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Library » Market for Microinsurance in Armenia: Low-Income Households Needs and Market Development Projections

Market for Microinsurance in Armenia: Low-Income Households Needs and Market Development Projections
Feb 2009, Pytkowska, J. & Collier, A.
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Projecting the growth of Armenian microinsurance sector

This report presents findings on the potential market for microinsurance in Armenia. It is the result of quantitative research conducted across low-income Armenian households.

Low-income households can increase their risk management capacities through microinsurance. Products providing life/disability insurance, health insurance and agricultural insurance are expected to significantly aid in reducing vulnerability in Armenia. Study findings include:

Low-income market forms approximately 60-75 percent of the total insurance market;
Current market access is estimated at 11–25 percent of the total market;
Most households are skeptical about insurance and distrustful towards insurers, making market development a challenging task.

The study recommends a mixture of strategies to develop the microinsurance sector. Apart from developing new microinsurance products adapted to the needs of the low-income market, the outreach strategy should incorporate:

General financial education, which encourages people to be more proactive in managing risks;
Education on microinsurance, which focuses on building knowledge of the risk-pooling concept;
Marketing strategy that emphasizes the price factor;
Low-cost delivery channels allowing affordable delivery services for the target group.

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06 Jul 2009
Market for Microinsurance in Armenia: Low-Income Households Needs and Market Development Projections


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Journal Volume/Pages:
94

Publisher(s):
Microfinance Centre for CEE & NIS