MILK Brief #4: What We Know About the Financial Value of Microinsurance for Poor Clients: A Snapshot
This brief offers a summary of findings evidenced in the existing research that are relevant to MILK's two main questions to understand client value(1. Does microinsurance help protect against large shock relative to other alternatives? 2. To what extent do microinsurance smooth income or protect assets against small shocks?). While the research is suggestive of financial value of microinsurance, we have few concrete answers. There are simply not enough existing studies, particularly of products other than health insurance, and the studies that are available often overlook considerations that offer a fuller understanding of the value of microinsurance. One of MILK's objectives is to influence and encourage new studies in microinsurance that are targeted toward this broader understanding. This brief aims to provide guidance for researchers, stakeholders and practitioners in framing research questions and to encourage new studies that build a more complete understanding of the added value of microinsurance as a financial risk management tool for the poor.
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