inshurance in poor cauntries
Low Insurance Penetration: Many people in poor countries do not have insurance coverage due to various reasons such as lack of awareness, affordability issues, and mistrust in insurance providers. Informal Insurance Practices: In lieu of formal insurance, communities often rely on informal insurance networks such as community savings groups or rotating savings and credit associations (ROSCAs). These provide some level of financial protection but lack the formal structure and regulatory oversight of traditional insurance. Limited Product Offerings: Insurance products in poor countries may be limited in scope and variety. Basic products such as life, health, and agricultural insurance are more common, while more specialized or complex insurance products are less available. Affordability: The cost of insurance premiums relative to income is a significant barrier. Many potential customers simply cannot afford insurance, especially when competing with immediate daily needs. Infrastruct...
