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Books > Earth & environment > The environment > Environmental economics
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Insurance Against Poverty (Hardcover)
Loot Price: R5,022
Discovery Miles 50 220
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Insurance Against Poverty (Hardcover)
Series: WIDER Studies in Development Economics
Expected to ship within 12 - 17 working days
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Donate to Against Period Poverty
Total price: R5,042
Discovery Miles: 50 420
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Poor people in developing countries are often affected by droughts,
floods, illness, crop failure, job loss, and economic downturns.
Much of their energy goes into coping with these shocks and into
day-to-day survival. While insurance and credit markets, combined
with widespread social security, provide an important cushion
against poverty in rich countries, the need for immediate survival
may lock the poor into persistent poverty in developing countries.
The poor in developing countries do have informal mechanisms to
cope with risk and misfortune. These are based on income
diversification, risk avoidance, self-insurance by saving together
with family, and community-based mutual assistance. Nevertheless,
the scope of these mechanisms remains limited. Repeated
individual-specific shocks such as illness or pests, or covariate
risks associated with drought, flood, or recession, undermine the
ability of individuals and their families to cope with risk. We now
know much more about vulnerability to risk and how poor people
cope. Even more importantly, we have learned much about the large
long-term consequences of these risks, which condemns many to
persistent poverty and excludes them from economic growth. But
there is much that can be done. The micro-level studies that
underpin this book offer new insights on how effective public
action could be more effective in protecting the vulnerable against
persistent poverty. Policy should focus on providing a
comprehensive menu of ex-ante and post-crisis protection
mechanisms, including new forms of insurance, savings, safety nets,
and the means to strengthen the poor's asset base. Local
communities have a big role to play: public funds should not be
used to replace indigenous community-based support networks; rather
they should be used to build on the strengths of these networks to
ensure broader and more effective protection. With numerous
thematic chapters and case studies of both best practice and of
failure, from a mix of low-income and middle-income countries
across the developing world, this book evaluates alternatives in
widening insurance and protection provision, and makes an important
contribution to the topical field of insurance and risk.
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