Improving Financial Education and Awareness on Insurance and by Bernan

By Bernan

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The risks, the different stakeholders’ motivations, their basic workings). In most cases, risk awareness and the fundamentals of insurance are not dealt with, whether in primary or secondary schools. However, such issues are sometimes addressed in connection with related subjects (such as mathematics, economics or social sciences). As a rule, insurance is often included in broader programmes on financial issues. g. foundations, institutes and associations) to sensitise and train teachers on risk and insurance mechanisms and to provide them with materials and textbooks for this purpose.

These two factors make risk assessment less accurate for insurers and can result in different operating costs, such as the premature sale of assets to reimburse policies, reassessment of reserves, and revaluation of premiums. It may also engender financial costs because dissatisfied consumers can take legal action, which implies additional costs for insurers. Lastly, it may entail prudential costs, as market failures such as mis-selling, dissatisfied policyholders and customers left without coverage results in a tightening of regulation and supervision.

For low-income segments of the population and those living in remote and risk-prone areas,22 the development of an appropriate regulatory and supervisory framework and incentives to encourage the provision of accessible micro-insurance products using adapted distribution channels based on local networks may also be envisaged. For governments and private insurance market players23 Governments also have a direct interest in seeking to better cope with the needs of households for enhanced risk awareness and insurance capability.

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