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Making Insurance Markets Work for the Poor: Microinsurance Policy, Regulations and Supervision

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Focus Topic:
Market / Trade
Rural Finance / Insurance
Institutions / Organizations
Type of Risk:
Policy & institutional
Type of Risk Managment Option:
Risk transfer
Hennie Bester, Doubell Chamberlain, Christine Hougaard
Microinsurance Network, Canadian International Development Research Centre, Gates Foundation

This document presents findings from the Indian component of a five-country case study on the role of regulation in the development of microinsurance markets. The objectives of this project were to map the experience in a sample of five developing countries (Colombia, India, the Philippines, South Africa and Uganda) where microinsurance products have evolved and to consider the influence that policy, regulation and supervision on the development of these markets. From this evidence base, cross-country lessons were extracted that seek to offer guidance to policymakers, regulators and supervisors who are looking to support the development of microinsurance in their jurisdiction. It must be emphasized that these findings do not provide an easy recipe for developing microinsurance but only identify some of the key issues that need to be considered. Comprehensive approachs informed by and tailored to domestic conditions and adjusted continuously as the environment evolves are emphasized by the evidence.