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Assessing the opportunity for remittance-linked insurance products in sub-Saharan Africa
The study examines the risk management needs of migrants in South Africa sending money to Ghana, Malawi, and Zimbabwe. It finds that senders are primarily concerned with health events, death, and job loss, as these risks threaten their ability to provide financial support to families. While there is interest in insurance for health and funeral costs for both senders and receivers, most currently rely on informal coping mechanisms like savings and borrowing from family. The report suggests that RLIPs should feature clear terms, small discretionary premiums, and a focus on the resilience of loved ones to be successful.
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Document type: Research paper