Toward an Efficient and Sustainable Microinsurance Market: The Regulatory Perspective

Syed Ahsan (), Shubhasish Barua and Jaimie Tax

Working Papers from Institute of Microfinance (InM)

Abstract: While both microcredit and microinsurance products in the developing world have essentially emerged in a regulatory vacuum, the general consensus appears to be that self-regulation may have thus far served the global microcredit industry adequately. The same premise is likely to be false when it comes to microinsurance since diffusion of the essence of insurance among the poor has proven non-trivial. The regulatory framework therefore has to target multiple goals such as to foster market innovations (in terms of product design and the institutional delivery mechanism), to protect the policy holder (i.e., achieving “cost efficiency” and “sustainability”) and at the same time to ensure that insurance services remain inclusive and compatible with the needs of the poor. Accomplishing these goals within a single regulatory framework requires a fine balance. This paper deliberates on how to craft a set of regulatory statutes that would be relevant for the microinsurance industry in consonance with these goals.

Keywords: Microinsurance; poverty & vulnerability; prudential regulation; reporting standards (search for similar items in EconPapers)
JEL-codes: G21 G22 G28 I30 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2010-04
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Citations: View citations in EconPapers (1)

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Working Paper: Toward an efficient and sustainable Microinsurance market: The regulatory perspective (2010)
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