Vulnerability to risk, a constant factor in the lives of the poor, is a cause of persistent poverty. Microinsurance offers one approach to mitigating risk, yet demand is disappointingly low. This paper aims to improve the understanding of factors that determine the demand for microinsurance products. Based on a review of more than 30 studies, it blends academic findings with practical examples and presents the most important determinants of demand, including understanding of insurance, client value, liquidity constraints, trust, behavioural factors, and use of other risk coping mechanisms. The paper also presents solutions that can be incorporated into an organization's marketing strategy.

Ackah, C. and Owusu, A. (2012) ‘Assessing the knowledge of and attitude towards insurance in Ghana’, in Research Conference on MicroInsurance 2012, Twente, Netherlands.

Akter, S., Brouwer, R., Chowdhury, S. and Aziz, S. (2008) ‘Determinants of participation in a catastrophe insurance programme: empirical evidence from a developing country’, in 2008 Conference (52nd), Australian Agricultural and Resource Economics Society, Canberra.

Arun, T. and Bendig, M. (2010) ‘Risk management among the poor: the case of microfinancial services’, IZA Discussion Papers, Bonn, Germany: University of Bonn.

Basaza, R., Criel, B. and Van der Stuyft, P. (2008) ‘Community health insurance in Uganda: why does enrolment remain low? A view from beneath’, Health Policy 87: 172-84 <http://dx.doi.org/10.1016/j.healthpol.2007.12.008≯.

Bauchet, J., Zimmerman, E., Magnoni, B. and Poulton, D. (2013) Protecting Those Left Behind: An Experimental Study of Life Microinsurance Purchase Decisions of Compartamos Banco's Borrowers in Mexico, Appleton, WI: The MicroInsurance Centre.

Bonan, J., Dagnelie, O., LeMay-Boucher, P. and Tenikue, M. (2011) Is It All About Money? A Randomized Evaluation of the Impact of Insurance Literacy and Marketing Treatments on the Demand for Health Microinsurance in Senegal, Research Paper No. 14, Geneva: Microinsurance Innovation Facility, ILO.

Cai, H., Chen, Y., Fang, H. and Zhou, L. (2009) Microinsurance, Trust and Economic Development: Evidence from a Randomized Natural Field Experiment, Working Paper 15396, Cambridge, MA: National Bureau of Economic Research.

Cai, J., De Janvry, A. and Sadoulet, E. (2011) Social Networks and Insurance Take-up: Evidence from a Randomized Experiment in China, Research Paper No. 8, Geneva: Microinsurance Innovation Facility, ILO.

Chen, K.Z., Liu, Y., Hill, R., Xiao, C. and Liu, L. (2012) Can We Relax Liquidity Constraints on Microinsurance Demand? Piloting an Innovative Design for Agricultural Insurance, Technical Report, Geneva: Microinsurance Innovation Facility, ILO.

Churchill, C., Dalal, A. and Ling, J. (2012) Pathways towards Greater Impact: Better Microinsurance Models, Products and Processes for MFIs, Microinsurance Paper No. 18, Geneva: Microinsurance Innovation Facility, ILO.

Clarke, D., Das, N., de Nicola, F., Hill, R.V., Kumar, N. and Mehta, P. (2012) ‘The value of (customized) insurance for farmers in rural Bangladesh’, in Research Conference on Microinsurance 2012, Twente, Netherlands.

Cole, S., Giné, X., Tobacman, J., Topalova, P., Townsend, R. and Vickery, J. (2011a) Barriers to Household Risk Management: Evidence from India [pdf], Institutional Papers, eSocialSciences <www.esocialsciences.org/Articles/ShowArticle.aspx?acat=Institutional+Papers&aid=4293≯ [accessed 22 November 2013]. www.esocialsciences.org/Articles/ShowArticle.aspx?acat=Institutional+Papers&aid=4293

Cole, S., Stein, D. and Tobacman, J. (2011b) ‘What is rainfall index insurance worth? A comparison of valuation techniques’, mimeo.

Crayen, D., Hainz, C. and de Martinez, C.S. (2010) Remittances, Banking Status and the Usage of Insurance Schemes, CESifo Working Paper Series 3117, CESifo Group Munich.

Criel, B. and Waelkens M.P. (2003) ‘Declining subscriptions to the maliando mutual health organisation in Guinea-Conakry (West Africa): What is going wrong?’ Social Science & Medicine 57: 1205-19 <http://dx.doi.org/10.1016/S0277-9536(02)00495-1≯.

Dalal, A. and Morduch, J. (2010) The Psychology of Microinsurance: Small Changes Can Make a Surprising Difference, Microinsurance Paper No. 5, Geneva: Microinsurance Innovation Facility, ILO.

De Allegri, M., Sanon, M., Bridges, J. and Sauerborn, R. (2006) ‘Understanding consumers’ preferences and decision to enrol in community-based health insurance in rural West Africa’, Health Policy 76: 58-71 <http://dx.doi.org/10.1016/j.healthpol.2005.04.010≯.

De Bock, O. and Gelade, W. (2012) The Demand for Microinsurance: A Literature Review, Research Paper No. 26, Geneva: Microinsurance Innovation Facility, ILO.

Dercon, S., Gunning, J.W. and Zeitlin, A. (2011) ‘The demand for insurance under limited credibility: evidence from Kenya’, in International Development Conference, DIAL, 2010, Paris.

Dong, H., De Allegri, M., Gnawali, D., Souares, A. and Sauerborn, R. (2009) ‘Dropout analysis of community-based health insurance membership at Nouna, Burkina Faso’, Health Policy 92: 174-9.

Dror, I., Dalal, A. and Matul, M. (2010) Emerging Practices in Consumer Education on Risk Management and Insurance, Briefing Note No. 3, Geneva: Microinsurance Innovation Facility, ILO.

Fitzpatrick, A., Magnoni, B. and Thornton, R.L. (2011) Microinsurance Utilization in Nicaragua: A Report on the Effects on Children, Retention, and Health Claims, Research Paper No. 5, Geneva: Microinsurance Innovation Facility, ILO.

Galarza, F.B. and Carter, M.R. (2010) ‘Risk preferences and demand for insurance in Peru: a field experiment’, in 2010 Annual Meeting Agricultural and Applied Economics Association, 25-27 July 2010, Denver, Colorado.

Ganzach, Y. and Karsahi, N. (1995) ‘Message framing and buying behavior: a field experiment’, Journal of Business Research 32: 11-17.

Gaurav, S., Cole, S. and Tobacman, J. (2011) ‘Marketing complex financial products in emerging markets: evidence from rainfall insurance in India’, Journal of Marketing Research 48: 150-62.

Giesbert, L., Steiner, S. and Bendig, M. (2011) ‘Participation in micro life insurance and the use of other financial services in Ghana’, Journal of Risk and Insurance 78: 7-35.

Giné, X. and Yang, D. (2009) ‘Insurance, credit, and technology adoption: field experimental evidence from Malawi?’ Journal of Development Economics 89: 1-11.

Giné, X., Townsend, R. and Vickery, J. (2008) ‘Patterns of rainfall insurance participation in rural India’, The World Bank Economic Review 22: 539-66.

Giné, X., Karlan, D. and Ngatia, M. (2011) ‘Social networks, financial literacy and index insurance’, mimeo.

International Labour Organization (ILO) (2013) Piloting an Innovative Design for Agricultural Insurance: Can We Relax Liquidity Constraints in Microinsurance Demand? Learning Journeys, Geneva: Microinsurance Innovation Facility, ILO.

Kahneman, D. and Tversky, A. (1979) ‘Prospect theory: an analysis of decision under risk’, Econometrica 47: 263-91.

Matul, M., Tatin-Jaleran, C. and Kelly, E. (2011) Improving Client Value from Microinsurance: Insights from India, Kenya, and the Philippines, Microinsurance Paper No. 12, Geneva: Microinsurance Innovation Facility, ILO.

McCord, M.J., Magnoni, B. and Zimmerman, E. (2012) ‘A Microinsurance Puzzle: How do Demand Factors Link to Client Value?’ MILK Brief #7 [website], MicroInsurance Centre <www.microinsurancecentre.org/milk-project/milk-docs/doc_details/835-milk-brief-7-amicroinsurance- puzzle-how-do-demand-factors-link-to-client-value.html≯ [accessed 18 November 2013]. www.microinsurancecentre.org/milk-project/milk-docs/doc_details/835-milk-brief-7-amicroinsurance- puzzle-how-do-demand-factors-link-to-client-value.html

Mobarak, A.M. and Rosenzweig, M. (2012) Selling Formal Insurance to the Informally Insured [pdf], Institutional Papers, eSocialSciences <www.esocialsciences.org/Articles/ShowArticle.aspx?acat=Institutional+Papers&aid=4777> [accessed 22 November 2013]. www.esocialsciences.org/Articles/ShowArticle.aspx?acat=Institutional+Papers&aid=4777

Mullainathan, S. and Shafir, E. (2009) ‘Savings policy and decision-making in low-income households’, in M. Barr and R. Blank (eds), Insufficient Funds: Savings, Assets, Credit and Banking among Low-income Households, pp. 121-45 New York: Russell Sage Foundation Press.

Norton, M., Holthaus, E., Madajewicz, M., Osgood, D., Peterson, N., Gebremichael, M., Mullally, C. and The, T.L. (2011) ‘Investigating demand for weather index insurance: experimental evidence from Ethiopia’, 2011 Annual Meeting Agricultural and Applied Economics Association, 24-26 July 2011, Pittsburgh, Pennsylvania.

Patt, A., Peterson, N., Carter, M., Velez, M., Hess, U. and Suarez, P. (2009) ‘Making index insurance attractive to farmers’, Mitigation and Adaptation Strategies for Global Change 14: 737-53.

Platteau, J-P. and Ugarte, D. (2013) Understanding and Information Failures: Lessons from a Health Microinsurance Program in India. Research Paper No. 29, Geneva: Microinsurance Innovation Facility, ILO.

Pott, J. and Holtz, J. (2013) Value-added Services in Health Microinsurance, Microinsurance Paper No. 19, Geneva: Microinsurance Innovation Facility, ILO.

Poulton, D., Magnoni, B. and Zimmerman, E. (2013) ‘Keep your insurance close, and your friends and family closer’, Milk Brief #25 [website], Micro Insurance Centre <www.microinsurancecentre.org/milk-project/milk-docs/doc_details/1029-milk-brief-25-keep-yourinsurance-close-and-your-friends-and-family-closer.html≯ [accessed 18 November 2013]. www.microinsurancecentre.org/milk-project/milk-docs/doc_details/1029-milk-brief-25-keep-yourinsurance-close-and-your-friends-and-family-closer.html

Stein, D. (2011) ‘Paying premiums with the insurer's money: how loss aversion drives dynamic insurance decisions’, mimeo.

Stein, D. and Tobacman, J. (2011) ‘Weather insured savings accounts’, mimeo.

Thaler, R.H. and Sunstein, C.R. (2008) Nudge: Improving Decisions about Health, Wealth, and Happiness, New Haven, CT: Yale University Press.

Thornton, R.L., Hatt, L.E., Field, E.M., Islam, M., Diaz, F.S. and González, M.A. (2010) ‘Social security health insurance for the informal sector in Nicaragua: a randomized evaluation’, Health Economics 19: 181-206 <http://dx.doi.org/10.1002/hec.1635≯.

Tower, C. and McGuinness, E. (2011) A Friend Indeed: An Evaluation of an Insurance Education Radio Campaign in Kenya, Washington, DC: Microfinance Opportunities.

Ackah, C. and Owusu, A. (2012) ‘Assessing the knowledge of and attitude towards insurance in Ghana’, in Research Conference on MicroInsurance 2012, Twente, Netherlands.

Akter, S., Brouwer, R., Chowdhury, S. and Aziz, S. (2008) ‘Determinants of participation in a catastrophe insurance programme: empirical evidence from a developing country’, in 2008 Conference (52nd), Australian Agricultural and Resource Economics Society, Canberra.

Arun, T. and Bendig, M. (2010) ‘Risk management among the poor: the case of microfinancial services’, IZA Discussion Papers, Bonn, Germany: University of Bonn.

Basaza, R., Criel, B. and Van der Stuyft, P. (2008) ‘Community health insurance in Uganda: why does enrolment remain low? A view from beneath’, Health Policy 87: 172-84 <http://dx.doi.org/10.1016/j.healthpol.2007.12.008≯.

Bauchet, J., Zimmerman, E., Magnoni, B. and Poulton, D. (2013) Protecting Those Left Behind: An Experimental Study of Life Microinsurance Purchase Decisions of Compartamos Banco's Borrowers in Mexico, Appleton, WI: The MicroInsurance Centre.

Bonan, J., Dagnelie, O., LeMay-Boucher, P. and Tenikue, M. (2011) Is It All About Money? A Randomized Evaluation of the Impact of Insurance Literacy and Marketing Treatments on the Demand for Health Microinsurance in Senegal, Research Paper No. 14, Geneva: Microinsurance Innovation Facility, ILO.

Cai, H., Chen, Y., Fang, H. and Zhou, L. (2009) Microinsurance, Trust and Economic Development: Evidence from a Randomized Natural Field Experiment, Working Paper 15396, Cambridge, MA: National Bureau of Economic Research.

Cai, J., De Janvry, A. and Sadoulet, E. (2011) Social Networks and Insurance Take-up: Evidence from a Randomized Experiment in China, Research Paper No. 8, Geneva: Microinsurance Innovation Facility, ILO.

Chen, K.Z., Liu, Y., Hill, R., Xiao, C. and Liu, L. (2012) Can We Relax Liquidity Constraints on Microinsurance Demand? Piloting an Innovative Design for Agricultural Insurance, Technical Report, Geneva: Microinsurance Innovation Facility, ILO.

Churchill, C., Dalal, A. and Ling, J. (2012) Pathways towards Greater Impact: Better Microinsurance Models, Products and Processes for MFIs, Microinsurance Paper No. 18, Geneva: Microinsurance Innovation Facility, ILO.

Clarke, D., Das, N., de Nicola, F., Hill, R.V., Kumar, N. and Mehta, P. (2012) ‘The value of (customized) insurance for farmers in rural Bangladesh’, in Research Conference on Microinsurance 2012, Twente, Netherlands.

Cole, S., Giné, X., Tobacman, J., Topalova, P., Townsend, R. and Vickery, J. (2011a) Barriers to Household Risk Management: Evidence from India [pdf], Institutional Papers, eSocialSciences <www.esocialsciences.org/Articles/ShowArticle.aspx?acat=Institutional+Papers&aid=4293≯ [accessed 22 November 2013]. www.esocialsciences.org/Articles/ShowArticle.aspx?acat=Institutional+Papers&aid=4293

Cole, S., Stein, D. and Tobacman, J. (2011b) ‘What is rainfall index insurance worth? A comparison of valuation techniques’, mimeo.

Crayen, D., Hainz, C. and de Martinez, C.S. (2010) Remittances, Banking Status and the Usage of Insurance Schemes, CESifo Working Paper Series 3117, CESifo Group Munich.

Criel, B. and Waelkens M.P. (2003) ‘Declining subscriptions to the maliando mutual health organisation in Guinea-Conakry (West Africa): What is going wrong?’ Social Science & Medicine 57: 1205-19 <http://dx.doi.org/10.1016/S0277-9536(02)00495-1≯.

Dalal, A. and Morduch, J. (2010) The Psychology of Microinsurance: Small Changes Can Make a Surprising Difference, Microinsurance Paper No. 5, Geneva: Microinsurance Innovation Facility, ILO.

De Allegri, M., Sanon, M., Bridges, J. and Sauerborn, R. (2006) ‘Understanding consumers’ preferences and decision to enrol in community-based health insurance in rural West Africa’, Health Policy 76: 58-71 <http://dx.doi.org/10.1016/j.healthpol.2005.04.010≯.

De Bock, O. and Gelade, W. (2012) The Demand for Microinsurance: A Literature Review, Research Paper No. 26, Geneva: Microinsurance Innovation Facility, ILO.

Dercon, S., Gunning, J.W. and Zeitlin, A. (2011) ‘The demand for insurance under limited credibility: evidence from Kenya’, in International Development Conference, DIAL, 2010, Paris.

Dong, H., De Allegri, M., Gnawali, D., Souares, A. and Sauerborn, R. (2009) ‘Dropout analysis of community-based health insurance membership at Nouna, Burkina Faso’, Health Policy 92: 174-9.

Dror, I., Dalal, A. and Matul, M. (2010) Emerging Practices in Consumer Education on Risk Management and Insurance, Briefing Note No. 3, Geneva: Microinsurance Innovation Facility, ILO.

Fitzpatrick, A., Magnoni, B. and Thornton, R.L. (2011) Microinsurance Utilization in Nicaragua: A Report on the Effects on Children, Retention, and Health Claims, Research Paper No. 5, Geneva: Microinsurance Innovation Facility, ILO.

Galarza, F.B. and Carter, M.R. (2010) ‘Risk preferences and demand for insurance in Peru: a field experiment’, in 2010 Annual Meeting Agricultural and Applied Economics Association, 25-27 July 2010, Denver, Colorado.

Ganzach, Y. and Karsahi, N. (1995) ‘Message framing and buying behavior: a field experiment’, Journal of Business Research 32: 11-17.

Gaurav, S., Cole, S. and Tobacman, J. (2011) ‘Marketing complex financial products in emerging markets: evidence from rainfall insurance in India’, Journal of Marketing Research 48: 150-62.

Giesbert, L., Steiner, S. and Bendig, M. (2011) ‘Participation in micro life insurance and the use of other financial services in Ghana’, Journal of Risk and Insurance 78: 7-35.

Giné, X. and Yang, D. (2009) ‘Insurance, credit, and technology adoption: field experimental evidence from Malawi?’ Journal of Development Economics 89: 1-11.

Giné, X., Townsend, R. and Vickery, J. (2008) ‘Patterns of rainfall insurance participation in rural India’, The World Bank Economic Review 22: 539-66.

Giné, X., Karlan, D. and Ngatia, M. (2011) ‘Social networks, financial literacy and index insurance’, mimeo.

International Labour Organization (ILO) (2013) Piloting an Innovative Design for Agricultural Insurance: Can We Relax Liquidity Constraints in Microinsurance Demand? Learning Journeys, Geneva: Microinsurance Innovation Facility, ILO.

Kahneman, D. and Tversky, A. (1979) ‘Prospect theory: an analysis of decision under risk’, Econometrica 47: 263-91.

Matul, M., Tatin-Jaleran, C. and Kelly, E. (2011) Improving Client Value from Microinsurance: Insights from India, Kenya, and the Philippines, Microinsurance Paper No. 12, Geneva: Microinsurance Innovation Facility, ILO.

McCord, M.J., Magnoni, B. and Zimmerman, E. (2012) ‘A Microinsurance Puzzle: How do Demand Factors Link to Client Value?’ MILK Brief #7 [website], MicroInsurance Centre <www.microinsurancecentre.org/milk-project/milk-docs/doc_details/835-milk-brief-7-amicroinsurance- puzzle-how-do-demand-factors-link-to-client-value.html≯ [accessed 18 November 2013]. www.microinsurancecentre.org/milk-project/milk-docs/doc_details/835-milk-brief-7-amicroinsurance- puzzle-how-do-demand-factors-link-to-client-value.html

Mobarak, A.M. and Rosenzweig, M. (2012) Selling Formal Insurance to the Informally Insured [pdf], Institutional Papers, eSocialSciences <www.esocialsciences.org/Articles/ShowArticle.aspx?acat=Institutional+Papers&aid=4777> [accessed 22 November 2013]. www.esocialsciences.org/Articles/ShowArticle.aspx?acat=Institutional+Papers&aid=4777

Mullainathan, S. and Shafir, E. (2009) ‘Savings policy and decision-making in low-income households’, in M. Barr and R. Blank (eds), Insufficient Funds: Savings, Assets, Credit and Banking among Low-income Households, pp. 121-45 New York: Russell Sage Foundation Press.

Norton, M., Holthaus, E., Madajewicz, M., Osgood, D., Peterson, N., Gebremichael, M., Mullally, C. and The, T.L. (2011) ‘Investigating demand for weather index insurance: experimental evidence from Ethiopia’, 2011 Annual Meeting Agricultural and Applied Economics Association, 24-26 July 2011, Pittsburgh, Pennsylvania.

Patt, A., Peterson, N., Carter, M., Velez, M., Hess, U. and Suarez, P. (2009) ‘Making index insurance attractive to farmers’, Mitigation and Adaptation Strategies for Global Change 14: 737-53.

Platteau, J-P. and Ugarte, D. (2013) Understanding and Information Failures: Lessons from a Health Microinsurance Program in India. Research Paper No. 29, Geneva: Microinsurance Innovation Facility, ILO.

Pott, J. and Holtz, J. (2013) Value-added Services in Health Microinsurance, Microinsurance Paper No. 19, Geneva: Microinsurance Innovation Facility, ILO.

Poulton, D., Magnoni, B. and Zimmerman, E. (2013) ‘Keep your insurance close, and your friends and family closer’, Milk Brief #25 [website], Micro Insurance Centre <www.microinsurancecentre.org/milk-project/milk-docs/doc_details/1029-milk-brief-25-keep-yourinsurance-close-and-your-friends-and-family-closer.html≯ [accessed 18 November 2013]. www.microinsurancecentre.org/milk-project/milk-docs/doc_details/1029-milk-brief-25-keep-yourinsurance-close-and-your-friends-and-family-closer.html

Stein, D. (2011) ‘Paying premiums with the insurer's money: how loss aversion drives dynamic insurance decisions’, mimeo.

Stein, D. and Tobacman, J. (2011) ‘Weather insured savings accounts’, mimeo.

Thaler, R.H. and Sunstein, C.R. (2008) Nudge: Improving Decisions about Health, Wealth, and Happiness, New Haven, CT: Yale University Press.

Thornton, R.L., Hatt, L.E., Field, E.M., Islam, M., Diaz, F.S. and González, M.A. (2010) ‘Social security health insurance for the informal sector in Nicaragua: a randomized evaluation’, Health Economics 19: 181-206 <http://dx.doi.org/10.1002/hec.1635≯.

Tower, C. and McGuinness, E. (2011) A Friend Indeed: An Evaluation of an Insurance Education Radio Campaign in Kenya, Washington, DC: Microfinance Opportunities.

Ackah, C. and Owusu, A. (2012) ‘Assessing the knowledge of and attitude towards insurance in Ghana’, in Research Conference on MicroInsurance 2012, Twente, Netherlands.

Akter, S., Brouwer, R., Chowdhury, S. and Aziz, S. (2008) ‘Determinants of participation in a catastrophe insurance programme: empirical evidence from a developing country’, in 2008 Conference (52nd), Australian Agricultural and Resource Economics Society, Canberra.

Arun, T. and Bendig, M. (2010) ‘Risk management among the poor: the case of microfinancial services’, IZA Discussion Papers, Bonn, Germany: University of Bonn.

Basaza, R., Criel, B. and Van der Stuyft, P. (2008) ‘Community health insurance in Uganda: why does enrolment remain low? A view from beneath’, Health Policy 87: 172-84 <http://dx.doi.org/10.1016/j.healthpol.2007.12.008≯.

Bauchet, J., Zimmerman, E., Magnoni, B. and Poulton, D. (2013) Protecting Those Left Behind: An Experimental Study of Life Microinsurance Purchase Decisions of Compartamos Banco's Borrowers in Mexico, Appleton, WI: The MicroInsurance Centre.

Bonan, J., Dagnelie, O., LeMay-Boucher, P. and Tenikue, M. (2011) Is It All About Money? A Randomized Evaluation of the Impact of Insurance Literacy and Marketing Treatments on the Demand for Health Microinsurance in Senegal, Research Paper No. 14, Geneva: Microinsurance Innovation Facility, ILO.

Cai, H., Chen, Y., Fang, H. and Zhou, L. (2009) Microinsurance, Trust and Economic Development: Evidence from a Randomized Natural Field Experiment, Working Paper 15396, Cambridge, MA: National Bureau of Economic Research.

Cai, J., De Janvry, A. and Sadoulet, E. (2011) Social Networks and Insurance Take-up: Evidence from a Randomized Experiment in China, Research Paper No. 8, Geneva: Microinsurance Innovation Facility, ILO.

Chen, K.Z., Liu, Y., Hill, R., Xiao, C. and Liu, L. (2012) Can We Relax Liquidity Constraints on Microinsurance Demand? Piloting an Innovative Design for Agricultural Insurance, Technical Report, Geneva: Microinsurance Innovation Facility, ILO.

Churchill, C., Dalal, A. and Ling, J. (2012) Pathways towards Greater Impact: Better Microinsurance Models, Products and Processes for MFIs, Microinsurance Paper No. 18, Geneva: Microinsurance Innovation Facility, ILO.

Clarke, D., Das, N., de Nicola, F., Hill, R.V., Kumar, N. and Mehta, P. (2012) ‘The value of (customized) insurance for farmers in rural Bangladesh’, in Research Conference on Microinsurance 2012, Twente, Netherlands.

Cole, S., Giné, X., Tobacman, J., Topalova, P., Townsend, R. and Vickery, J. (2011a) Barriers to Household Risk Management: Evidence from India [pdf], Institutional Papers, eSocialSciences <www.esocialsciences.org/Articles/ShowArticle.aspx?acat=Institutional+Papers&aid=4293≯ [accessed 22 November 2013]. www.esocialsciences.org/Articles/ShowArticle.aspx?acat=Institutional+Papers&aid=4293

Cole, S., Stein, D. and Tobacman, J. (2011b) ‘What is rainfall index insurance worth? A comparison of valuation techniques’, mimeo.

Crayen, D., Hainz, C. and de Martinez, C.S. (2010) Remittances, Banking Status and the Usage of Insurance Schemes, CESifo Working Paper Series 3117, CESifo Group Munich.

Criel, B. and Waelkens M.P. (2003) ‘Declining subscriptions to the maliando mutual health organisation in Guinea-Conakry (West Africa): What is going wrong?’ Social Science & Medicine 57: 1205-19 <http://dx.doi.org/10.1016/S0277-9536(02)00495-1≯.

Dalal, A. and Morduch, J. (2010) The Psychology of Microinsurance: Small Changes Can Make a Surprising Difference, Microinsurance Paper No. 5, Geneva: Microinsurance Innovation Facility, ILO.

De Allegri, M., Sanon, M., Bridges, J. and Sauerborn, R. (2006) ‘Understanding consumers’ preferences and decision to enrol in community-based health insurance in rural West Africa’, Health Policy 76: 58-71 <http://dx.doi.org/10.1016/j.healthpol.2005.04.010≯.

De Bock, O. and Gelade, W. (2012) The Demand for Microinsurance: A Literature Review, Research Paper No. 26, Geneva: Microinsurance Innovation Facility, ILO.

Dercon, S., Gunning, J.W. and Zeitlin, A. (2011) ‘The demand for insurance under limited credibility: evidence from Kenya’, in International Development Conference, DIAL, 2010, Paris.

Dong, H., De Allegri, M., Gnawali, D., Souares, A. and Sauerborn, R. (2009) ‘Dropout analysis of community-based health insurance membership at Nouna, Burkina Faso’, Health Policy 92: 174-9.

Dror, I., Dalal, A. and Matul, M. (2010) Emerging Practices in Consumer Education on Risk Management and Insurance, Briefing Note No. 3, Geneva: Microinsurance Innovation Facility, ILO.

Fitzpatrick, A., Magnoni, B. and Thornton, R.L. (2011) Microinsurance Utilization in Nicaragua: A Report on the Effects on Children, Retention, and Health Claims, Research Paper No. 5, Geneva: Microinsurance Innovation Facility, ILO.

Galarza, F.B. and Carter, M.R. (2010) ‘Risk preferences and demand for insurance in Peru: a field experiment’, in 2010 Annual Meeting Agricultural and Applied Economics Association, 25-27 July 2010, Denver, Colorado.

Ganzach, Y. and Karsahi, N. (1995) ‘Message framing and buying behavior: a field experiment’, Journal of Business Research 32: 11-17.

Gaurav, S., Cole, S. and Tobacman, J. (2011) ‘Marketing complex financial products in emerging markets: evidence from rainfall insurance in India’, Journal of Marketing Research 48: 150-62.

Giesbert, L., Steiner, S. and Bendig, M. (2011) ‘Participation in micro life insurance and the use of other financial services in Ghana’, Journal of Risk and Insurance 78: 7-35.

Giné, X. and Yang, D. (2009) ‘Insurance, credit, and technology adoption: field experimental evidence from Malawi?’ Journal of Development Economics 89: 1-11.

Giné, X., Townsend, R. and Vickery, J. (2008) ‘Patterns of rainfall insurance participation in rural India’, The World Bank Economic Review 22: 539-66.

Giné, X., Karlan, D. and Ngatia, M. (2011) ‘Social networks, financial literacy and index insurance’, mimeo.

International Labour Organization (ILO) (2013) Piloting an Innovative Design for Agricultural Insurance: Can We Relax Liquidity Constraints in Microinsurance Demand? Learning Journeys, Geneva: Microinsurance Innovation Facility, ILO.

Kahneman, D. and Tversky, A. (1979) ‘Prospect theory: an analysis of decision under risk’, Econometrica 47: 263-91.

Matul, M., Tatin-Jaleran, C. and Kelly, E. (2011) Improving Client Value from Microinsurance: Insights from India, Kenya, and the Philippines, Microinsurance Paper No. 12, Geneva: Microinsurance Innovation Facility, ILO.

McCord, M.J., Magnoni, B. and Zimmerman, E. (2012) ‘A Microinsurance Puzzle: How do Demand Factors Link to Client Value?’ MILK Brief #7 [website], MicroInsurance Centre <www.microinsurancecentre.org/milk-project/milk-docs/doc_details/835-milk-brief-7-amicroinsurance- puzzle-how-do-demand-factors-link-to-client-value.html≯ [accessed 18 November 2013]. www.microinsurancecentre.org/milk-project/milk-docs/doc_details/835-milk-brief-7-amicroinsurance- puzzle-how-do-demand-factors-link-to-client-value.html

Mobarak, A.M. and Rosenzweig, M. (2012) Selling Formal Insurance to the Informally Insured [pdf], Institutional Papers, eSocialSciences <www.esocialsciences.org/Articles/ShowArticle.aspx?acat=Institutional+Papers&aid=4777> [accessed 22 November 2013]. www.esocialsciences.org/Articles/ShowArticle.aspx?acat=Institutional+Papers&aid=4777

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Tower, C. and McGuinness, E. (2011) A Friend Indeed: An Evaluation of an Insurance Education Radio Campaign in Kenya, Washington, DC: Microfinance Opportunities.