Doing the Math - Cashless Funeral Microinsurance in Colombia
MILK Brief N°8, MicroInsurance Centre, 2012
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.
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Microinsurance Product Types in India
Mukherjee; Premasis, MicroSave India Focus Note 86, February 2012
This note analyses the characteristics and uniqueness of the different microinsurance product types with their effectiveness in delivering insurance services to the bottom of the pyramid in India. Although officially there are 23 registered microinsurance products filed by 15 insurance companies, there are a host of registered and non-registered microinsurance products in India.
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Microinsurance in India: The Evolution of Market Trends
Mukherjee; Premasis, MicroSave India Focus Note 87, February 2012
After half a decade of microinsurance regulation in India, there are some clear trends emerging in the way microinsurance business is conducted. According to the IRDA Annual Report, 2010-11, 3.65 million microinsurance policies were sold in India in the year 2010-11 covering lives of 18.9 million people. The cumulative premium collected from microinsurance was INR 2.86 billion (USD 58 million). Some of the trends in the regulated microinsurance sector are:
- The public life insurer is the clear market leader in microinsurance,
- Group microinsurance policies have become popular with the private players,
- Most insurers still continues with a "Just Achieve Target" approach for microinsurance,
- Insurers have found alternative to microinsurance products for achieving their "rural sector" targets, and
- Microinsurance distribution has remained un-uniform in spite of the special regulation on Microinsurance Agents (MIA)
The note analyses these trends with decade long comparative data on microinsurance products and their performance. The reasons for the emerging trends are identified and possible future trends are also projected.
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