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Microinsurance Paper No. 7: Formalizing the Informal Insurance Inherent in Migration: Exploring the Potential Links Between Migration Remittances and Microinsurance

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Microinsurance Paper No. 7: Formalizing the Informal Insurance Inherent in Migration: Exploring the Potential Links Between Migration Remittances and Microinsurance

International remittance flows are increasing and are estimated to reach US$ 465 billion in 2011; the majority of remittances go towards meeting basic household needs. However, research suggests that migrants want more control over how their remittances are spent, and would like to allocate less to daily consumption and more to savings. Ideally, migrants could transfer some of the risk and responsibilities they bear to others. Insurance companies have the potential to transfer this risk efficiently, distributing it among larger risk pools. Mechanisms that allow transnational families to use a portion of their remittances to purchase formal insurance could help reduce their vulnerability.

File Name: MIIF_Paper No 7.pdf
File Type: application/pdf
Download: 510 times
Created Date: 03-01-2011
Author: Jennifer Powers, Barbara Magnoni, Emily Zimmerman
Publisher: International Labour Organization

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"The key message is - don't oversell microinsurance" - Shawn Cole Professor of Graduate Business Administration, Harvard University

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