Integrated Risk Management in Microinsurance

MICROFINANCE: AN INNOVATIVE TOOL FOR DISASTER AND RISK REDUCTION, IDRC, ed., 2009

36 Pages Posted: 24 Sep 2009 Last revised: 10 Aug 2010

See all articles by Ralf Radermacher

Ralf Radermacher

Micro Insurance Academy e.V.

Jacquiline Roberts Singh

Micro Insurance Academy

Siddharth Srivastava

Micro Insurance Academy

Date Written: September 23, 2009

Abstract

Microinsurance can be a tool in Disaster Risk Reduction/Management - but only if it survives the disaster itself. Reinsurance can help microinsurance to survive disasters. However, reinsurers regard the microinsurance entity a risky client and are hesitant to engage in this market. An Integrated Risk Management approach can help a microinsurer to become a better client for reinsurance and thus to obtain reinsurance cheaper - or obtain it at all. However, Integrated Risk Management for microinsurance is insufficiently conceptualized so far. This paper takes a first step by providing examples of risks faced by microinsurance schemes and risk management techniques available to tackle them. It presents the Integrated Risk Management cycle and screens the business process of microinsurance for risks.

Keywords: Integrated Risk Management, Microinsurance, Natural catastrophes, Reinsurance, Risk Management, Covariant Risks, Disaster Risk Management, Enterprise Risk Management, Health Insurance, Insurance

Suggested Citation

Radermacher, Ralf and Roberts Singh, Jacquiline and Srivastava, Siddharth, Integrated Risk Management in Microinsurance (September 23, 2009). MICROFINANCE: AN INNOVATIVE TOOL FOR DISASTER AND RISK REDUCTION, IDRC, ed., 2009 . Available at SSRN: https://ssrn.com/abstract=1477272

Ralf Radermacher (Contact Author)

Micro Insurance Academy e.V. ( email )

Colmantstr. 5
Bonn, 53115
Germany

Jacquiline Roberts Singh

Micro Insurance Academy ( email )

52-B, 1st floor
Okhla Industrial Estate, Phase III
New Delhi, 110020
India

Siddharth Srivastava

Micro Insurance Academy ( email )

52-B, 1st floor
Okhla Industrial Estate, Phase III
New Delhi, 110020
India

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