For those documents that are not available for download in PDF, please contact the Social Finance Programme secretariat for a copy: SFP@ilo.org

WP 33: South African Microinsurance Case Study - (pdf 197 Kb)
M. Aliber, 2003, ILO.

The study seeks to identify and categorise the range of existing microinsurance products available in South Africa, and establishes the extent to which they help low-income groups improve their operations. It also provides practical guidelines to MFIs that wish to introduce new microinsurance products, or refine existing ones.

WP 30: A field study of microinsurance in the Philippines (2002) - (pdf 209 Kb)
E.A. Barbin, C. Lomboy & E. S. Soriano. 2003, ILO.

This paper presents the results of an extensive survey of the risks faced by Philippino microentrepreneurs. The authors argue that many of the risks would be best addressed through noninsurance means, but that insurance is appropriate and viable in the management of certain risks, for example, the death of a member of a household enterprise. The authors provide a fascinating account of the emergence of microinsurance based on indigenous “insurance like” mechanisms. In addition to analysing risks and microinsurance schemes, this paper, with its extensive overviews of the Phillipino microinsurance industry, will serve as reference guide for donors, MFIs and other parties who currently work on microinsurance in the Philippines.

WP 29: Microinsurance in Burkina Faso (2002) - (pdf 307 Kb)
M. Aliber & A. Ido, 2002, ILO.

This study categorises the range of existing microinsurance products available in Burkina Faso and examines these schemes in order to learn how they function, what obstacles they have managed to contend with, and where they may have room for improvement. It also studies the risk environment in which Burkinabé SMEs operate, and shows how microinsurance can meet their needs. There is scope for also introducing new microinsurance products. Finally, the authors provide inputs into the ILO's initiative to develop a microinsurance best practice manual for MFIs.

WP 31: The Demand for Risk-managing Financial Services in Low-income Communities: Evidence from Zambia - (pdf 374 Kb)
L. Manje and C. Churchill, 2002, ILO.

The authors analyse the risks to which low-income entrepreneurs in Lusaka are vulnerable and how they cope. A comparison of risks and coping strategies is used to identify possible gaps that could be filled by risk-managing financial services, such as savings, emergency loans and insurance. Focus group discussions and PRA techniques provide insights into how clients perceive these financial services. The results indicate that vulnerability does not automatically translate into a demand for insurance. The study demonstrates that a majority of respondents are either wary of insurance or not sufficiently familiar with it. In addition to the analysis of original primary data on risks and coping mechanisms, this paper contributes a fresh look at innovative design and delivery mechanisms for demand-driven, risk managing financial services. For business-specific risks, the research reveals that business skills training, marketing support and other non-financial services would be more appropriate interventions to reduce vulnerability than financial services.

WP 22: Informal Microfinance schemes: the case of funeral insurance in South Africa - (pdf 210 Kb)
J. Roth, 2002, ILO. One common means of funding funerals is through funeral insurance. A myriad of formal and informal insurers compete to sell funeral insurance to low income South Africans. There are two main types of informal insurance schemes. The first type operates on a for-profit basis. The second type of informal insurance scheme is a not-for-profit scheme that shares many of the features of ROSCAs, rotating savings and credit associations. Two significant trends have emerged in the research and development of new financial services for the poor. The first trend is to examine how the informal sector operates and develop products and institutions modelled on those that exist in the informal sector. Such an approach has been successfully adopted by SafeSave in Bangladesh and MicroSave Africa. The second important trend is a move from an emphasis on credit as the key financial service to looking at other financial services for the poor, such as insurance and saving instruments. This paper builds upon these two emerging research themes and explores what can be learnt from informal funeral insurers in South Africa.

Microinsurance Case Study Series: “Good and Bad Practices” Published by the ILO on behalf of the CGAP Working Group on Microinsurance

To learn how to extend insurance to low-income households, the CGAP Working Group on Microinsurance launched a research project in 2003 to document the experiences of microinsurance operations around the world and identify good and bad practices. This project conducted a series of case studies of insurance companies, microfinance institutions and community-based insurance schemes to learn about the provision of life and health insurance to the poor.

The research focused on organizations that had at least three years of experience and covered at least 3,000 lives in order to assess their results. The project primarily looked at experiences in Africa, Asia and Latin America, and sought microinsurers that employed a variety of different models and delivery structures. The lessons emerging from these case studies serve as the primary evidence used in the synthesis publication, Protecting the poor.

Making Insurance Work for Microfinance Institutions: A Technical Guide for Developing and Delivering Microinsurance
C. Churchill, D. Liber, M. Mccord & J. Roth, 2003, Turin: ILO.

This manual guides the managers of microfinance institutions in introducing and managing a microinsurance product. It focuses on four main areas: (1) the fundamentals of the insurance business, including benefit design, insurance terms, pricing and controls; (2) the design of five basic, short-term, credit-linked insurance policies, both mandatory and voluntary; (3) outsourcing part or most of the insurance responsibilities to a formal insurance company or to skilled consultants; (4) the financial management and operational integration of an insurance business into a microfinance institution.

Protecting the poor: A microinsurance compendium
Edited by Craig Churchill, 2006, ILO and Munich Re Foundation

This compendium brings together the latest thinking of leading academics, actuaries, and insurance and development professionals in the microinsurance field. The result is a practical, wide-ranging resource which provides the most thorough overview of the subject to date.

Essential reading for insurance professionals, practitioners and anyone involved with offering insurance to low-income persons, this volume covers in detail the many aspects of microinsurance including product design, marketing, premium collection and governance.

It also discusses the various institutional arrangements available for delivery such as the community-based approach, insurance companies owned by networks of savings and credit cooperatives and microfinance institutions. The roles of key stakeholders are also explored. The book offers insightful strategies for achieving the right balance between coverage, costs and price.

(Priced Publication, US$80/Sw.frs.100.-)