Paper
Demand for Microinsurance in Georgia: Potential, Challenges and Solutions
Presented at the Regional Symposium on Microinsurance Tbilisi, Georgia, June 2005
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19 pages
This paper explores methodology understanding and demand estimation for microinsurance in Georgia. The study uses both qualitative and quantitative survey tools.The presentation highlights some of the needs for insurance:
- High prevalence of risk;
- Importance of risk;
- Development role.
It discusses the present and past insurance uses, including health microinsurance, life microinsurance, and poverty microinsurance based on:
- Coverage;
- Benefit;
- Claim processing;
- Price.
The presentation also highlights the following reasons for people not opting for microinsurance:
- Trust;
- Knowledge;
- Low income and poor money management leading to low capacity to pay for microinsurance.
It then explains market development in terms of market projections for all three types of microinsurance. The presentation concludes with stating that low-income population need insurance which should be carefully designed.
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