ABSTRACT
The majority of the workforce in Indonesia is constituted of the informal sector, whereas the Insurance and Pension plans here only provide coverage for the formal sector. Microinsurance is an alternative way to diminish the risks assumed by the low-income earners on unexpected incidents, especially those in informal sectors. Unlike conventional life/non-Life Insurance Products, microinsurance product must be designed and priced differently from conventional insurance products. There are great opportunities for actuaries to play a role in this area. With the support from the Government and Actuarial Society, actuaries could contribute significantly to the growth of the Micro-insurance market to benefit the population of Indonesia.
Paper on Microinsurance in Indonesia (ICA 2010, Cape Town)
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