Introduction
Micro-insurance sometimes referred to as the insurance for the poor, is a cover for the low-income earners who necessary for them to have some form of insurance cover. Natural disasters such as major earthquakes and floods pose a major threat to this sector. Other risks such as fire outbreaks and vandalism may also cause a serious impact on the property. Naturally, it is not easy to predict when a risk would occur. As such, it is common for institutions and individuals to have insurance cover that can protect them from unforeseen dangers. The cover is meant to ensure that in case the risk occurs, the insured will be shielded from the consequences by the property being restored to its initial position before the risk occurred through compensation.
Micro-insurance emerged because of the gap that was left in the market by large insurance companies that ignore low-income individuals. Property owners who fall under the category of low-earners still need to be insured against the various risks that they face. The fact that large insurance companies avoid such clients because of their inability to pay large premiums has led to the emergence of micro-insurance companies. Cole explains that the concept of micro-insurance has gained massive popularity in developing economies, especially in parts of Asia and Africa. In these countries, a huge number of property owners cannot afford the cost of mainstream insurance cover. As such, the only option they have is to get services of the micro-insurance cover. That does not mean that in developed countries such as Canada, these services are non-existent. In this paper, the researcher seeks to investigate if there is a role for property micro-insurance in Canada. The following is the research question that defined the nature of data collected from various sources:
Is there a role for property micro-insurance in Canada?
The rationale for the Study
The concept of insurance cover is rapidly gaining popularity in modern society as people gain greater financial coverage. According to Wiedmaier-Pfister, in the past, many people did not understand the relevance of having to pay regular premiums to insurance companies against risks that were less likely to occur. For instance, major earthquakes capable of destroying buildings are rare in Canada. However, some property owners are not willing to take chances and have taken insurance cover against such risks. The problem is that although chances of such a risk occurring are extremely remote, their occurrence may have devastating consequences.
Property worth millions may easily be reduced to worthless rubbles in less than one minute when such a disaster strikes. To avoid such devastating risks, companies have learned to take insurance policies. However, Wiedmaier-Pfister explains that large insurance companies are not willing to insure a section of the potential customers because of their perceived financial inadequacies. This Study will evaluate how micro-insurance institutions have moved in to cover the gap created by the large industry players. It will explain if the concept of micro-insurance has a role to play in the Canadian property industry and factors that make people opt to seek services of these institutions.
Methodology
In this short report, it is necessary to explain the strategy that was used in order to collect data from various sources and the way it was analyzed. According to Sekaran and Bougie, when writing a report, it is always advisable to provide a short description of the method used to obtain and process information from various sources. It helps readers to ascertain the validity of the Study and the ability to generalize findings in a given context. Defining issues such as the scope of data collection, the approach of analysis, and potential challenges faced during the collection and analysis of data is crucial, as Sekaran and Bougie observe. It is also necessary to explain ethical considerations observed during the entire process of the Study.
Data Collection Method
One of the first steps that had to be taken was to define the method appropriate for the collection of primary data from various sources. According to Sekaran and Bougie, when defining the method of collecting data, it is important to take into consideration factors such as time available for the Study, accessibility of individual participants willing to be part of the Study, and such other related factors. In this project, the biggest concern was the time available for the Study. The researcher realized that it would not be possible to collect data from various respondents within such a short period of time as the Study had to be completed. As Bryman explains, the process of sampling participants and meeting them for an interview is time-consuming. The researcher did not have much time, and as such, the Study had to rely mainly on secondary data sources.
The researcher used peer-reviewed journal articles to help collect reliable, actual, and accurate information. A few books were also used to help provide further support for the information collected from the articles. In the process of collecting the secondary data, the researcher was able to interact with two individuals who have been using micro-insurance services to cover their properties. Given that they were willing to participate in a short face-to-face interview that lasted for about 30 minutes, the researcher considered it prudent to collect primary data from them. Besides information obtained from secondary sources, these individuals could help explain reasons why they are using these services and if they feel property micro-insurance has a role to play in Canada. Using a set of questions that had been set to help collect desired information, these respondents helped in providing the needed information about micro-insurance cover in the country and the role it plays in the real estate and related sectors.
Analysis Approach
Once data had been collected, the next important phase is the analysis. As Asmare and Worku explain, when a researcher has collected raw data from the field, it has to be processed so that it can directly answer the research question. In this case, the researcher has to answer the question about the relevance of property micro-insurance in Canada. Data obtained from the two respondents were analyzed using both qualitative and quantitative methods. The quantitative analysis helped in determining the magnitude of the impact of property micro-insurance in Canada. It allowed the researcher to explain quantify the perception that the respondent has about the significance of this cover in the country. On the other hand, the qualitative analysis made it possible to provide a detailed explanation as to why this product is relevant in this society. When discussing factors that affect the demand for property micro-insurance in Canada, the qualitative analysis made it possible to articulate each factor. The mixed-method research helped in providing a comprehensive understanding of the issue under investigation.
Challenges and Ethical Considerations
When conducting this Study, the researcher met a few challenges, which are worth discussing at this stage. The main challenge that the researcher encountered was the limited time available for collecting, processing, and presenting data in this report. According to Cole, micro-insurance is rapidly gaining relevance in developed countries of North America and Europe. This product has largely been considered only relevant in developing countries of African and Asia. However, the growing immigration into developed economies means that countries like Canada currently have a growing population of financially disenfranchised people that might be interested in such products. They may not afford to pay expensive premiums to cover their property, but that does not mean they do not need such products. It was necessary to collect data from as many of these people as possible to understand the relevance of the product in the country. However, the limited time meant that the researcher had to rely heavily on peer-reviewed articles and books.
The researcher had the responsibility of observing ethical considerations when collecting and analyzing data. Given that data collection involving human subjects, it was necessary to ensure that their identity was protected. According to Wiedmaier-Pfister and Lin, it is always advisable for researchers to protect the identity of their subjects to ensure that they are not subjected to any form of discrimination or even attacks because of their varying opinion over an issue. Some people are always intolerant towards those with conflicting perceptions of what they feel should be universally acceptable. The individuals who took part in the Study were identified as participants 1 and 2 instead of using their names. It was also an ethical requirement for the researcher to complete this assignment within the time set by the school. The report avoided any form of academic malpractice, especially plagiarism. As Wiedmaier-Pfister explains, plagiarism is one of the worst academic malpractices that a student can commit. Information obtained from secondary sources was properly cited using the Chicago referencing method.
Findings
In this section, the researcher focused on answering the research question using both primary and secondary data. As explained in the section above, data was collected from only two individuals. The two respondents shared the fact that they have both been using property micro-insurance services for the past several years. At this stage, it is important to note that the information obtained from them may be skewed in favor of these services because they are regular users. A balanced data would have also included respondents who are currently using conventional property insurance cover from large insurance companies. However, the two individuals provided the needed information because they could explain reasons that have made them consider taking such insurance policies. The use of secondary data obtained from journal articles and books also helped in addressing the concern of having skewed data.
Role of Property Micro-insurance in Canada
Property micro-insurance has gained popularity in developing countries as financial literacy continues to grow in these countries. As Peterson puts it, even the poor do not want to lose the little they have when disaster strikes. As such, they opt to take an insurance cover that they can afford. Canada is one of the developed countries with a relatively high per capita income. As such, one would feel that property micro-insurance would not be necessary because an overwhelming majority of the population can afford to pay premiums demanded by conventional insurance companies. Before identifying factors that may push Canadian residents to take property micro-insurance, insurance cover, the researcher wanted to determine if indeed this product has a role in the country. The two participants helped in addressing this question. They were asked if they believe that property micro-insurance has a role to play in Canada, given the developed status of the country. Figure 1 below shows their response.
As explained above, the two individuals who were interviewed in this study are users of property micro-insurance in this country. As such, it is not a surprise that they all strongly agreed with the argument that property micro-finance has a role to play in Canada. The rich may not share the sentiment, but the truth is that a growing number of people living in the country are financially challenged. According to Government of Alberta, Canada has been receiving an increased number of economic immigrants from Asia, Africa, and South America. The majority are take years to achieve financial independence, while others never realize such status. They have to use the little they have to meet their financial responsibilities. The two individuals explained that they have opted for property micro-insurance cover to help them get the protection they need against various perils that can affect their property in cases where conventional financial institutions are unwilling to help.
These individuals understand the potential of these risks taking place and are aware of the devastation they may have. Unfortunately, most of the major insurance companies consider them less desirable clients because of their inability to pay high premiums. As such, they are forced to find alternative covers, which in this case are the micro-insurance companies. To these people, property micro-insurance has a major role to play in protecting the financially challenged residents of this country. According to Parmar and Allegri, Canada has a program that promotes immigration into the country to help deal with the slowing population growth and the need for human resource in some sectors of the economy. They explain that individuals who often consider emigrating from developing to developed worlds are financially strained people who are looking for jobs, better life conditions or social environment. It means that the population of those who are financially challenged in Canada is likely to increase in the coming years. The trend only means that property micro-insurance is likely to become more relevant in this society as long as mainstream insurance institutions continue to shun the poor in the society.
Factors Affect the Demand for Property Micro-insurance in Canada
The analysis above has answered the fundamental question about the fundamental question in this study about the use of property micro-insurance in Canada. The individuals interviewed represent a growing number of those who have found it relevant to take such covers as a way of protecting their property against unforeseen destructive forces. A comprehensive analysis of secondary data sources identified various factors that affect the demand for property micro-insurance in different countries around the world. The recurring factors were outlined and respondents asked to assign their significance. Figure 2 below shows the significance that the participant attached to each of the factors. It is necessary to discuss each factor independently.
Employment Status
Insurance companies often have specific factors that they have to consider before extending loan to a client. One of the factors that they consider is a stable employment or business that will provide a guarantee that the insured will continue to pay the premiums after making the initial payment. According to Courbage, one of the issues that insurance companies would try to avoid is non-payment of premiums in a timely manner. When they realize that the client may have serious challenges making their regular payment, they may turn down such a client. Peroni observes that some unscrupulous individuals have formed a tendency where they take an insurance cover to defraud the insurance company. Such individuals would have a cover for their property knowing that the risk is bound to happen so that they can benefit at the expense of the insurer. One of the ways that mainstream insurance firms eliminate such undesirable customers is to determine that they have a stable revenue stream.
Some of the individuals who take property micro-insurance cover are casual workers. They are hard working Canadian residents who know that they have to make a major effort in everything that they do to make ends meet. They may not have a permanent and pensionable job, but the little they make can meet their expenses, including paying regular premiums for their insurance cover. They are aware that their financial position can be worsened if they suffer from natural disasters or cases such as arson or home invasion. These individuals know that insurance cover can protect them from such undesirable eventualities. However, the fact that mainstream insurance companies are unwilling to offer them the cover forces them to resort to the micro-insurance companies. The premium they offer may be relatively higher than that of the conventional insurance companies, but they always accept arrangement suitable for those who are not in permanent employment. The firms can allow their clients to skip one month and settle the entire bill in the following month in cases of financial constraints. As such, they have gained popularity among a section of Canadian residents.
Monthly Income
The amount that an individual earns on a daily basis may also influence the demand for property micro-insurance in the country. According to Peroni, major insurance companies often have a standard practice when they insure a property. Some of these practices are less flexible, which means that the value insured must be set in a standard manner. However, some of those who are financially challenged may not be capable of paying specific premiums that these leading insurance companies demand from their customers. Chow et al. note that some of these insurance firms often review monthly incomes of a client to determine their capacity to pay premiums needed for the cover. When they realize that these individuals lack such capacities, they may decline to offer the cover.
Micro-insurance companies offer an effective solution to this problem. According to Asmare and Worku, some of them have developed products that perfectly meet the need of the low-income earners. Some have developed products that focus on specific aspects of the property instead of the entire structure. For instance, an insured may take a cover for properties within the building in case of a fire outbreak. It means that in case of a fire, the individual will be compensated for the insured properties only. Such a cover may be less expensive and affordable to the low-income earners. Such products may not be available in major insurance firms in the country.
Insurable Asset
Insurable asset is a common concept that has widely been used in the insurance sector for decades. Whenever one gets an insurance cover, one of the factors that have to be considered is if the asset under the cover is insurable. Cole argues that different approaches can be used to determine if the asset is insurable. One such factor is the cost of the asset. Insurance companies often avoid providing a cover to very expensive assets whose value cannot be recovered easily. If they have to provide the cover, they may decide to share the risk. On the other hand, these firms often avoid insuring assets with significantly low value. They feel that the asset is not worth insuring in terms of the premium that the individual would have to pay.
According to Aitken, micro-insurance companies come in to address the gap left by major companies that feel they cannot insure less valuable assets. A wooden house outside major Canadian cities may not be worth much, but it may be a home to the owner and family members. The owner may feel that they need to take a cover just in case there is fire or any other such undesirable event. Given that such a client cannot be served elsewhere, the only alternative they have is property micro-insurance. These companies are often willing to offer cover to such properties after assessing its value and the likelihood of the risk occurring. Aitken explains that some insurance companies also avoid properties whose value may change significantly within a short period. However, the small size of micro-insurance firms and the close engagement that they always have with their customers make it easy for them to understand these changes within a short period. They can then adjust the value of premiums as might be necessary for the mutual benefit of the company and the client.
Insufficient Financial Literacy
The idea of having an insurance cover requires one to have some financial knowledge to understand its relevance. As shown in figure 2 above, the respondents noted that insufficient financial literacy is one of the main factors driving up the demand for property micro-finance in Canada. According to Wiedmaier-Pfister, some people often fail to see the need to insure their properties. Others feel that it is more advisable to save their money so that they can address the consequences of such negative eventualities through their savings instead of taking the cover. They feel that the possibilities of such events occurring are so remote that it is not worth making a significant monthly payment in premiums. Natural calamities such as major earthquakes are rare in Canada and most parts of North America. However, in the event that they happen, the impact can be devastating. Financially illiterate individuals may not see the relevance of spending money to cover such risks. Micro-insurance firms often go an extra mile to target such individuals, provide them with information that would make them to understand the relevance of having a cover, then offer that cover.
Insufficient financial literacy also makes some individuals to opt for property micro-insurance instead of using the services offered by large companies. According to Wiedmaier-Pfister, the micro-insurance companies are often more expensive in terms of premiums they charge compared with major firms. Their high premium is justified because the limited financial capacity of the majority of their clients means that they can easily default. In cases of default, the payments made by other clients should be sufficient to meet the created gap. A financially literate individual understands that because of these reasons, it is more expensive to take a cover with a micro-insurance company than their larger mainstream counterparts.
Peterson explains that the problem is in some cases created by the mentality of an individual. Once a person is convinced that micro-insurance policies are more effective because of their limited income, even when they become rich, they will still believe that the smaller firms offer better deals than large corporations do. It explains why some financially empowered individuals still rely on these small institutions in the country. Peterson believe that such individuals need some form of financial literacy to understand the most appropriate cover that they should take given their financial capacity and the asset being insured. The problem is that some of these micro-insurance companies may not have the capacity to compensate their clients in time, especially in cases when the number of defaulters is high and the item to be compensated is of high value.
Informal Risk-Sharing Mechanism
Informal risk sharing mechanism was identified as one of the main issues that have made property micro-insurance popular, as shown in the figure 2 above. Parmar and Allegri lament that strict policies set by conventional insurance companies is locking out many people who would otherwise quality for such covers. The small insurance companies in the country have identified this gap and are developing creative ways of addressing it. Some have come up with unique risk-sharing mechanisms attractive to the low-income property owners in the country. Understanding that some of these customers cannot afford expensive premiums, these firms have created a system where clients pool their resources to cover their property against risks that may occur. Using one of the traditional concepts in the insurance company that not all customers will be affected by a specific risk at the same time, they are able to use payments made by one client to compensate the few who are affected.
The informal nature of this mechanism means that it can be negotiated. Mainstream insurance companies have rigid policies that must be followed by customers when making their payments to ensure that they are compensated when the risk occurs. However, these smaller institutions can negotiate with their clients to determine how much they can afford to pay. The insurer and the insured can then agree on what can be covered at such a cost. The main benefit of such an informal arrangement is that it reduces cases of default in paying the premiums. The client will state the amount they can pay per month without defaulting. Then can then select the most important aspect of their property that they want protected. These informal arrangements have become popular among Canadians with limited amount of income. These individuals find it easy meeting their basic needs while at the same time having a small amount of the income going towards covering their property.
Micro-insurance Supply
Micro-insurance supply is another factor that drives the demand for these products in Canada. According to Wiedmaier-Pfister and Lin, individuals with limited education cannot easily understand some of the terms and concepts used in the insurance sector. When these individuals find it difficult accessing mainstream insurance cover because of the conditions set, it becomes even less likely that they can consider using their services. The supply of property micro-insurance is one of the main driving forces behind the massive growth in this sector. Some of these small companies often go to the potential customers instead of waiting for the clients to look for them. These companies would use well-trained sales agents who are capable of explaining any issue that these clients may want to know. The increasing demand for such services has increased the supply of these products in the country.
A study by Wiedmaier-Pfister and Lin shows that the number of micro-insurance companies in developed economies has been increasing consistently over the years. The increasing demand is associated with an increasing number of financially literate individuals who are financially strained. These individuals understand dangers associated with various risks in their property but they feel mainstream financial institution is ignoring them when developing their products. They feel that the only alternative they are left with is to seek the cover that these micro-insurance institutions offer. The growth of demand has lead to an equal growth in the supply of these products. The trend where demand is leading to growth in supply and easy access to these products is leading to even greater demand may likely lead to further growth of the industry.
Delivery Channels
Delivery channel was identified to be another issue that affects the demand for property micro-insurance in Canada. Aitken argues that the growing number of foreign nationals in the country is changing the business landscape. Some of the economic immigrants from Africa, Asia, and Latin America are sensitive to the problem of racism. Wiedmaier-Pfister observes that racism is not as serious a problem as it is in the United States. However, marginalization is still a major problem. Systems in this society are more favorable to whites than it is to other races. Economic migrants have learnt how to survive in such an environment because of their desire to achieve financial independence. However, that does not mean they are comfortable being subjected to ridicule or unfair criticism because of their race. They will try to avoid socio-economic and political setting where they can be made to feel inferior to other members of the society.
Micro-insurance companies have learnt this problem and have redefined their product delivery channels to be suitable to these clients. Most of these companies have hired people from diverse background as their sales representatives. It is common to find a case where a Chinese representative is sent to pitch their sales to Chinese clients. They can easily convince these customers because of the shared background. The representative and the potential client cannot have the problem of racial superiority or inferiority that may affect the communication. There is the mutual respect and the feeling that getting into the deal would be beneficial to both parties. Unlike the rigid delivery channel used by large insurance companies, these small firms are flexible and always willing to engage their clients to find out what works best for them.
Premium
Premium that clients have to pay to get the cover is another issue that should not be ignored. The study shows that the majority of those who opt to use property micro-insurance are financially strained individuals. They may lack the financial capacity to make full payment of the cost that mainstream companies would charge for them to get the cover. As such, they are formed to look for what they view as being cheaper alternatives. The fact that these smaller firms are flexible and can develop products that these clients can afford, it becomes easy for low-income individuals to take these covers. Hallegatte warns that in some cases the premiums charged by these micro-insurance institutions may be higher than what one would need to pay in large insurance firms. However, there is a general perception that these large corporations are meant for the rich. It may not be easy to fight such a perception, especially among those who are used to micro-insurance services. Even when they want to cover the whole property instead of just part of it, they will still believe that premiums they pay to the micro-insurance institutions is less than what they would have to pay when they use services offered by larger entities.
Peer Influence
Peer influence was identified as another common factor that has been driving up the demand for property micro-insurance in Canada. Wiedmaier-Pfister and Lin argue that the majority of those who use these services are semi-illiterate and lack the capacity to make independent decision about the most appropriate cover. As such, they rely on information they obtain from various sources to make such decisions. In such a scenario, the biggest influencers are friends and family. People often want to trust their close friends and family members. When they realize that their friends have property micro-insurance cover, they will develop interest in taking the same. These individuals tend to trust their friends and family members more than they trust the corporate world. Peterson explains that these individuals can easily ignore commercial adverts but they tend to trust information they get from those who are close to them. Given the fact that the majority of these immigrants tend to form a close-night community in the country, once a product is sold to one of them, it can easily spread to other members of the community within a short period.
Household Size
Household size was identified as one of the minor issues that may also influence the demand for property micro-insurance in the country. The size of a household may have a positive or negative impact on the demand. Large families tend to avoid risks to their property. They want to be assured that they will have somewhere to stay when disaster strikes, especially when they have young ones. As such, they are more likely to consider taking an insurance cover for their properties. The large size of the family may make it difficult to for the provider of the family to make ends meet. However, the threat of losing their homes makes an insurance cover to be a necessity. Given the fact that they may not afford expensive covers offered by mainstream insurance companies, they are often forced to take cover offered by these institutions because they are more flexible and affordable.
Significance of Property Micro-Insurance in Canada
The discussion above shows that property micro-insurance is gaining popularity in Canada. According to Hallegatte, the micro-insurance industry was considered unviable in developed economies of North American and Europe. However, the continuous immigration and the increasing awareness about the relevance of having an insurance cover have forced many people to consider having affordable cover. Property micro-insurance has offered an alternative solution to property owners who are less financially empowered in the country. As Aitken observes, before the emergence of micro-insurance in the country, these people did not have any cover, which means that their property was vulnerable. However, that has changed as they can now afford a cover.
Property micro-insurance means that everyone can afford to ensure their property irrespective of their financial strength. The flexibility of the firms in this industry means that individuals with irregular jobs can still negotiate for a product that suit the nature of their job. They can get a grace period where they do not pay any premiums when they are out of work. They can then organize and make all the payments when they get back to work. Such arrangements do not exist with conventional insurance companies. The study shows that the popularity of these products is growing in the country, which means that the industry is likely to grow with the growing population of immigrants in Canada. The cost of these products may be relatively high when compared with that of mainstream insurance firms, but that has little negative impact on its popularity, especially among individuals with limited financial awareness. The government may need to have policies that may protect consumers to avoid exploitation, which is often associated with this industry.
Conclusion
Predicting when and how a risk factor may occur is often challenging. Some risks may occur frequently but with minimal consequences while others may be rare but with serious impact. Individuals and business are often forced to take insurance cover as the best way of dealing with these risks in the society. The mainstream insurance cover has become unaffordable to a section of the society, especially those who do not have regular employment and the low-income earners in the country. Their inability to afford these products, in any case, does not mean they do not need them. The increased economic immigration in Canada has led to a rise in the number of those who cannot afford to pay premiums and meet all conditions set by conventional insurance companies. The gap created in the local market has led to a growth in demand for property micro-insurance. The industry is growing rapidly because of its flexibility and the general perception that it offers cheaper products. The industry is playing a critical role in offering cover to individuals and entities that would otherwise operate without insurance cover. The study has identified various factors responsible for driving up the demand for property micro-insurance in Canada.
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