Precondition on microinsurance in Ukraine: Contingent valuation approach for poor population behaviour regarding insurance services
The work represents the risk-behavioral aspects of finance and insurance related to low-income people in Ukraine and answers the main question concerning microinsurance: can microinsurance provide value for low-income people? The definition of microinsurance is presented. The study uses the continge...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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IEECA
2019-11-01
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| Series: | Journal of Eastern European and Central Asian Research |
| Subjects: | |
| Online Access: | https://ieeca.org/journal/index.php/JEECAR/article/view/378 |
| Summary: | The work represents the risk-behavioral aspects of finance and insurance related to low-income people in Ukraine and answers the main question concerning microinsurance: can microinsurance provide value for low-income people? The definition of microinsurance is presented. The study uses the contingent valuation method, as it used a survey to directly ask low-income people how much they would be willing to pay for insurance. The polling was performed in 2011-2013 and covered about 3000 people. It is found that Urban poor were found to prefer to have an annual microinsurance premium of less than 3% of the Minimal Ukrainian Salary (MUS) and the desired size of annual microinsurance coverage was found to be not less than the 3MUS microinsurance tariff, at a rate 1% of the desired insurance sum. |
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| ISSN: | 2328-8272 2328-8280 |