Natural disasters are increasing in frequency and intensity and have devastating impacts on individuals, both humanitarian and economic, particularly in developing countries. Microinsurance is seen as one promising instrument of disaster risk management, however the level of demand for respective projects remains low. Using behavioural games and a discrete choice experiment, this paper analyses the demand for hypothetical microinsurance products in rural Cambodia and contributes significant household level evidence to the current research. A general preference for microinsurance can be found, with demand significantly affected by price, provider, requirements for prevention and combinations with credit. Furthermore, financial literacy, risk aversion, levels of trust and previous disaster experience impact the individual demand for flood insurance in rural Cambodia.

近年來，經濟進步，但貧窮問題仍為我國政府關注之焦點。低收入族群面臨更高的生、老、病、死及財產減損等風險，然而，由於商業保險公司之營利取向及保險費過於昂貴等因素，這些最需要保障之人卻往往無法獲得保險保障。 為此，我國金管會於2005年，於提高國人保險保障方案中將「協助低收入民眾購買人身保險保障事宜」列為主要政策，而為使低收入族群能以相對低廉、可負擔的保費獲得基本保障並提高企業參與低收入市場之意願，微型保險─由各種不同機構針對低收入戶族群所提供的保險，其經營必須遵循一般公認之保險原則，為一相當可行之方案。惟於觀察國際保險監理官協會(IAIS)之保險核心原則、微型保險監理議題及其他國家推行現況後，發現我國現行商業保險之監理措施對於微型保險之適用有所牴觸，而有修正之必要。 因此，本文基於假設微型保險之發展具備可行性且以商業保險模式推行的前提下，從微型保險性質、制度與經營等層面出發，了解微型保險監理之核心，再進一步參考他國實施概況及國際保險監理官協會(IAIS)對微型保險之監理修正，探討於我國推動微型保險時，可能面臨之商品及行銷相關監理法規之議題，並以國際保險監理官協會保險核心原則為中心，輔以各國微型保險商品及行銷監理經驗，提出修法方向與建議，使微型保險之推行更為順利。

Credito deriva etimologicamente da “credere”, cioè avere fiducia, confidare. Chi già possiede molto dimostra facilmente di essere in grado di restituire un prestito e di conseguenza non fa fatica ad ottenerlo. Chi invece non dispone di risorse finanziarie adeguate, chi non è “bancabile” viene escluso. È qui che entra in gioco la fiducia, perché ci si può sentire garantiti anche solo dalla conoscenza personale del debitore, dalla sua storia creditizia. Si parla in questi casi di garanzia solidale, alternativa. Se il credito è “micro”, la fiducia invece è “macro”. Oltre alla fiducia nel concetto di microcredito ci sono una serie di ingredienti fondamentali che non possono mancare. Innanzitutto ci deve essere un prestito di piccole dimensioni. Poi ci deve essere uno scopo diverso dal semplice consumo: l’avvio di attività produttive e commerciali, un aiuto a superare particolari e temporanee situazioni di crisi che possa fornire delle risorse minime fondamentali per interrompere il circolo della povertà e del necessario ricorso all’usura. Il microcredito che è nato nei Paesi sottosviluppati si è esteso rapidamente anche nelle economie moderne. Anche il legislatore italiano nel 2010 ha introdotto nell’ordinamento nazionale una disciplina del microcredito. Tuttavia ricondurre all’interno degli schemi bancari tradizionali uno strumento così complesso come il microcredito che unisce in sé aspetti non solo finanziari ma anche e soprattutto etici può risultare riduttivo e rischia di vanificare i risultati raggiunti fino ad oggi nella prassi. Anche nel settore agricolo il microcredito può costituire un valido aiuto per lo sviluppo. Le regole e la logica del microcredito se funzionano bene nelle economie rurali dei Paesi sottosviluppati, come dimostrato dai diversi progetti posti in essere ad esempio in Uganda, fanno più fatica ad essere recepite nelle economie moderne, soprattutto in ambito agricolo dove le caratteristiche stesse dell’attività da finanziare e gli ingenti capitali iniziali necessari rendono lo strumento del microcredito poco utilizzabile. Tuttavia occorre puntare sullo sviluppo di questo strumento che ha dimostrato di avere numerosi punti di forza che possono davvero costituire un valido strumento di lotta alla povertà anche nelle economie moderne. / Credit derives etymologically from "believe". People who have money can easily demonstrate to be able to repay a loan and therefore not is hard to get it. Those who do not have adequate financial resources, those who are not "bankable" are excluded. If the credit is "micro", trust instead is "macro". In addition to trust, in the concept of microcredit there are a number of essential ingredients that can not miss. First, there must be a loan small. Then, the start of production and business activities can help to overcome individual temporary crisis situations that may provide minimal resources essential to stop the cycle of poverty . Microcredit who was born in underdeveloped countries has expanded rapidly in modern economies. Even the Italian legislature in 2010 adopted national discipline of microcredit. However, it’s hard to find the rules to regulate the microcredit and the risk is to delete the results achieved in practice. Even in agriculture microcredit can be a valuable aid for development. The rules and logic of microcredit work well in rural economies of developing countries, as shown by several projects for example in Uganda, but in modern economies the characteristics of the activities and the enormous initial capital required make the instrument of microcredit little usable. However the development of this tool is very important because microcredit can really be a valuable tool for fighting poverty even in advanced economies.

本研究運用線性迴歸模型來預測微型金融對於貧窮、高中就讀率等等社會問題所帶來的效果，其中微型金融包括了微型信貸、微型儲蓄、微型保險以及微型金融機構所提供的匯款服務。本研究的樣本涵蓋了從2011年到2014年拉丁美洲及加勒比地區的20個國家。 在把樣本細分成可以比較的不同組別，並進行迴歸分析之後，我們發現微型金融對於貧窮人數有負向的顯著影響，對於高中就讀率有正向的顯著影響，而對於其他如醫療、創業、家庭支出與人均收入的影響並不顯著。 因應在拉丁美洲和加勒比地區不斷增加的微型金融機構，本研究建議未來可以利用更複雜的統計模型像是工具變量、隨機對照實驗、準實驗問卷來估計微型金融與影響之間是否有因果關係，對於NMP來說，他們應該鼓勵微型金融的發展以及接受適度的批判來確保透明且可靠的研究來作為政策制定的參考。 / The following research uses a panel linear model regression to detect possible effects Microfinance and its iterations (namely microcredit, microsavings, microinsurance, and remittance services offered by microfinancial institutions) have on distinct social outcomes such as poverty and secondary school enrollment rates. The study sample consists of 20 countries in the Latin American and Caribbean region observed during a period of 4 years (2011-2014). After subdividing the sample into comparable groups the results yielded statistically significant negative effects on poverty headcount, and statistically significant positive effects on secondary school enrollment rates across the subgroups. The results from other social welfare dimensions such as health, business creation, household consumption, and income per capita were insignificant. Due to the increasing presence of Microfinancial institutions in Latin America and the Caribbean, there is sufficient reason to encourage further research to be done in which more experienced researchers can use more statistically complex models (such as IV, RCTs, quasi-experimental surveys) to try to determine whether or not there is a causal relationship between microfinance and the effects herein described. For policymakers and funders of NMPs, the takeaway is that they should encourage both advocates and critics to present transparent and replicable studies to back their claims.

Im Zuge der rasanten Verbreitung von Mikrokrediten und Mikrosparprodukten werden seit etwa einem Jahrzehnt auch Mikroversicherungen an einkommensschwache Haushalte in Entwicklungsländern verkauft. Sie stellen für diese Haushalte eine Möglichkeit dar, mit den Folgen von Risiken besser umzugehen und somit ihren Wohlstand zu steigern. Diese Arbeit verwendet quantitative und qualitative Analysemethoden – basierend auf eigenen Haushaltsumfragen und Fokusgruppendiskussionen –, um die Aufnahmebedingungen von Mikroversicherung in Ghana zu untersuchen. Die Ergebnisse zeigen erstens, dass über Standarddeterminanten der Versicherungsnachfrage hinaus Faktoren informeller Vertrauensbildung und die subjektive Risikoeinschätzung eine entscheidende Rolle spielen. Dies begründet sich in bestehenden Informationsasymmetrien und einer geringen Erfahrung mit dem Versicherungsprodukt und dem Versicherer. Ferner steht die Nutzung von Mikrolebensversicherung in einer sich verstärkenden Beziehung zu der Nutzung anderer formaler Finanzdienstleistungen. Zweitens wird deutlich, dass der Wert (Client Value), den die Zielgruppe in Mikroversicherung sieht, nicht allein auf Kosten- und Nutzenerwägungen basiert. Vielmehr spielen auch emotionale- und soziale Aspekte eine Rolle. Der Kundenwert wird dabei von Faktoren wie (geringen) Finanz- und Versicherungskenntnissen, der Beeinflussung durch die soziale Gruppe und dem Vergleich mit alternativen Risikomanagementstrategien beeinflusst. Drittens bestehen genderspezifische Muster in der Aufnahme von Mikrolebensversicherung, die mit dem Haushaltstyp und regional unterschiedlichen soziokulturellen Bedingungen zusammenhängen. Die Ergebnisse weisen darauf hin, dass Präferenzen bezüglich Lebensversicherung innerhalb von Haushalten variieren und die Wahrscheinlichkeit eines Versicherungskaufs mit wachsender Verhandlungsstärke der Frau zunimmt. Die Ergebnisse legen nahe, dass Frauen eine besonders wichtige Zielgruppe für Mikrolebensversicherungen sind. / Microinsurance has been the third financial service – following microcredit and microsavings - to enter emerging financial markets in the developing world. It is widely regarded as a promising innovation that could provide high welfare gains, given that low-income people often lack efficient strategies to manage and cope with risks. This thesis applies quantitative econometric and qualitative methods – based on own household and individual survey data and focus group discussions – to investigate participation patterns and perceived value in micro life insurance in Ghana. The results of this thesis show that household, first, uptake of micro life insurance does not entirely follow the predictions made by standard insurance theories. Informal trust-building mechanisms and subjective risk perceptions turn out to play an important role in the context of information asymmetries and limited experience with formal insurance. Furthermore, there is a mutually reinforcing relationship between micro life insurance and other formal financial services available in the rural and semi-urban study areas in Ghana. Second, the perceived value of microinsurance consists not only of the expected or experienced benefits and costs, but also of quality, emotional and social dimensions. Perceptions of high or low value are driven by large discrepancies between expectations and experiences, clients’ knowledge about insurance, their interaction with peers, and the availability and effectiveness of alternative risk management options. Third, there are gender-specific patterns of market participation between and within households that are intertwined with the household type and regionally varying sociocultural conditions. Spousal preferences on insurance differ and women with a higher bargaining power are more likely to purchase insurance on their own. The results suggest that women are an important target group for the provision of micro life insurance.