CAS Publishes Study on Microinsurance
The Casualty Actuarial Society is pleased to announce the release of a new CAS Research Paper, “Understanding the Demand for Inclusive Insurance: A Pilot Study,” authored by Ida Ferrara, Edward Furman and Tsvetanka Karagyozova. The study is intended to pave the way for a more comprehensive assessment of the potential benefit of microinsurance to low-income households in any country, regardless of level of development. The study:
- Pilots and implements a survey instrument to enhance understanding of the drivers of risk- and insurance-related decisions.
- Surveyed 2,183 households across Canada on 549 variables, including attitudes towards different types of risk events (health, life, property), attitudes towards insurance, and willingness to pay for sample policy packages.
- Should help inform decisions and future scholarly works about the insurance aversion within low- and mid-income households; researchers can also build on the findings of the study to further assess various aspects of microinsurance.
Microinsurance (also referred to in the study as inclusive insurance), is an aspect of financial inclusion that the paper suggests can help bridge the gap between market-based and social interventions to provide financial protection to low-income groups in developed countries.
The paper can be accessed via the Research Papers landing page. CAS Research Papers are funded, peer-reviewed, in-depth works focusing on important topics within property-casualty actuarial practice. CAS Research Papers fulfill the goal of creating an important addition to the existing body of CAS literature and give CAS members access to relevant information and resources applicable to their work, which can help advance their careers.
