India diagnostic study findings
The country diagnostic is complete and the first-of-its-kind report on mutual and cooperative microinsurance in India ‘The missing chapter of microinsurance in India – a diagnostic of mutuals’ is now publically available. The report is jointly published by ICMIF and the Insurance Institute of India (III).
Despite insurance based social security schemes, a large section of the Indian population remains excluded with insurance penetration at 3.44% and the penetration in non-life static at 0.5-0.8 % over the last 10 years (IRDA annual report 2015-16). With about 600,000 cooperatives in the country and a membership of over 250 million, the potential for developing mutual and cooperative insurance in India is enormous.
This country diagnostic study highlights the potential role that mutual microinsurance can play in closing the protection gap in India and highlights the fact that mutuals strive to build long-term resilience for the poor through education, access and risk reduction strategies.