Microinsurance challenges from an actuarial perspective

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Abstract:

As an extension of microfinance, microinsurance emerges as inclusive and innovative insurance that provides protection against specific risks for low-income policyholders. From an actuarial perspective, there is a lack of knowledge and experience in this sector that constraints the application of proper technical approaches. There are few technical studies that propose practical approaches that contribute to improving actuarial work, especially in pricing risk. One such research suggests the application of a pricing methodology, widely used in the insurance industry, but applied to microinsurance. In this sense, actuarial expertise in traditional insurance can be used to build the skills of the low-income market practitioners. Mutual collaboration between microinsurance professionals and actuarial experts should be considered for sustainable development of inclusive products within the insurance sector.

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