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Formalizing the informal insurance inherent in migration exploring the potential links between migration, remittances and microinsurance

Author

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  • Powers, Jennifer,
  • Magnoni, Barbara.
  • Zimmerman, Emily

Abstract

In our increasingly global economy, labor continues to be a major export commodity for many developing countries. Migration can help families mitigate their risks by increasing overall income levels and diversifying income sources. Yet, many migrants tend to find themselves in positions of vulnerability in their host countries without any access to social safety nets. Emergencies can, thus, quickly erode any savings or assets that the migrant has. Migrant-linked insurance products can help transnational families manage their risks and protect their assets. The note explores the existing and potential links between migration, remittances and insurance. It provides a mapping of migration-linked microinsurance products, a framework for how to think about them, and an outline of the opportunities and challenges for microinsurers interested in developing products for this market segment.

Suggested Citation

  • Powers, Jennifer, & Magnoni, Barbara. & Zimmerman, Emily, 2011. "Formalizing the informal insurance inherent in migration exploring the potential links between migration, remittances and microinsurance," ILO Working Papers 994788063402676, International Labour Organization.
    • Handle: RePEc:ilo:ilowps:994788063402676
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    File URL: https://ilo.userservices.exlibrisgroup.com/view/delivery/41ILO_INST/1292455840002676
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    Cited by:

    1. Dorothee Crayen & Christa Hainz & Christiane St�h de Mart�nez, 2013. "Remittances, Banking Status and the Usage of Insurance Schemes," Journal of Development Studies, Taylor & Francis Journals, vol. 49(6), pages 861-875, June.
    2. Joanne Linnerooth-Bayer & Stefan Hochrainer-Stigler, 2015. "Financial instruments for disaster risk management and climate change adaptation," Climatic Change, Springer, vol. 133(1), pages 85-100, November.

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    Keywords

    microinsurance; remittance;

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