The landscape of microinsurance in Asia and Oceania
This study aims to supply the demand for detailed data on the status of microinsurance grows in Asia and Oceania, including in the context of natural disasters. It seeks to assist in the development of local and regional strategies to increase outreach by identifying markets with a high potential for microinsurance. This includes substantial demands as well as interest on the part of the insurance industry and the governments. Microinsurance is the protection of low-income people against specific perils in exchange for regular monetary payments proportionate to the likelihood and cost of the risk involved, it is a system used to protect vulnerable groups in the event of damage or destruction of their properties, including damage caused by natural disasters. Given that nearly 164 million people are affected by natural disasters every year in Asia and Oceania (90.2% of people affected globally), the need for specific disaster insurance in the region cannot be overlooked.
The study is the continuation and complementation of the first landmark study, "The landscape of microinsurance in the world's 100 poorest countries" published in 2006, and its successors, and provides an overview of Africa, Latin America and the Caribbean. In previous publications Asia was said to be the biggest market worldwide - mainly due to its considerable population and, to some extent, to its advanced insurance markets and regulations. The current investigation results support this statement. To carry out the research, a consortium led my MicroSave in cooperation with the Centre for Insurance and Risk Management (IFMR) and VimoSEWA has been formed. Several regional experts complemented the team to provide local insights and experience.