There is Potential for Mutual Microinsurance Among Sri Lanka’s Grassroots Communities, Study Finds

06 December 2018

A study authored by IPS has found that, although the demand for insurance remains low among low-income communities, there is potential for mutual microinsurance given the prevalence of community-based networks at the grass-root level. The findings highlight the need for regulatory provisions to improve microinsurance coverage in Sri Lanka while raising awareness and building trust/confidence on insurance among low income households.

The Country Diagnostic on Mutual and Cooperative Microinsurance in Sri Lanka  is a pioneering study undertaken by IPS jointly with the International Cooperative and Mutual Insurance Federation (ICMIF), to  investigate the mutual and cooperative microinsurance landscape in Sri Lanka.

Published by the ICMIF, this study was conducted as part of ICMIF’s 5-5-5 Mutual Microinsurance Strategy, which aims to improve microinsurance coverage by five million households in five emerging markets within five years.

The report was authored by IPS Research Fellow, Ganga Tilakaratna, IPS Research Officer Chinthani Sooriyamudali, former IPS Research Assistant, Anarkalee Perera, and former IPS Project Officer, Manavee Abeyawickrama. The report was released on 06 December 2018.