Insurance regulators from Indonesia, Mongolia, Nepal, Pakistan, Sri Lanka, Vietnam, and the Philippines will meet with industry players in Makati City on 23-24 January to discuss how to strengthen financial protection for low-income people in the region through microinsurance.
They will discuss the use of digital technologies to reach more people, viable business models, disaster risk insurance (DRI) options for small and medium enterprises (SMEs) and microfinance institutions, and public-private cooperation.
Inputs from the discussions will be used to formulate relevant policies in Asia and in member countries of the Asia-Pacific Economic Cooperation (APEC).
The Asian regulators and industry players comprise the Mutual Exchange Forum on Inclusive Insurance (MEFIN) Network, which is pursuing knowledge exchange to strengthen microinsurance regulation, supervision, and market expansion in the region as a means of reducing persistent poverty.
The German government supports the network through the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), to promote inclusive growth for sustainable development.
The Philippines is an active member of the network, with which it has shared its good practices in spurring microinsurance growth in the country. Its good practices are now being adopted in Indonesia and Nepal, said GIZ programme director Dr Antonis Malagardis.
The Philippine Insurance Commission said that at the end of September 2017, 32 million Filipinos were covered by microinsurance policies. This means that almost one in every three Filipinos have financial risk protection through microinsurance.