Published in April 2019, the Financial Inclusion Survey "FinScope Haiti 2018" reveals that 96% of adults have no type of financial product covering risk. This nationally representative study characterizes the adult population as "any person aged 15 and over". In terms of numbers, the adult population in Haiti is 7.67 million, of which 51% are women and 49% are men. Based on these figures presented in this study, the number of adults who are without insurance is about 7.3 million.
Several obstacles to the adoption of an insurance product have been identified by the investigators. "44% of adults who do not have an insurance product report that they have no income or employment. 10% say they do not understand how insurance works and 9% say they do not have enough knowledge about insurance products. 8% say they do not trust insurance products and 7% say they do not need insurance, "reads a summary paper on the survey.
Insurance products are very little known in Haiti. According to the FinScope study, 65% of adults who are without insurance are unaware of the existence of life insurance. There are 94% of uninsured adults who say they have not heard of education insurance. As for property and casualty insurance, 97% of adults who are without insurance do not know the existence of such a product. This is also the case for the product insurance against agricultural risks.
The best-selling insurance product in Haiti is none other than health or medical insurance. The survey reveals among policyholders, 53% make the choice of this type of insurance product. Then there is life insurance. 23% of insureds are covered by life insurance products. 20% of the insured take a car or motorcycle insurance. 13% of insureds choose to choose a pension fund and 9% of accident insurance. Only 1% of insureds choose housing insurance.
Haiti is a vulnerable country that faces many natural hazards: cyclones, floods, torrential floods, earthquakes, etc. Yet only 4% of the adult population is covered by insurance.