Micro Insurance: Risk and Challenges in Himachal Pradesh

Authors

  • Dr. Harpreet Kaur Assistant Professor, Maharaja Agrasen School of Management, Maharaja Agrasen University, Baddi, (HP), 174103

DOI:

https://doi.org/10.53983/ijmds.v13n12.004

Keywords:

Challenges, Factor Analysis, Low-income Micro Insurance, Risk, Rural Area

Abstract

Micro insurance serves as a critical mechanism to address the financial vulnerabilities of low-income communities. In Himachal Pradesh, a state characterized by its predominantly rural and hilly landscape, the demand for micro insurance is heightened due to socio-economic hardships and the frequent occurrence of natural disasters that disrupt livelihoods. The state's reliance on agriculture and allied sectors emphasizes the necessity of financial safety nets for marginalized groups. Furthermore, the lack of access to formal financial institutions and limited financial literacy among rural residents pose considerable obstacles to the adoption of micro insurance. Harsh climatic conditions and recurrent natural disasters, such as floods and landslides, exacerbate the risks faced by vulnerable populations. This study delves into the risks and challenges associated with micro insurance in Himachal Pradesh, aiming to provide an in-depth analysis of its implementation. Effective resolution of these challenges can enable micro insurance to foster resilience and contribute to sustainable development in the region.

Downloads

Download data is not yet available.

References

Ahmed, S., & Zaman, H. (2021). Micro insurance and rural poverty alleviation: A study of Indian villages. Journal of Rural Economic Development, 15(3), 210–225.

Banerjee, A., & Roy, P. (2022). Overcoming barriers to micro insurance adoption: A behavioral economics perspective. Indian Journal of Behavioral Studies, 12(2), 140–159.

Chakraborty, T., & Basu, S. (2021). Role of government policies in promoting micro insurance in underserved areas. International Journal of Public Policy and Administration, 18(4), 345–362.

Chatterjee, S., & Das, S. (2021). Financial inclusion through micro insurance: An empirical study in Indian rural areas. Indian Journal of Economics and Development, 17(4), 231–245.

Dasgupta, B., & Rao, V. (2021). Challenges in implementing health micro insurance in remote Indian regions. Health Economics Review, 11(3), 255–267.

Dutta, P., & Ghosh, M. (2023). Technology-driven micro insurance models: Lessons from developing economies. Journal of Financial Technology and Innovation, 9(2), 85–104.

Gupta, R., & Jain, P. (2022). Understanding the gap: Micro insurance awareness and adoption in Indian states. The Journal of Insurance Studies, 45(3), 187–202.

Jain, M., & Singh, A. (2022). Micro insurance for women: Enhancing financial security in rural India. Women’s Studies Quarterly, 30(1), 67–83.

Kaur, H., & Malhotra, R. (2023). Micro insurance as a tool for disaster resilience: Insights from Indian case studies. Disaster and Risk Management Journal, 8(2), 120–140.

Khan, S., & Ali, R. (2021). The role of community-based organizations in micro insurance adoption. International Journal of Community Development, 14(3), 234–248.

Kumar, N., & Srivastava, A. (2022). Micro insurance and poverty alleviation: A case study of Indian villages. Journal of Financial Inclusion, 19(2), 55–72.

Mahapatra, S., & Dash, U. (2022). Barriers to micro insurance penetration: A study in rural India. International Journal of Social Economics, 49(3), 365–381.

Mehta, V., & Kapoor, S. (2022). Bridging the gap: Digital interventions for micro insurance penetration in rural India. Journal of Emerging Technologies in Finance, 7(3), 201–220.

Mishra, R., & Desai, K. (2023). Micro insurance for climate resilience: A study in the Indian subcontinent. Climate Change Economics, 11(1), 57–74.

Mishra, S., & Patel, T. (2023). Evaluating the role of distribution channels in expanding micro insurance coverage. Journal of Rural Development and Policy, 38(1), 99–120.

Mukherjee, A., & Choudhary, P. (2022). Enhancing the role of micro insurance in healthcare financing: An Indian perspective. Health Economics and Policy Journal, 10(4), 320–338.

Prakash, N., & Gupta, S. (2021). Micro insurance and its impact on rural livelihoods: Evidence from India. Journal of Sustainable Development Studies, 13(2), 179–196.

Reddy, B., & Rao, K. (2022). Exploring the nexus between financial literacy and micro insurance uptake in India. International Journal of Financial Literacy Research, 4(1), 45–63.

Roy, D., & Kundu, S. (2021). Technology and micro insurance: Transforming outreach in rural India. Journal of Emerging Markets Finance and Trade, 57(4), 1124–1142.

Sen, P., & Banerjee, R. (2023). Leveraging public-private partnerships to expand micro insurance coverage. Journal of Policy and Governance, 19(3), 310–328.

Sharma, A., & Verma, R. (2022). Disaster risk reduction through micro insurance: Evidence from Himalayan regions. Environmental Economics and Policy Studies, 24(2), 281–300.

Sharma, K., & Joshi, P. (2022). Micro insurance in disaster-prone regions: Challenges and opportunities. Journal of Environmental Policy and Management, 26(1), 88–105.

Singh, P., & Sharma, K. (2023). Climate risks and insurance adaptation: The role of micro insurance in agriculture. Asian Journal of Insurance and Risk Management, 10(2), 114–129.

Thakur, R., & Chauhan, V. (2023). Natural disasters and insurance coverage: The case for micro insurance in Himalayan states. Himalayan Journal of Policy and Development, 6(1), 78–95.

Verma, S., & Chauhan, A. (2021). Addressing trust issues in micro insurance: Building credibility in underserved areas. Indian Journal of Trust and Financial Inclusion, 6(2), 150–165.

Downloads

Published

31-12-2024

How to Cite

Kaur, H. “Micro Insurance: Risk and Challenges in Himachal Pradesh”. International Journal of Management and Development Studies, vol. 13, no. 12, Dec. 2024, pp. 28-38, doi:10.53983/ijmds.v13n12.004.

Issue

Section

Articles