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Microinsurance Product Design: Consumer Preferences in Kenya

Jul 01, 2011 | J. Harms | ILO, Microinsurance Innovation Facility

This paper discusses the results of a study on preferences for microinsurance products in rural Kenya. It focuses on demand for deductibles and rebates. The paper reviews literature on customer demand for microinsurance. Based on a survey of potential clients of a recently introduced microinsurance product in rural Kenya, it identifies factors affecting customer demand and preferences for microinsurance. These include risk aversion, mathematical and financial literacy, health shocks, prior experience with insurance, trust in insurance providers, entrepreneurial activities and perception of need for insurance.

Theme: Financial Inclusion, Insurance | Country: Kenya | Pages: 35