the approval of the authority, if the sum assured for the product is within the range prescribed for micro-insurance. With this aspect the present paper made an attempt to discuss about micro insurance portfolio of individual as well as group by public and private sectors insurance companies.
89 micro insurance portfolio of public and private sector insurance companieschelliah paramasivan
This document discusses the micro insurance portfolios of public and private sector insurance companies in India from 2009-2014. It provides data on the number of policies, premium amounts, and number of lives covered for both individual and group micro insurance products. For public insurers, it shows that over 150 million policies were sold individually, generating over Rs. 56,000 crores in premiums. For groups, over 267,000 schemes were implemented, insuring over 400 million lives and generating Rs. 27,500 crores in premiums. Private insurers saw around 3.7 million individual policies sold, generating Rs. 4,486 crores, and over 467 group schemes implemented, insuring over 51 million lives and premiums
Death Claim Under Micro Insurance PortfolioRaja Ram
This document discusses death claims under micro insurance policies in India. It provides data on death claim amounts and numbers of policies from 2010-2011 for individual and group categories under private insurers and LIC. For individual policies, most claims were booked, paid and pending with LIC. For group policies, most claims amounts and numbers were with LIC. It also examines the duration of settlement, with most claims under both individual and group categories settled within 1 month by LIC according to regulations. Micro insurance aims to provide social security to low income populations in India.
Death claim under micro insurance portfolioRAVICHANDIRANG
Micro insurance is of supreme
importance for protecting poor lives against accidents, threats and other types of risks. This paper
highlights the importance of micro insurance for the upliftment of rural poor focuses on the
initiatives taken by private and public insurance companies in the growth of rural India and also
helps to understand how micro insurance is helpful in alleviation of poverty
This document discusses death claims under micro insurance policies in India. It provides data on death claim amounts and numbers of policies from 2010-2011 for individual and group categories under private insurers and LIC. For individual policies, most claims were booked, paid and pending with LIC. For group policies, most claims amounts and numbers were with LIC. It also examines the duration of settlement, with most claims under both individual and group categories settled within 1 month, as required by regulations. In conclusion, micro insurance can provide social security to low income populations in India.
The document discusses the service sector in India. Some key points:
1) The service sector now accounts for over half (51.16%) of India's GDP, growing from agriculture and industry. This marks a shift to a more developed economy model.
2) Within services, trade and transportation have seen increasing shares of GDP while construction has remained steady.
3) Some economists caution that unchecked service sector growth without corresponding industrial growth could distort the economy.
4) Strong customer satisfaction is vital in the service industry where intangibles are sold. Insurance companies must focus on both sales and customer service.
Government run crop yield insurance scheme, procurement at minimum support prices and calamity relief funds are the major instruments being used to protect the Indian farmer from agricultural variability. However, crop insurance covers only about 10% of sown area and suffers from an adverse claims to premium. There are problems with both the design and delivery of crop insurance schemes. These problems could be overcome with rainfall insurance with a well developed rainfall measurement infrastructure. Private and public insurers are currently experimenting with rainfall insurance products. Given the current levels of yield and rainfall variability the actuarially fair premium rates are likely to be high and in many cases unattractive or unaffordable. Instead of adopting the easy and unsustainable route of large subsidies, in the long term the government should consider risk mitigation through improvements in the irrigation and water management infrastructure.
This document summarizes a journal article that investigates strategies for improving public perception of life insurance policies in Nakuru Municipality, Kenya. The study found that public perception of life insurance companies in Kenya remained low, based on opinions from insurance agents and teachers surveyed. However, the study revealed that there was a significant relationship between communication strategies used by insurance companies, their ethical practices, level of community involvement, and improved public perception. Adopting effective communication strategies, maintaining strong ethical practices, and increasing involvement in the community could help life insurance companies in Kenya improve their public perception over time.
Micro insurance in Indian perspective (By Ashish Sartape)Ashish Sartape
- 90% of Indians lack insurance coverage, highlighting the importance of microinsurance.
- Microinsurance began in India in the 19th century and was nationalized in 1956 before being liberalized in the 1990s.
- Microinsurance is defined as low-cost insurance for low-income individuals and covers products like health, life, crops and livestock.
- Major providers of microinsurance in India include LIC, ICICI Prudential and HDFC Standard.
88 jeevan mangal micro insurance in india a performance approach in south zonechelliah paramasivan
This document discusses LIC's Jeevan Mangal micro insurance product in India, specifically focusing on its performance in the south zone. It provides statistics on the number and sum assured of policyholders in the south zone divisions from 2010-2014. Some key findings are that the number of policyholders increased from 103,870 in 2010-2011 to over 220,000 in 2012-2013, with the Kozhikode division consistently having the highest number. The total sum assured distributed also increased over the period, from over Rs. 1.1 billion to over Rs. 2.2 billion in 2011-2012, with Kozhikode division again often having the highest amounts distributed. The document also outlines some of the
Jeevan Mangal Micro Insurance In India- A Perforamce Approach in South ZoneRaja Ram
LIC’s New Jeevan Mangal is a protection plan with return of premium on maturity, where you may pay the premiums either in lump sum or regularly over the term of the policy. This plan has an in built accident benefit which provides for double risk cover in case of accidental death.
Jeevan mangal micro insurance in india a performance approach in south zoneRAVICHANDIRANG
LIC’s New Jeevan Mangal is a protection plan with return of premium on maturity, where you may pay the premiums either in lump sum or regularly over the term of the policy. This plan has an in built accident benefit which provides for double risk cover in case of accidental death.
This document discusses the impact of the global financial crisis on the Indian insurance industry. It provides background on the history and development of insurance in India. It then describes the current state of the Indian insurance market, which includes both public and private sector players. Finally, it discusses the global financial crisis that began in 2007-2008 and its effects on financial institutions worldwide. In 3 sentences:
The document provides context on the history and development of the Indian insurance industry. It then outlines the present scenario of the industry, which includes both public and private players competing in the large and growing Indian market. Finally, it introduces the global financial crisis that began in 2007 and may have impacted the Indian insurance sector.
Navigating the Health Financing Challenge in India: Lessons from Mutuals, Coo...HFG Project
This document discusses community-based microinsurance programs in India that provide health insurance to low-income households. It notes that while India has seen the growth of various government-funded insurance schemes and commercial insurance, it has also witnessed the rise of community-based microinsurance programs initiated by mutuals, cooperatives, and community organizations. These programs aim to address the needs of those at the bottom of the socioeconomic pyramid. The document highlights that such community-owned insurance models promote inclusion by tapping into community groups. It also notes that these initiatives often take a holistic approach to building community resilience. In less than 3 sentences.
International Journal of Business and Management Invention (IJBMI)inventionjournals
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This document summarizes a dissertation proposal about microfinance and urban poverty in Ahmedabad, India. The student, Anuradha Naulakha, will assess the extent to which microfinance reduces urban poverty in Ahmedabad. Key points of the proposal include:
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- Outlining common microfinance models in India like self-help groups and joint liability groups.
- Stating the relevance of studying microfinance's impact on poverty reduction in India.
- The research question is whether microfinance leads to overall
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Micro Insurance in India: A Gizmo to Vehicle Economic Development & Alleviate Poverty and Vulnerability
1. IOSR Journal of Economics and Finance (IOSR-JEF)
e-ISSN: 2321-5933, p-ISSN: 2321-5925.Volume 6, Issue 2. Ver. I (Mar.-Apr. 2015), PP 14-20
www.iosrjournals.org
DOI: 10.9790/5933-06211420 www.iosrjournals.org 14 | Page
Micro Insurance in India: A Gizmo to Vehicle Economic Development &
Alleviate Poverty and Vulnerability
Ms. Kirti Singh1
, Prof. Vijay Kumar Gangal2
(Department of Applied Business Economics, Faculty of Commerce, Dayalbagh Educational Institute (Deemed
University) Dayalbagh, Agra-282110, Uttar Pradesh, India.)
Abstract:The conditions for growth and the degree of inequality are two key factors that determine the extent of
poverty reduction from per capita economic growth. The lower the inequality levels the more positive effect
economic growth has on poverty levels. The link between economic development and human development is
dependent on the effectiveness of countries to convert income into better lives for all their citizens (UNDP
2000). The international development target of halving the proportion of people living in extreme poverty by
2015 can be attained by low-inequality countries without any change in their growth pattern and with lower
growth rates. However, high-inequality countries will only reach the target if growth is pro-poor and
significantly higher than in the past (twice that of low-inequality countries). If all countries belonged to the low-
inequality group then a forecasted growth of four per cent per annum would realize the target as early as 2005
(Hanmer et al 2000). So, this paper explores the idea of development and reduction of poverty, vulnerability and
inequality by micro insurance in India.
Key words:Micro insurance, poverty, development, vulnerability, inequality
I. Introduction
India is home to two third of the poor living in the world. Around 84% of Indian population earns less
than US $ 2 a day. The India Financial Protection Survey conducted by the National Council of Applied
Economic Research (NCAER), New Delhi and Max New York Life found that 96 per cent of the households
cannot survive beyond a year on their current savings in case of loss of income due to some eventuality such as
death or disability of the chief earner. This calls for measures to improve financial security of the households.
Micro insurance can be one tool to mitigate risks of low-income group in the country. India has very
low insurance penetration (5 %) and density ($ 42) compared to the world average of 7.5 %. This is because of
the low awareness and acceptance of pure insurance services, lack of access to financial services for the low-
income group. To increase acceptance of insurance as a tool to mitigate loss due to financial risk arising out of
various events, insurance literacy and accessibility to insurance has to increase.
Nearly 80 % of Indian population is without life, health and non-life insurance coverage. The per capita
spent on life and non life insurance is only Rs 2000 and Rs 300 respectively, compared with global average of at
Rs 18000 and Rs 13,000. The main reason for the poor spread of insurance may probably be lack of
availability, affordability, acceptability and awareness.
Government has attempted to address issues related with financial vulnerability of poor families in
rural areas by providing insurance at the doorsteps of the families. To achieve this Government has launched a
Micro Insurance initiative to address clients‟ needs for risk management that helps the bottom of the pyramid to
have more savings and thus pool them from the destitution (Figure 1).
Figure 1: How the Risk Management of Poor Addresses by Micro-Insurance
2. Micro Insurance in India: A Gizmo to Vehicle Economic Development & Alleviate Poverty ….
DOI: 10.9790/5933-06211420 www.iosrjournals.org 15 | Page
II. Review ofprevious studies
Hennie Bester, Doubell Chamberlain, Christine Hougaard and Herman Smit (2010)1
the study concludes
that Brazilian insurance market in 2009 covered between 40m and 50m people. Of these between 23 and 33
million would represent the existing micro insurance client base. Micro insurance in Brazil is mostly provided
by large commercial insurers who started marketing products to this market from about 2001. The exception is
the large informal funeral assistance market comprising up to 20-25 million clients served by several large and
many smaller funeral homes. By law, funeral assistance is not considered as insurance. Health insurance
remains the largest single private insurance market in Brazil.
Syed Abdul Hamid Jennifer Roberts & Paul Mosley (2010)2
the study shows that there is a positive impact of
micro health insurance in the reduction of poverty among rural households of Bangladesh. Micro health
insurance has a significant beneficial effect on food sufficiency of poor‟s and has a dynamic improvement in the
health status of poor rural households.
HongbinCai, YuyuChen,Li-An Zhou &Hanming Fang (2009)3
The study results that there is an effect of
micro insurance on subsequent production decision of farmers and farmers significantly raise the tendency of
having access to formal insurance and study also provide a set of corroborating evidence that government-
sponsored insurance products act like a significant barrier for farmers' willingness to pay for the nominal
insurance premium.
GunitaArunChandhok (2009)4
The result of study indicates that there is a huge untapped market for micro
health insurance and majority of population are aware and understand the importance of micro health insurance.
Thus, micro insurance will go a long way in eradicating poverty. If the various micro insurance models are
implemented effectively by Insurer, MFI‟s, SHG‟s, NGO‟s, Health institutions, Donors and Co-operatives the
BPL population will lead a peaceful and secure life.
Sarthak Gaurav, Ana Paola Gomez, Acosta and Luis Flores Ballesteros (2007)5
According to the research,
study concludes that rural households need a dependable, useful, transparent and affordable solution for
effectively deal with risk and shocks they face and micro insurance is one of the effective risk management tools
for the development and addressing critical risk of the rural poor.
Michael McCord (2007)6
says in their report that the micro insurance product development process is
continuous and designed to ensure that appropriate products get delivered to the market in an effective manner
and are monitored for potential improvements. Every step is informed by the needs and abilities of the low-
income consumers, the activities of the competition, and the capacity and objectives of the institutions offering
the micro insurance product. It is imperative that the product also fit the needs of the institutions (insurers and
delivery channels) that offer it.
JenneferSebstad& Monique Cohen (2005)7
the Study reveals that micro insurance is a clear requirement as a
tool for risk handling. Insurance is necessary to help poor people better managed risk and avoid falling back
down the poverty ladder. It is a key to the process of poverty alleviation because demand of micro insurance is
same in all three countries. Therefore, micro insurance has a role to play for poor‟s to enhance risk management
option.
III. Need of the study
Poor need insurance protection
Inclusive growth is the only way to ensure sustained growth
Trickledown effect of the process of economic growth benefiting the poor belied
Poor get excluded unless special effort is made to bring them into the development process
Mandate insurers to devote attention to this segment of the population
Monitor it effectively
Objectives of the Study
1. To study the growth of micro insurance in India.
2. To study the role of micro insurance in poverty, Vulnerability, inequality removal.
Growth of Micro Insurance in India
The micro insurance business in India has made a continued progress in both public insurance and
private insurance companies. More life and group operations and many fresh policies have been lunched during
the year. The distribution system of policies has also been strengthened substantially, and the new business of
micro insurance has shown a sufficient growth though the mass is still very low.
3. Micro Insurance in India: A Gizmo to Vehicle Economic Development & Alleviate Poverty ….
DOI: 10.9790/5933-06211420 www.iosrjournals.org 16 | Page
Table 1: Growth of Individual micro insurance Business (in Rs lakh)Year/
Companies Public Insurance Companies Private Insurance Companies
Policies
% Change
in growth
rateof
Policies
Premium
% Change
in growth
rate of
Premium
Policies
% Change
in growth of
Policies
Premium
% Change in
growth rateof
Premium
2007-08 854615 1613.36 83153 209.74
2008-09 1541218 80.34 3118.74 93.31 610851 634.61 537.81 156.42
2009-10 1985145 132.29 14982.5 828.65 998809 1101.17 839.78 300.39
2010-11 2951235 245.33 12305.8 662.74 699733 741.50 735.09 250.48
2011-12 3826783 347.78 10603.5 557.23 793660 854.46 964.22 359.72
Source: IRDA annual reports
The table, no. 1 shows the percentage change in the growth rate of individual micro insurance business
of public and private insurance companies. For calculating the percentage change in the growth rate during year
2007-08 has been taken as base year. This table, it is clearly revealed that public insurance companies have
been an increased percentage in policies, but the private insurance company is only increased percentage in first
two years (2008-09 to 2009-2010) then after decrease in 2010-2011 and again increase in a year 2011-12.
Similarly public insurance companies have increased growth rate for premium from the year 2007-2009 but
decrease in 2010-2011 and then again, increase in 2011-12. Whereas same condition is there with private
insurance companies in case of the premium amount.
Table 2: Growth of Group micro insurance Business (in Rs lakh)
Year/Companies
Public Insurance Companies Private Insurance Companies
Schemes
%
Change
in
growth
rate of
Schemes
LivesCovered
%
Change
in
growth
rate of
Lives
Covered
Premium
%
Change
in growth
rate of
Premium
Schemes
%
Change
in
growth
rate of
Schemes
LivesCovered
%
Change
in
growth
rate of
Lives
Covered
Premium
%
Chan
ge in
growt
h rate
of
Premi
um
2007
-08
7583 11367126 19256.23 15 874901 871.23
2008
-09
6883 -9.23 11052815 -2.77 17268.54 -10.32 14 -6.67 1498994 71.33 3326.8
281.8
5
2009
-10
5190 -31.56 14946927 31.49 22869.72 18.77 17 13.33 1895143 116.61 1472.09 68.97
2010
-11
5446 -28.18 13275464 16.79 13803.67 -28.32 23 53.33 1983537 126.72 1719.14 97.32
2011
-12
5461 -27.98 9831.63 -99.91 9444349 48945.68 112 646.67 1150.67 -99.87 750555
86048
.89
Source: IRDA annual reports
The table no. 2 examine the percentage change in the growth rate of group micro insurance business
during the last five years i.e., from 2007-2012.
In case of group micro insurance business, public insurance companies have been increasing
percentage in schemes during the year 2007-2009 but decreased during the year 2009-10 and then increased in
2010-2012. Whereas the private insurance companies have decreased their schemes in their 2008-2009 from 15
to 14 schemes but again increase in next three years. Similarly, in case of lives covered by public & private
insurance companies there has been an increased trend of micro insurance from 2007-08 to 2010-2011, then
again, decreased in 2011-2012. While in case of premium collection by public insurance companies, they had
been rising trend premium amount from 2007-2009 but decrease in 2010 again increase in 2011-2012. Same
Condition is there with private insurance companies for the premium amount.
But in last, the public micro insurance companies are much preferred by unprivileged peoples of the
society and performing better because people have much faith over the government-owned companies than
private.
IV. Economic Growth, Income Poverty and Inequality over the Successive
Five Year Plans- India
At the time of India‟s independence, the socio-economic scenario was characterized by a
predominantly rural economy with feudal structure. There was widespread poverty, dismal literacy rate,
geographically and culturally isolated population, a rigid social structure and extremely poor transport and
4. Micro Insurance in India: A Gizmo to Vehicle Economic Development & Alleviate Poverty ….
DOI: 10.9790/5933-06211420 www.iosrjournals.org 17 | Page
communication system. The state leaders and policymakers during the initial years of development planning
were also not adequately acclimatized to development activities.
In view of the impediments to social and economic development, the fulcrum of the planning process had been
pivoted on the strategic goal of „economic development with social justice‟. Thus, the planning process in India,
over the years, underscored the development of backward areas and disadvantaged population groups.
Table 3: Growth Targets and Achievements (% per year)
Plan Target Achievement
First Plan (1951-56) 2.1 3.6
Second Plan (1956-61) 4.5 4.2
Third Plan (1961-66) 5.6 2.7
Fourth Plan (1969-74) 5.7 2.1
Fifth Plan (1974-79) 4.4 4.8
Sixth Plan (1980-85) 5.2 5.5
Seventh Plan (1985-90) 5.0 6.0
Eighth Plan (1992-97) 5.6 6.7
Ninth Plan (1997-2002) 6.5 5.7
Tenth Plan (2002-2007)* 8.0 7.1
Source:http://planningcommission.nic.in
Table 4:Poverty and Inequality across Rural and Urban Areas
Year Poverty ratio (%) Per capita consumption expenditure (%) Urban-Rural disparity in average
monthly per capita expenditureRural urban Rural Urban
1973-74 56.4 49.0 28.7 31.9 1.334
1977-78 53.1 45.2 29.5 33.7 1.396
1983-84 45.7 40.8 30.0 34.1 1.458
1987-88 39.1 38.2 29.4 34.5 1.585
1993-94 37.3 32.4 28.4 34.4 1.628
2004-05 28.3 25.7 30.5 37.6 1.882
Source:http://planningcommission.nic.in
Table 5: Economic Growth, Per Capita Income and Poverty Ratios (1973-74 to 2004-05)
Indicators 1973-74 1983-84 1993-94 2005-04
Economic growth (%) 3.3 5.6 6.7 8.0
Per capita income (Rs. At 1993-94 prices) 4763 5555 7433 12000
Poverty ration (%) 54.9 44.5 36.0 27.5
Source:http://planningcommission.nic.in
V. Role of Micro Insurance in Poverty Reduction and vulnerability
Poverty and vulnerability are closely related. Poverty is not only state of deprivation but also a state of
vulnerability. Although the poor do have some informal mechanism to cope with risk and misfortunate, it is
limited or inadequately organized. We have also seen that risk can cause poverty traps following large shocks to
assets and income that are almost impossible to recover from.
Insurance services are emerging as coping mechanism to deal with many risks and vulnerabilities.
Unlike savings and credit, there has been little progress in providing insurance services to the poor.
Micro insurance is intended to protect the working poor, particularly those working in the informal
economy. Often poverty alleviation efforts like microcredit focus on boosting incomes, building assets or
creating jobs – all of which are important objectives. But these productive efforts must be balanced with a
corresponding intervention on the protective side. Even families that are breaking out of poverty can be left
destitute by the financial burden of serious health problems. The World Health Organization estimates that
around the world 100 million people each year fall into poverty because of exorbitant health care expenses.
The poor, or even the not-so-poor, cannot cope with the costs of a major surgery or debilitating illness
out of their cash flow or by relying on their social support networks. They may choose not receive the treatment
and start the downward cycle into destitution or they may borrow from a moneylender, which could end up with
the same result. To pay for the treatment or to pay off debts they may need sell off productive assets, which
reduce future income generating potential. They are stuck between a rock and a hard place. Any of these
unattractive options will contribute to spiraling further into poverty, for themselves and perhaps for their
offspring as well.
Risks are certainly not limited to health crises. The death of a breadwinner can force children out of
school and into the labour market. Property damage and theft are rife in low-incomesettlements and slums.
Floods and other natural disasters can overwhelm poor households, destroying homes and livelihoods, and leave
vulnerable families destitute.
5. Micro Insurance in India: A Gizmo to Vehicle Economic Development & Alleviate Poverty ….
DOI: 10.9790/5933-06211420 www.iosrjournals.org 18 | Page
The characterization of the working poor depends greatly on the country or jurisdiction, but in general
the poverty line, often with irregular or unpredictable incomes which may make it difficult for them to maintain
regular premium payments, they are possibly un-banked and excluded from social protection mechanisms,
perhaps with limited education and unfamiliar with insurance. This is the population in your countries that is
most vulnerable to risk and least able to cope when a crisis occurs. For this population, even a small loss in
absolute terms can be devastating, often because losses do not occur in isolation, but in quick succession. So
before the household has an opportunity to recover from the initial loss, they are hit again. But now their coping
mechanisms are frayed and they cannot manage to get their heads back above water.
Today‟s populations in the greatest need for insurance, but the least access. But micro insurance can
help rectify this conundrum. If products are properly designed and made widely available, micro insurance has
the potential to help these families to cope with these and other risks for the cost of a premium.
Besides these potential protective functions, access to insurance can also unlock productive potential. For
example, if the larger prospective risks can be managed through small regular premium payments, it will
enable the poor to focus their energies on other challenges. Instead of putting cash under the mattress to
protect against possible risks, they might be willing to make additional investments in productive efforts
that help to break the cycle of poverty. This is the “peace of mind” effect. Knowing that they have the safety
net of insurance to fall back on, in some circumstances the poor may be willing to engage in high risk, high
return opportunities that could boost them out of poverty.
Another productive function of micro insurance is its potential to unlock access to productive inputs,
especially credit. Many banks severely restrict their willingness to lend for agricultural activities because of the
associated risks. But if the risk of too much or too little rainfall could be covered by insurance, for example, to
what extent would financial institutions be willing to increase their agriculture portfolio? If the risk of death to
cows or buffalos were covered by micro insurance, would banks significantly increase their willingness to lend
for livestock? If so, additional flows of credit could create jobs and stimulate economic growth.
Another exciting development impact emerging from inclusive micro insurance is that insurers have an interest
in reducing claims costs and therefore are willing to invest in risk prevention programmes. For example, an
insurer in Uganda found it much more cost effective to subsidize the costs of insecticide treated bed nets
for its policyholders than to treat them for malaria. Similarly insurers in India are investing in health
education activities to help policyholders to avoid succumbing to preventable diseases because the
investment saves them money. Insurers could be persuaded to undertake more of these loss control strategies if
researchers helped them to identify interventions that would pay for themselves through lower claims costs.
The benefits of micro insurance in terms of poverty alleviation are not only seen at the household level, but can
potentially be found in the broader economy as well. Deep markets with varied participants can absorb overall
risk better. By covering more insurable units, insurers are able to diversify their risks, increase their revenue
streams, and hopefully accumulate greater pools of capital to invest in local economic activities. When you look
at the insurance penetration in many developing markets, it is really quite astonishing how few individuals and
businesses have insurance coverage.For example, in one African country where I have worked recently,
only a few hundred thousand persons are covered by the formal insurers, whereas informal micro
insurers, especially microfinance institutions, are providing basic life coverage to several multiples of the
formal outreach. The potential is there.
Micro insurance is not really new. Some of today‟s large insurance companies began in the 1800s as
mutual protection schemes among low-income workers. In the early 1900s, many insurers built their business by
selling industrial insurance at factory gates to low-income workers. Over the years, however, insurance became
increasingly sophisticated and more relevant for complex risks, and wealthier policyholders.
In developing countries, the insurance industry inherited the more sophisticated insurance without
going through the same development processes. Unfortunately, insurance is not like some industries where
developing countries can leapfrog to more sophisticated technologies, such as in telecoms where we can forget
about developing landlines and move straight into the development of mobile phone networks. By not building
the industry from the ground up, developing countries do not have a consumer base that sees insurance as a
viable risk management tool.
As such, micro insurance can be described as a back-to-basics campaign for insurers that enable them
to reach an underserved market, reducing the vulnerability of the poor while strengthening their balance sheet
and the broader economy in the process.
VI. Findings
From 2008 to 2011 there is an enough growth of new business under micro insurance.
In individual policies there is an increase from 2152069 (2008-09) to 3650968 (2010-11) and in premium
3656.55 (2008-09) to 13040.85 (2010-11).
6. Micro Insurance in India: A Gizmo to Vehicle Economic Development & Alleviate Poverty ….
DOI: 10.9790/5933-06211420 www.iosrjournals.org 19 | Page
And, in case of group micro insurance policies there is adecrease in schemes 6897 (2008-09) -5469 (2010-
11), increase in lives covered 12551809 (2008-09) - 15759001 (2010-11) and decrease in premium
collection 20595.34 (2008-09) - 15522.81 (2010-11).
In the study it is finds that the economic growth of our country is less comparing to the targets fixed for five
year plans and targets achieved.
In table no. 3 it is shown that poverty and inequality in rural and urban areas across India is decreases from
the year 1973 to 2005 (Rural 56.4 to 28.3 and Urban 49.0 to 25.7).
It was also found that the per capita consumption is increases from 1973 (Rural 28.7 and urban 31.9) to
2005 (Rural 31.9 and Urban 37.6).
The economic growth of our country is being increases as the table no. 4 is showing that in 1973 the
economic growth of India was only 3.3% and in 2005 it was 8%.
The per capita income is increases from Rs. 4763 to 12000 and poverty ratio has been decreases from 54.9
to 27.5%.
Micro insurance can be a partly self-financing development strategy. It provide the coverage of many risks,
for some segments of the low-income market, it can be covered through the premiums paid by the poor.
The development of micro-insurance are: one, flexibility in premium collection, and two, encouraging
micro-insurance among micro-finance institutions (MFIs).
Micro insurance as a social tool to build comprehensive social security system.
Micro insurance has come as a natural next step towards financial empowerment. Itprovides relief in case of
economic shock that happens due to accident or death of theearning head of the family.
Growth accompanied with a decline in income inequality is both necessary conditions for reduction in
poverty.
VII. Suggestions
Promoting awareness and literacy among the people for effective development of micro insurance
Irregular and uncertain income stream of the poor, flexibility in premium collection is needed to extend the
micro-insurance net far and wide.
The role played by Radio and television in transferring information is nil. Keeping in view the fact that
audio & visual media make more impact on the audience for development of micro insurance, these two
sources can be utilized in future.
Micro-insurance needs a further push and guidance from the regulator as well as the government.
Maximization of growth rate by encouraging savings and foreign capital inflows in the form of private
investment for micro insurance.
VIII. Conclusion
The study highlights the importance of insurance in supporting the sustainable development of the poor
and reducing the inequality in developing countries like India. Micro insurance a magic cure for all that ails the
economy. There are still many unknowns in the micro insurance space, but the potential is there, just waiting for
us to grab it. The development of micro insurance is both a moral and an economic imperative, not only for the
promotion of inclusive financial systems but also for the equitable mitigation of risks. This imperative is
reinforced by the fact that many donor agencies are taking a keen interest in supporting its development as a
complementary poverty alleviation strategy.
Insurance is an intangible product. It is a promise. Policyholders are buying peace of mind that they will be
protected should an insured event occur. But for the working poor, who have limited disposable income, it is
hard to allocate funds to protect against an event that they hope won‟t even happen when they have more
pressing short-term needs, like putting food on the table. Consequently, there is a need to make sure that that
they have access to appropriate products, and have a positive experience with insurance; otherwise we will
muddy the waters for insurance for another generation.
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