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Microinsurance, insurance designed for underserved populations, is a growing market with an increasing need for actuarial knowledge, interest and expertise.
Actuaries in Microinsurance aims to help develop the actuarial capacity in the MI market, improve the relevance and sustainability of products, and ultimately assist individuals, families, and communities escape poverty. This groundbreaking book intersperses technical chapters and short anecdotes. The personal anecdotes give first-hand account of what it is like to work in developing regions while the technical chapters cover a wide variety of topics directly relevant to actuaries interested in this field.
“Most microinsurance services are developed without proper actuarial experience, which can put millions of clients at risk of inadequately priced products and broken contracts. This book will finally shed light on this and help make microinsurance a safer business.” Véronique Faber, Executive Director of the Microinsurance Network
This landmark text provides an educational and enjoyable read for actuaries working in traditional markets, young actuaries living in developing regions, and Microinsurance specialists who desire to learn more about the actuarial aspects of this market.
“One of the constraints inhibiting the expansion of better insurance services for more low-income households is sufficient technical expertise. The contributors to this valuable publication represent the burgeoning nucleus of this expert cadre, and hopefully their thoughts and experiences will inspire many more actuaries around the world to apply their technical skills to achieve development objectives.” Craig Churchill, Team Leader, ILO Impact Insurance Facility, and former Chair of the Microinsurance Network
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Foreword François-Xavier Hay
Introduction Jeff Blacker
Chapter 1 What is Microinsurance?Mary Yang
Work of the Actuary in Microinsurance
Chapter 2 Soft Skills are 80% of the Battle, Donna Swiderek
Chapter 3 Days in the Life of a Farmer Actuary, Agrotosh Mookerjee
Chapter 4 Demand and Supply of Actuarial Services, Dermot Grenham & Eamon Kelly
Chapter 5 Developing the Actuarial Profession in West Africa, Guillame Moussa
Chapter 6 Finding Volunteer, Consulting, and Full-Time MI Opportunities, Jeff Blacker
Chapter 7 Academic Research and Microinsurance Development, Jia Min Ng
Chapter 8 Data Sources for MI Actuaries, Jacquiline Roberts Singh
Chapter 9 Tacos, Tequila, and Microinsurance in Mexico, Josh Ling
Chapter 10 Microinsurance Regulation, Sekayi Campbell
Chapter 11 Precautions When Communicating Results, Jeff Blacker
Chapter 12 Social Risk Pooling by Non-insurers: Lessons Learned, Agrotosh Mookerjee
Chapter 13 My Brush with Microinsurance! Shiraz Jetha
Chapter 14 Credit Life Products and MFIs, Josh Ling
Chapter 15 Spreading Insurance Awareness in the Depths of Fiji—Gaming Taken to the Tropics, Barry Maher
Chapter 16 Designing and Pricing Health Microinsurance with Limited Data, Lisa Morgan
Chapter 17 A Mutual System in India, François-Xavier Hay
Chapter 18 Homeowners Microinsurance in Brazil: Pricing Estimates and Market Potential, Luis Eduardo Afonso and Maria Pilar Varela Sepulveda
Chapter 19 Q&A with an International Development Actuary, John Smith
Chapter 20 Crop Microinsurance, James Sharpe
Chapter 21 A Crop Insurance Pilot in Nghe An, Vietnam, Mayur Ankolekar
Chapter 22 Microtakaful, Farzana Ismail, Hassan Scott Odierno, and Zainal Abidin Mohd Kassim
Appendix A Data Checklists, Jacquiline Roberts Singh
Appendix B Data Sources, Jacquiline Roberts Singh
Appendix C The healthcare and incidence rate (HIR) questionnaire, Lisa Morgan
Appendix D Health Microinsurance Benefit Design: A Comparison of Three Real-world Plans, Lisa Morgan