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Uptake of Multiple Microinsurance Schemes: Evidence from Sri Lanka

Author

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  • Mirko Bendig

    (PhantoMinds, Geschwister-Scholl-Str., 86 Hamburg 20251, Germany.)

  • Thankom Arun

    (Essex Business School, University of Essex Wivenhoe Park, Colchester CO4 3SQ, U.K.)

Abstract

Since it is common among households to use more than one form of microinsurance, this paper estimates the uptake of different kinds of microinsurance by the same population. We use a multivariate probit model which examines the participation in the different forms of insurance simultaneously. By doing this, we can establish whether participation patterns in different types of microinsurance options indicate if the participation in specific insurance schemes is complementary or a substitute. We establish that membership of a microfinance institution means that households are more likely to have purchased an insurance policy. Furthermore, the study describes a need for more inclusive and composite packages of microinsurance products for greater financial inclusion of the poor.

Suggested Citation

  • Mirko Bendig & Thankom Arun, 2016. "Uptake of Multiple Microinsurance Schemes: Evidence from Sri Lanka," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 41(2), pages 205-224, April.
    • Handle: RePEc:pal:gpprii:v:41:y:2016:i:2:p:205-224
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    Cited by:

    1. Isaac Akomea-Frimpong & Caleb Boadi & Roger Owusu-Boafo, 2021. "Determinants and challenges of supplying microlife insurance in Ghana," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 46(3), pages 331-357, July.
    2. Renuka Sane & Susan Thomas, 2020. "From Participation To Repurchase: Low Income Households And Micro‐insurance," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 87(3), pages 783-814, September.

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