Informal microinsurance schemes - the case of funeral insurance in South Africa
South Africa has an active informal insurance industry that profitably sells insurance to low-income consumers (microinsurance). This article is based on a case study of the informal funeral insurance industryin a rural township in South Africa. The study revealed that poor people often cover the very considerable funeral expenses from a number of sources, including informal credit, informal insurance, and friendly
societies. The practices of informal township funeral insurers are contrasted with those of formal insurers. The products of informal insurers were much more popular among respondents than those of formal
funeral insurers, because the products fitted the socio-economic contours of their clients' lives. A series of lessons can be drawn from the practices of informal insurers for the development of new microinsurance
or the improvement of existing microinsurance products.
in a rural township in South Africa. The study revealed that poor people often cover the very considerable funeral expenses from a number of sources, including informal credit, informal insurance, and friendly
societies. The practices of informal township funeral insurers are contrasted with those of formal insurers. The products of informal insurers were much more popular among respondents than those of formal
funeral insurers, because the products fitted the socio-economic contours of their clients' lives. A series of lessons can be drawn from the practices of informal insurers for the development of new microinsurance
or the improvement of existing microinsurance products.
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