Phabbyfundz
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A growing number of insurers are tapping into markets in developing countries through micro insurance projects, which provides low cost insurance to individuals generally not covered by traditional insurance or government programs.
Micro insurance products tend to be much less costly than traditional insurance products and the extends protection to a much wider market. The approach an outgrowth of the micro financing projects provided by bangladeshi Nobel price winning banker and economists Mohammad yunus which helped millions low in com earning individuals in Asia and Africa to set up businesses.
With limited growth prospect in insurance markets of developed countries, which are largely saturated, insurers see micro insurance in emerging economies as representing significant potential go growth and profitability.
A 2009 swiss report on world insurance market found that premium growth in emerging market outpaced growth in industrialized countries.
Micro insurance products tend to be much less costly than traditional insurance products and the extends protection to a much wider market. The approach an outgrowth of the micro financing projects provided by bangladeshi Nobel price winning banker and economists Mohammad yunus which helped millions low in com earning individuals in Asia and Africa to set up businesses.
With limited growth prospect in insurance markets of developed countries, which are largely saturated, insurers see micro insurance in emerging economies as representing significant potential go growth and profitability.
A 2009 swiss report on world insurance market found that premium growth in emerging market outpaced growth in industrialized countries.