An Industry Note - Microinsurance - Taking Risk Management to the Grassroots
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Since microinsurance is a recent phenomenon, regulation is virtually non-existent in many developing countries. However the Insurance Development Regulatory Authority (IRDA), India has suggested a few proposals to develop the market for insurance in rural areas. But there are a few critical issues MFIs have to consider before they embark on the microinsurance path. Successful microcredit ventures need not necessarily translate into microinsurance success. The attitudes of the rural consumers towards insurance and savings and their understanding of the benefits of these products are still at a nascent stage. Insurance companies have to work closely with their target customers to understand their needs and design suitable products. Regulation of this sector is likely to be a key issue in the future.
Microinsurance, Microcredit, Financial services, Rural insurance, Microfinance, Microfinance institutions, Regulation, SEWA, BASIX, IRDA, Delta insurance, Madison Insurance Zambia Limited, India, Bangladesh, Zambia, Poor, Urban and NGO, Self help group, Insurance agent, Risk mitigation, Savings and MFI
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