Unfortunately, these benefits are not available in many emerging economies, primarily because of two reasons:
- Limited statistical information to form the basis for actuarial calculations. Without this data it is impossible to design risks products that can be delivered profitably.
- Inadequate payment systems making the collection of monthly or weekly premiums impossible and unpredictable.
The time is ripe for the emergence of a new generation of insurance products specifically aimed at emerging economies. This will lead to a better life for all, but more importantly, the introduction of these insurance products will also directly lead to growth in the economy and will stimulate many secondary industries.