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Abstract
Most Asian countries exhibit modest income levels and low insurance penetration, while facing rising exposures to natural disasters due to climate change. This paper discusses a strategy for regional collaboration among Asian countries to build resilience through participation in a regional insurance pool. At the core of this strategy is a new type of Climate De-risk Insurance (CDRI) product, where a portion (10–20 %) of the premium is designated for risk assessment and mitigation as compared to conventional loss coverage. CDRI products are offered through commercial insurance companies in participating countries and distributed through a network of dedicated risk management agencies. CDRI insurance needs to be guided by enabling regulation, with greater emphasis on the effectiveness of the use of funds in risk mitigation and claims payments. Moreover, the CDRI development fund can be created in the form of a public-private partnership, as a means of mobilizing financial support for rolling out CDRI insurance.

The rural insurance is a major concern for the government today. The various financial institutions are also showing their keen interest towards fulfilling all insurance assistance to the rural people. Most of the banks, financial institutions, and insurance companies are now focusing on rural banking and rural insurance. The main objectives of these institutions are to provide agriculture insurance, crop insurance, life insurance, and rural health insurance. At present, about 80% of the rural population is not insured in any form of insurance. The government has stressed more on the Foreign Direct Investment limit but it is not a permanent solution because foreign investors are having their own vested interest. In the recent development, 49% of FDI is allowed in the insurance sector from earlier 26% to increase the inflow of funds in this sector. There is a need to make an aggressive approach towards increasing insurance penetration in those areas where it is very low. The insurance companies need to4 make all efforts to reach out to every section of the society with customized rural insurance products. This will lead to the inclusive growth of the marginalized section of the society and thus it will lead to the economic development of the society as well. This paper is primarily based on the study of insurance companies and their approaches towards the marginalized section of the society. It is also to find out the main reasons behind the underutilization of insurance in rural areas.

Flood insurance plays a pivotal role in disaster management, providing the financial safety net for individuals and communities at risk. However, flood insurance penetration may not align with the actual flood risk over space. Using the National Risk Index and the National Flood Insurance Program (NFIP) Datasets, this study examines the county-level mismatch between flood risk and insurance protection across the contiguous United States, with an emphasis on both coastal and riverine flooding. Our findings indicate that, while a very limited number of high-risk counties are underinsured for coastal flooding, several high-risk counties experienced inadequate insurance protection for riverine flooding. These findings underscore the need for targeted policy interventions to improve flood risk awareness and insurance access in vulnerable areas facing the increasing impacts of climate change.

The aim is to consider the development of different elements of European insurance market infrastructure. The next tasks of the study were done: to generalize main indicators of the development of European insurance market from 2012 to 2016; to characterize elements of European insurance market infrastructure and define their collaboration with elements of the world insurance market infrastructure. Methodology. Such methods were used to do an abovementioned tasks: information collection about elements of European insurance market infrastructure; analysis of tendencies of the main indicators of the development of European insurance market from 2012 to 2016; generalization to characterize the elements of European insurance market infrastructure, define their collaboration with the elements of the world insurance market infrastructure and make conclusions. Results. Main indicators of the de-velopment of European insurance market were increasing from 2012 to 2014 and decreasing from 2015 to 2016. Total premium volume as a share in GDP of Europe (insurance penetration) did not exceed 7% from 2012 to 2016 and as a share in the world GDP declined from 2.1% in 2014 to 1.95% in 2016. It was connected with results of the United Kingdom referendum on the European Union membership. The development of European insurance market is also under the influence of activity of elements of insurance market infrastructure such as Actuarial Association of Europe (AAE), Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE), European Financial Management Association (EFMA), European Insurance and Occupational Pensions Authority (EIOPA), European Federation of Insurance Intermediaries (BIPAR), European insurance and reinsurance federation (Insurance Europe), Geneva Association, Insurance Institute of London (IIL). Value. This research indicates that the development of European insurance market infrastructure is caused by different factors: financial crises, legislation gap, improving the quality of information and others. Various of elements of European insurance market infrastructure were established to overcome such challenges and provide participants of insurance market with a necessary information, consultations, educational services and re-sults of research, also through collaboration with elements of the world insurance market infrastructure. Results of this investigation can become a ground for fur-ther research in the field of defining an impact of activity of infrastructure elements on the development of an insurance market.

This publication provides annual information on insurance activities including: number of companies, number of employees, premiums by type of insurance, market share by foreign companies in each country, business written abroad, premiums in terms of risk destination (foreign or domestic risks), foreign and domestic investments, gross claims payments, gross operating expenses and commissions, OECD market share, penetration, density, and premiums per employee. Coverage is provided for all OECD countries from 1994 onwards. Data are presented in national currency values

Purpose– The purpose of this paper is to examine the causal relationship between insurance penetration and economic growth in eight selected African countries.Design/methodology/approach– The auto-regressive distributed lags bounds approach to cointegration is employed on annual time-series data from 1990 to 2010 to test the causal relationship between insurance and economic growth in Algeria, Gabon, Kenya, Madagascar, Mauritius, Morocco, Nigeria and South Africa. The ratio of life and non-life insurance premiums to gross domestic product are employed as proxies for insurance market development.Findings– The results of the bound test shows a long-run relationship between insurance market activities and economic growth for Kenya, Mauritius, Morocco, Nigeria and South Africa. Causality analysis within the vector error correction model indicates a uni-directional causality from insurance market development to economic growth except for Morocco where there is evidence of a bi-directional causality. Causality within the vector autoregressive framework also provides evidence of a uni-directional causality for Algeria and Madagascar to support the "supply-leading" hypothesis while mixed causality was found for Gabon.Practical implications– This findings provides policy direction for governments and regulatory authorities for developing insurance market in the sample countries.Originality/value– This is the first study to examine the finance-growth relationship from the perspective of insurance markets in a cross-section of African countries.

This annual publication provides major official insurance statistics for all OECD countries, including data on number of companies, number of employees, premiums by type of insurance, market share by foreign companies in each country, business written abroad, premiums in terms of risk destination (foreign or domestic risks), foreign and domestic investments, gross claims payments, gross operating expenses and commissions, OECD market share, penetration, density, and premiums per employee . Data are available for all OECD countries and Singapore. Data are presented in national currency values.

The whole world is facing a substantial of natural disasters which brings severe damages throughout the world. Attention must be given to rehabilitate the business community that is affected by these disasters. However, improper planning for recovering damages in business community becomes a major issue when it obstructs the continuation and development of the business community. Therefore, required measures should be taken to avoid collapsing of development of the business community affected by disasters. In this context, insurance plays a vital role to reinstate the business while reducing the financial consequences of the disaster. This study investigates the role of insurance as a provision to recover the disastrous destruction of the business community in Sri Lanka. To achieve this, the survey method was used as the approach and semi structured interviews carried out within five experts from insurance sector and eight experts from the business community. Content analysis was used to analyze the collected data from the empirical study. The analysis of the findings based on two areas of insurers' and insured' perception of insurance. One of the major finding was that the insurance is not extended to any frequent disaster prone area of the country unless accepted by the insured with either higher premium amount or higher amount of deductible. As per the insurer's side, some issues of the current practice are identified as less awareness, dishonesty and fraudulent practice of the insured which leads to less identification of the insurance as a risk management strategy within the business community. According to the insured, main purposes of obtaining insurance are quick recovery of business and to fulfil the borrowing requirements. Recommendations were developed as increase the awareness, educating and the government participation to increase the insurance penetration to the business community.

Insurance is one of the key activities in a globalised financial and economic environment. Through its benefits, it offers income, life and property protection to the insured and their keens, as well as income accumulation that can be used at retirement to help preserve the desired lifestyle or living standards. Motivated by this end of insurance, the goal of this paper is to study the contribution of insurance growth to economic growth, by employing the benefit side of the insurance activity, next to the acquisition side that has already been considered. More precisely, the findings provide evidence that gross claims payments and gross operating expenses are significantly and positively related to economic growth. At the same time, the results confirm the findings of the existing literature that gross premia and insurance penetration are also significantly and positively related to economic growth. The outcomes hold true for total, life and non-life insurance, both during the pre- and post- 2008-crisis periods, even though less strong after the crisis. Furthermore, the positive and statistically significant impact of gross capital formation, government expenditure, secondary schooling, FDI inflows, trade openness and financial development is validated, in line with certain theoretical expectations. ; N/A

The growing complexity of life insurance markets requires a deep understanding of the many factors that shape people's choices about buying life insurance. This investigation examines the determinants that affect individuals' choices to secure life insurance coverage, utilizing binary, ordinal logistic and an unordered multinomial regression to scrutinize demographic and socioeconomic variables. The model's statistical significance is validated by a Chi-Squared statistic, -2 Log Likelihood and the explanatory power is measured using Cox & Snell R Square, Nagelkerke R Square and McFadden. The research is grounded in a comprehensive survey of 843 respondents, examining key factors like age, gender, education, income, size, savings, opinion, and status, assessing how they impact life insurance licensing and Willingness to Acquire Insurance. The findings reveal limited predictors for the possession of a life insurance license, with significant positive correlations observed for Income and Information, while demographic factors such as Age, Gender, Status, and Size showed no significant effects. The ordinal logistic regression model identified Size as a significant predictor of willingness to acquire insurance, although Age and Income displayed marginal positive influences. Notably, negative opinions significantly impacted willingness, while Savings correlated negatively, yet without statistical significance. These findings provide valuable insights for policymakers and industry stakeholders aiming to enhance life insurance penetration by addressing motivational and barrier factors encountered by potential insured individuals. The study highlights the limitations of consumer perception research done only in one country because its findings are specific to Albania. Expanding the sample to include a wider geographic range could also provide deeper insights into the motivations and barriers faced by potential policyholders.

Received: 24 October 2024 / Accepted: 31 December 2024 / Published: 05 January 2025

While considering the all round development of a nation, health of its citizens is an inevitable part. But in many case it is seen that, especially in low income countries, people have to suffer a lot while accessing healthcare services. Out of pocket expenses for getting healthcare services make people vulnerable. In such a scenario, health insurance can be a very important mechanism for healthcare financing. Especially in a country like India where Government spends only 1.4 of GDP in healthcare, an efficient health insurance system is of dire necessity. In India, Health insurance is not as famous as life insurance. Although, health insurance penetration is growing but, still only less than one fifth of India's population are covered with any kind of Insurance coverage. Health Insurance market faces many challenges including adverse selection, moral hazard, low awareness, lack of responsible authorities, etc. which really discourages the performance of health insurance in India. This paper mainly tries to give an overview of the health insurance system in India along with the problems and challenges faced by it. Kunuma Das "Current Scenario of Health Insurance in India: A Study Comprising Various Challenges and Measures for IT" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-2 | Issue-2 , February 2018, URL: https://www.ijtsrd.com/papers/ijtsrd9658.pdf

This article will explore risk spreading practices in the so-called 'popular economy' in South Africa. Concepts like 'insurance', 'insurance law' and 'customary law' will be interrogated, with the analysis falling on traditional and more modern informal responses to risk, as well as more formal responses resulting from the increased penetration of private insurance in the democratic era. This contribution aims to address concerns expressed about both informal and formal risk spreading practices, to argue towards a conclusion that a pluralistic notion of 'insurance' should not necessarily be sacrificed in service of corporate profit aims. Value remains in 'customary insurance law', and these cultural responses may provide evidence of a broader contract value system to be used in the service of developing the South African laws of contract and insurance. At very least, this value system should inform concepts like consumer insurance law and should be foregrounded in developing a notion of micro-insurance. South Africa has the potential to be a world leader in the field of customary insurance law, as the failings of a comparable system – funeral insurance in Australia – demonstrate.

Gain a holistic view of agricultural (re)insurance and capital market risk transfer Increasing agricultural production and food security remain key challenges for mankind. In order to meet global food demand, the Food and Agriculture Organisation estimates that production has to increase by 50% by 2050 and requires large investments. Agricultural insurance and financial instruments have been an integral part to advancing productivity and are becoming more important in increasingly globalized and specialized agricultural supply chains in the wake of potentially more frequent and severe natural disasters in today's key producing markets. Underwriting, pricing and transferring agricultural risks is complex and requires a solid understanding of the production system, exposure, perils and the most suitable products, which vastly differ among developed and developing markets. In the last decade, new insurance schemes in emerging agricultural markets have greatly contributed to the large growth of the industry from a premium volume of US$10.1 billion (2006) to US$30.7 billion (2017). This growth is bound to continue as insurance penetration and exposure increase and new schemes are being developed. Agricultural (re)insurance has become a cornerstone of sovereign disaster risk financing frameworks. Agricultural Risk Transfer introduces the main concepts of agricultural (re)insurance and capital market risk transfer that are discussed through industry case studies. It also discusses best industry practices for all main insurance products for crop, livestock, aquaculture and forestry risks including risk assessment, underwriting, pricing, modelling and loss adjustment. Describes agricultural production risks and risk management approaches Covers risk transfer of production and financial risks through insurance and financial instruments Introduces modelling concepts for the main perils and key data sources that support risk transfer through indemnity- and index-based products Describes risk pricing and underwriting approaches for crop, livestock, aquaculture and forestry exposure in developed and developing agricultural systems Become familiar with risk transfer concepts to reinsurance and capital markets Get to know the current market landscape and main risk transfer products for individual producers, agribusinesses and governments through theory and comprehensive industry case studies Through Agricultural Risk Transfer , you'll gain a holistic view of ...

Purpose
This study aims to explore the nexus between insurance penetration and economic development in Vietnam, one of the fastest-growing economies over the past two decades.


Design/methodology/approach
This study uses an updated data set of the insurance sector in Vietnam from 1996 to 2020. The autoregressive lagging distribution and cointegrating non-linear autoregressive lagging distribution (NARDL) models are used to explore the nexus between the insurance market development and economic growth.


Findings
This study confirms the unidirectional causality and positive impacts of insurance market development on economic growth both in the short and long term, supporting the "supply-leading" hypothesis. Nonlife insurance has more significant but slower impacts on contributing to economic development in the long run. From the NARDL approach, this study also discloses the asymmetric relationship between the insurance industry and economic growth. Aggregate and life insurance display short- and long-term asymmetric impacts, whereas nonlife insurance shows long-term asymmetry.


Originality/value
To the best of the authors' knowledge, this is the first study to examine the hidden asymmetries of the insurance-growth nexus in Vietnam from non-linear models. Notwithstanding the theoretical contributions to the prior literature, several practical implications are proposed for insurance businesses, policymakers and investors.

The economic importance of insurance is to enable families and companies to manage risk. Diversification and risk transfer are the most important factors in creating added value in insurance. The insurance sector in Macedonia is characterized by a small share in the financial system of about 3.3%, dynamic development and challenges for harmonization of domestic regulation and supervision of insurance with the regulation and practice of the European Union. It is characterized by dynamic development and challenges for harmonization of the regulation and supervision of the insurance with the practice and regulation with the regulation that is practiced in the countries of the European Union. Insurance is gaining momentum in all spheres of human activity, increasing the number of participants in the insurance sector, ie the number of insurance companies as its main pillar. In the last decade, the insurance industry has faced various important changes, such as increasing liberalization, deregulation, financial and economic crisis, etc. The purpose of this paper will be to collect information and analyze the current situation of the business climate of the insurance industry in general in the EU members and with special reference in Macedonia, in order to encourage insurance companies to think and start preparations for partial implementation of the Solvency 2 project, which requires more time in preparation and increase of financial and human capacities. The low level of insurance penetration in the Republic of Macedonia, leads to significant space and opportunities for future growth.