International Journal For Multidisciplinary Research

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A Study For: Socio-cultural Environment and the Microinsurance

Author(s) Abhishek Kumar
Country India
Abstract The poor are much more exposed to the dangers from their surroundings. They live in unhealthy environment where even proper sanitation is not available. Natural calamities like floods, drought, earth quake etc. hit them the hardest. An unfortunate event like Illness or death in the family can change the living standard of the poor for the worse. Cost of medical care being prohibitive, s/he consumes lots of (already diminished) resources from the family. Since they do not have adequate savings, such an episode drives them to either sell their assets or borrow money from local money lenders at high interest rates. According to World Health Organization report (2006), out of total health expenditure in India, 73% happens through out-of pocket spending. This is a very precarious situation as it exposes the poor household to sudden spurt in unplanned and unexpected medical expenses. So, how do we ensure that the poor, or the ‘excluded’ face this ever-threatening risk to their lives and livelihood? Insurance as a concept was introduced in 19th century to do exactly that - protect the poor! But over a period of time, it became a financial tool for the rich. Affordability being one of the prime reasons but exposure and access being other important reason for low penetration in this segment.
Keywords microinsurance, socio-culture, socio-environment, consumers
Field Mathematics > Economy / Commerce
Published In Volume 6, Issue 3, May-June 2024
Published On 2024-05-26
Cite This A Study For: Socio-cultural Environment and the Microinsurance - Abhishek Kumar - IJFMR Volume 6, Issue 3, May-June 2024. DOI 10.36948/ijfmr.2024.v06i03.20490
DOI https://doi.org/10.36948/ijfmr.2024.v06i03.20490
Short DOI https://doi.org/gtwmvq
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