Microinsurance Assessments – Prospects for Papua New Guinea
Micro-insurance is being considered as one of the options for addressing the vulnerability of the poor and is being experimented world-wide. The successes of micro-insurance, in a limited way, have been observed in matured micro-finance markets, such as in India and Philippines. In the sparsely populated Pacific Island Countries (PIC), micro-finance markets are in its nascent stage and hence the provision of micro-insurance services is negligible in the PICs. Microinsurance is well recognized as a tool for livelihood security supplementing community and Governmental Support, Pacific Financial Inclusion Program (PFIP) is keen on understanding the scope of micro-insurance in these island countries and help them in achieving the goal of financial inclusion. Towards this, PFIP has commissioned a study of micro-insurance in two large pacific island countries, Fiji and Papua New Guinea.
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Micro-insurance is being considered as one of the options for addressing the vulnerability of the poor and is being experimented world-wide. The successes of micro-insurance, in a limited way, have been observed in matured micro-finance markets, such as in India and Philippines. In the sparsely populated Pacific Island Countries (PIC), micro-finance markets are in its...
800,000 uninsured Fijians are vulnerable to unexpected financial expenditures related to deaths, health emergencies, and crop failures. This report evaluates the demand for microinsurance among the members of four potential distribution partners based in Fiji: Partners in Community Development Fiji (PCDF), the Catholic Church of Fiji, the Fiji Muslim League, and Then India Sanmarga Ikya Sangam (TISI...
This ‘At a Glance’ focuses on the insurance landscape in the Pacific region. Across the Pacific, many people lack access to formal insurance. Insurance acts as a safety net for households in times of crisis, helping to smooth cash flows and lessen the impacts of financial shocks that accompany the death or disability of a...
For Microinsurance to be sustainable, insurers need to build a sufficiently diverse pool of clients (or “risk pool”) and sell enough policies fairly quickly that can be adequate serviced. This is where partnerships can be useful. A partnership between an insurer, which designs and issues the policies, and an intermediary, which promotes, sells policies, collects...
This focus notes looks at the possibility of weather index-based insurance in Fiji, which has been used in many developing countries to provide affordable insurance products to low income farmers. With as much as 80% of the population of some countries in the Pacific involved in agriculture, there is a potential for a product that...