Impact of Microfinance on the Insurance Industry: A Study on Human Psychology and Attitude

Abstract

The financial sector in India has seen its share of ups and downs in recent years, but its significance to the country's economy remains outstanding. Due to the existence of microfinance institutions, even those with little to no credit history are able to get access to credit and have a say in the insurance industry. The effects of microfinance on the Indian insurance industry are the focus of this research. The study includes survey responses from 155 people working in the microfinance industry and 138 have responded back. The effects of microfinance on the insurance sector are laid bare in the paper. The study concludes that the insurance industry may benefit from microfinance and investment. impact of micro finance on insurance companies is significant.