Kathmandu. Despite greater access to digital payments, savings, and credit, insurance remains inadequate for households in emerging markets at risk of health, climate and income shocks. <\/p>\n
This is according to the Geneva Association’s study titled ‘Insurance as a Key Element of Financial Inclusion in Emerging Economies’. “Globally, 1.3 billion adults still lack access to a formal financial system,” the report said. \u2019<\/p>\n
Based on surveys conducted in Brazil, China, India, Mexico, Morocco, South Africa and Turkey, the report found that 70 percent to 90 percent of respondents think insurance is useful. “However, significant coverage gaps persist in property, disability and savings-type life insurance,” the report said. <\/p>\n
There is a high demand for medical insurance in all emerging markets. That’s because healthcare costs are one of the biggest financial concerns for most households. <\/p>\n
The report cites affordability as the main reason for not buying coverage. “Insurance penetration is highest in China and India”, the report said, “supported by digital platforms and public insurance schemes”. \u2019<\/p>\n
According to the Geneva Association, many uninsured people believe they can get insurance if they need it. “But price, product quality and trust remain barriers,” the report said. <\/p>\n
The report suggests that insurance companies should offer accessible and affordable products. “While the government should include insurance in national financial inclusion programs, it should support demand through grants and financial education,” the report said. ‘ \u2013Insurance Asia<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Kathmandu. Despite greater access to digital payments, savings, and credit, insurance remains inadequate for households in emerging markets at risk of health, climate and income shocks. This is according to the Geneva Association’s study titled ‘Insurance as a Key Element of Financial Inclusion in Emerging Economies’. “Globally, 1.3 billion adults still lack access to a […]<\/p>\n","protected":false},"author":16,"featured_media":284109,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45044,45159],"tags":[],"class_list":["post-284113","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/284113","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=284113"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/284113\/revisions"}],"predecessor-version":[{"id":284114,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/284113\/revisions\/284114"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/284109"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=284113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=284113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=284113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}