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Microinsurance Financial Sustainability Attributed to Consumer Behaviour During the COVID-19 Pandemic: Evidence from The Philippines
Subject area: Management and Commerce · Area of research: Insurance
Abstract
The Covid-19 pandemic is seen as a game-changer, and it brings new challenges and opportunities to the insurance market. The pandemic reminds us of the purpose of insurance: to safeguard people from uncertainty and unpredictable events. The long-term effects of COVID-19 are difficult to anticipate. Microinsurance companies must grasp the opportunity to sustain their financial growth by innovating products to suit shifting consumer behavior and preferences, using technology and digitalization and increasing awareness of the public. This will allow them to have sustainable development in the new normal.
Keywords
Consumer behavior, Covid-19 Pandemic, Micro insurance, Insurance, Micro finance,
References
[1] Asian Development Bank (ADB), (2013): Assessment of microinsurance as emerging microfinance service for the poor: The case of the Philippines. Mandaluyong City, Philippines.
[2] Devera, B. (2022, April 7) IC: Record-high 53.7 million Filipinos covered by microinsurance in 2021. https://business.inquirer.net/345496/ic-record-high-53-7-million-filipinos-covered-by-microinsurance-in-2021
[3] Insurance Commission (2021): Insurance Industry Performance; https://www2.insurance.gov.ph/statistics/statistical-report/
[4] Makove, S. M. (2011, May 26). African Policy Approaches: Microinsurance in Kenya. AIO – A2ii Regulators’ Workshop, Victoria Falls, Zimbabwe May 26, 2011
[5] Morduch, J. (2006). Microinsurance: The next revolution. Understanding Poverty, 337-356.
[6] Nicolas, B. (2021, May 6) Microinsurance now covers more than 50-million Filipinos–IC. Business Mirror. https://businessmirror.com.ph/2021/05/06/microinsurance-now-covers-more-than-50-million-filipinos-ic/
[7] Shevchuk et. al 2020. Pandemic as an accelerator of digital transformation in the insurance industry: evidence from Ukraine. http://dx.doi.org/10.21511/ins.11(1).2020.04
[8] Swiss Re Institute (2020, December 10). All change: how COVID-19 is transforming consumer behavior. https://www.swissre.com/institute/research/topics-and-risk-dialogues/health-and-longevity/covid-19-consumer-behaviour.html
[9] Taneja, S., Malik, R. (2022, March 20). The power of disruption: Digital transformation in insurance. NU Property Casualty 360 (2020).
How to cite this paper
@article{1703496,
author = {Ma. Princess Mamagat-Gabuya, Ricky Malapit},
title = {Microinsurance Financial Sustainability Attributed to Consumer Behaviour During the COVID-19 Pandemic: Evidence from The Philippines},
journal = {Iconic Research And Engineering Journals},
year = {2022},
volume = {5},
number = {12},
pages = {35-38},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1703496.pdf},
abstract = {The Covid-19 pandemic is seen as a game-changer, and it brings new challenges and opportunities to the insurance market. The pandemic reminds us of the purpose of insurance: to safeguard people from uncertainty and unpredictable events. The long-term effects of COVID-19 are difficult to anticipate. Microinsurance companies must grasp the opportunity to sustain their financial growth by innovating products to suit shifting consumer behavior and preferences, using technology and digitalization and increasing awareness of the public. This will allow them to have sustainable development in the new normal.},
keywords = {Consumer behavior, Covid-19 Pandemic, Micro insurance, Insurance, Micro finance,},
month = {June},
}