According Robert Holzmann and Steen Jorgensen, “the notion of risk refers to uncertainty or unpredictability that result in welfare losses.” There can be different types of risks ranging from natural, health, social, economic, political and environmental. Bonilla Garcia and J.V. Gruat have broadly … [Read more...] about 11. Micro-Insurance: Risks

Social protection is definitely a need in the growing world. It has been acknowledged as a fact that both social protection and economic development are mutually reinforcing each other. Besides, it is playing an important role in promoting social justice and equity and reducing poverty. Following … [Read more...] about 10. Micro-Insurance: The Need for Social Protection

The introduction of social protection has often been considered as one of the most significant social achievements of the 20th Century. It is perceived to be one of the systematic tools to eradicate poverty and enable the vulnerable sections of the society to live a decent life. It is also said … [Read more...] about 9. Micro-Insurance: Social Protection is a Human Right

Social protection refers to certain measures adopted by the society to protect its members from socio-economic challenges. Following are some definitions of 'Social Protection':According to The United Nations Economic and Social Council, social protection should be “broadly understood as a set of … [Read more...] about 8. Micro-Insurance: Social Protection

Since informal economy is characterized by low-incomes, unhygienic conditions, lack of social protection systems and poor organization, women are likely to suffer more from such critical problems, as they have additional role of carrying out household work like looking after children. Informal … [Read more...] about 7. Micro-Insurance: Implications of Informal Economy on Women

Women constitute a substantial portion of labour force in the informal economy. In countries like India, Indonesia and the Philippines, the share of women in home-based work is more than 80%. The following table gives an overview of the share of women and men in non-wage employment:The factors … [Read more...] about 6. Micro-Insurance: Women and the Informal Economy

More than 80% of the population in India works in the informal sector and just about 20% in the formal sector. Nearly 50% of the people in Indonesia and Thailand for the non-agricultural labour force working in the informal sector. In the Philippines, about 63% of the people belong to this economy. … [Read more...] about 5. Micro-Insurance: Some Facts about Informal Economy

Informal sector is the pre-existence of the formal sector. However, its contribution to the world economy has been very recently recognised and debated upon. The word, “informal economy” was first brought into reference in 1970s. But its advocacy process began way back in the 1950s and 1960s when it … [Read more...] about 4. Micro-Insurance: Scope of Informal Economy

The term, “Informal Economy” was first used by Keith Hart (Informal Income Opportunities and Urban Employment in Ghana” in Journal of Modern African Studies) during the 1970s to describe the temporary economic strategies adopted by migrant workers in Ghana. Over time, various definitions have come … [Read more...] about 3. Micro-Insurance: Definitions of Informal Economy

The Formal Economy...has an organized system of employment with clear written rules of recruitment, agreement and job responsibilities.has standardized relationship between the employer and the employee is maintained through a formal contract.the employee is expected to work for fixed hours and … [Read more...] about 2. Micro-Insurance: Characteristics of Formal and Informal Economy