Question

according to your research and observation please briefly explain three reasons that caused low literacy and awareness about insurance products especially in developing country

Answer 1

There is low literacy and awareness about insurance products in developing countries because of no good infrastructure to promote education in the developing countries.

Developing countries have a lot of people living below the poverty line and who don't have enough resources to meet their basic necessities so education being a luxury is rarely chosen .

In developed countries people have higher skills which are needed to understand the financial system and how the insurance works. But people in the developing countries don't possess those skills and therefore remain illiterate in terms of financial workings.