The availability of insurance for the poor society

Abstract

Nowadays, insurance cover is becoming a household name. For the past five years, demand for insurance has increased and the fact that consumers are getting more aware about the benefits that insurance cover brings with it played a major role in such an increase. However, there exists a stratum of society, the poor society, where for one reason or another, insurance does not seem to have an effect on them. In this dissertation, I would be concentrating on the poor society and the availability of insurance for these people. Throughout the research, I became aware of methods on how foreign insurance markets managed to cater for the poor society. The poor society in Malta is increasing and thus, certain actions need to be taken in order to attract these people to consider an insurance cover. I would also be dealing with some recommendations that I felt the need to be mentioned, in line with the research made about foreign insurance markets and their appeal towards the poor society. In order to complete this study, two research methods were used; a qualitative and a quantitative technique. Such techniques helped me to understand the subject matter and to analyze what must be done for such problem to be tackled. Questionnaires were conducted which were mainly focused on the earned income and the perception of insurance amongst respondents. Moreover, two interviews were carried out which helped me to understand the poor society and their respective mentality.