DETERMINANTS OF MICROINSURANCE UPTAKE SOCIAL PROTECTION TOOL OF THE MARGINALIZED A CONCEPTUAL FRAMEWORK

Abstract

The provision of social protection that will reduce the risk exposures of marginalized communities in the Philippines has remained a major challenge of the Philippine Government. This enormous responsibility is coupled with the limited and/or unresponsive insurance products that will reduce the effects of unforeseen or catastrophic events to the lives, properties, and source of income of these marginalized communities of the society. The objective of this paper is to propose a conceptual framework that includes the determinants that influence microinsurance uptake as a social protection tool of marginalized communities in the Philippines. These determinants include socio-cultural, demographics, financial literacy, and government intervention. This paper is intended to further the research on designing microinsurance products and policy frameworks that are responsive to the needs of marginalized communities to help them secure a social protection that will enable them to become sustainable in the aftermath of both man-made and natural risks.