普惠保险发展的路径选择及其优化——基于小额保险的国际经验

保险“十三五”规划要求大力发展小额保险等普惠保险,但我国小额保险发展相对滞后,制约着普惠保险的全面发展。本文基于对印度等五国经营小额保险的经验研究,比照我国普惠保险发展实际情况,期望借此破解我国普惠保险发展困局,优化普惠保险发展路径。研究发现:我国普惠保险发展在政府推动力度、法律法规完善程度、政策支持力度及发展模式上均可进一步强化改善。结合国际经验和中国实践,我国普惠保险发展应重视法律法规等正式制度建设,顺应各地风俗文化等非正式制度,出台“小额保险条例”作为普惠保险的配套支持政策,利用合作代理销售模式和科技创新手段,控制普惠保险交易成本,开发符合消费者实际利益的普惠保险险种。     

国外小额保险经营模式比较及其对我国的启示

小额保险是增强穷人抵御风险冲击能力、减轻贫困的重要手段。全球范围内小额保险的经营模式主要包括互助或合作保险模式、合作-代理模式及独立经营模式。从国外小额保险的发展实践来看,小额保险的经营模式存在着较大的差异性,这种差异性与各国或地区的社会经济条件、发展阶段及制度环境等的不同密切相关。互助或合作保险模式、合作-代理模式与独立经营模式各自有其自身的优势和劣势。比较分析国外小额保险经营模式的具体特点对我国发展小额保险有着良好的启示。     

Managing basis risk with multiscale index insurance

Agricultural index insurance indemnifies a farmer against losses based on an index that is correlated with, but not identical to, her or his individual outcomes. In practice, the level of correlation may be modest, exposing insured farmers to residual, basis risk. In this article, we study the impact of basis risk on the demand for index insurance under risk and compound risk aversion. We simulate the impact of basis risk on the demand for index insurance by Malian cotton farmers using data from field experiments that reveal the distributions of risk and compound risk aversion. The analysis shows that compound risk aversion depresses demand for a conventional index insurance contract some 13 percentage points below what would be predicted based on risk aversion alone. We then analyze an innovative multiscale index insurance contract that reduces basis risk relative to conventional, single‐scale index insurance contract. Simulations indicate that demand for this multiscale contract would be some 40% higher than the demand for an equivalently priced conventional contract in the population of Malian cotton farmers. Finally, we report and discuss the actual uptake of a multiscale contract introduced in Mali.     

MICROFINANCE REVOLUTION: ITS EFFECTS,INNOVATIONS, AND CHALLENGES

“Microfinance revolution” is the term often applied to the successful expansion of small-scale financial services to the poor with high repayment records in developing countries. The present paper investigates the extent to which the microfinance revolution is truly revolutionary. More specifically, it explores the impact of microfinance institutions on the poor, the mechanisms underlying high repayment rates and their innovations, and the new challenges microfinance institutions are currently facing. Different from the existing published survey literature, we focus on current topics and attempt to show recent theoretical developments in a comprehensive manner using simplified models with very similar settings. We contend that microfinance is developing in a promising direction but has yet to reach its full potential.     

WHY IS THE TAKE-UP OF MICROINSURANCE SO LOW? EVIDENCE FROM A HEALTH INSURANCE SCHEME IN INDIA

Insurance for the poor, called microinsurance, has recently drawn the attention of practitioners in developing countries. There are common problems among the various schemes: (1) low take-up rates, (2) high claim rates, and (3) low renewal rates. In the present paper, we investigate take-up decisions using household data collected in Karnataka, India, focusing on prospect theory, hyperbolic preference, and adverse selection. Prospect theory presumes that people behave in a risk-averse way when evaluating gains but in a risk-loving way when evaluating losses. Because insurance covers losses, the risk-loving attitude toward losses might explain the low take-up rates, and we find weak empirical support for this. Households with hyperbolic preference were more likely to purchase insurance, consistent with our theoretical prediction of demand for commitment. We also find some evidence on the existence of adverse selection: households with a higher ratio of sick members were more likely to purchase insurance.     

Technological change,completeness of financing microstructures,and impact on well-being and income inequality

Financing microstructures are increasingly recognized as critical for promoting financial inclusion and improving overall well-being in developing countries. In practice, the digital transformation in finance has the potential to accelerate the optimal functioning of financing microstructures, including households' access to microfinance and microinsurance. Increased access to finance can lead to a reduction in income inequality and overall well-being for households. This paper investigates the impact of access to digital finance and financing microstructures on household well-being and the reduction of income inequality. To achieve this, we use a combination of propensity score matching, double difference, and smooth instrumental quantile regression as estimation methods with two periods of survey data. Specifically, the paper uses the FinScope consumer data (2016) and the Harmonized Living Standards Measurement Study (2018) from Togo in a comparative perspective. The results suggest that access to both digital finance and financing microstructure is a cultural game-changer that significantly improves overall household well-being and contributes to reducing income inequality.