Compulsory insurance in developing economies: Challenges, strategies, and global insights

Compulsory insurance is a vital mechanism for managing risks and promoting financial security in developing and transitional economies. This study examines the challenges of implementing compulsory insurance, including affordability issues, low public awareness, and weak enforcement. Drawing on global experiences from countries like India, and Russia, it identifies effective strategies such as public-private partnerships, digital platforms, and community-based models. The findings highlight the significant social and economic benefits of compulsory insurance, emphasizing its potential to enhance financial resilience, access to essential services, and economic stability.