Insurance regulators from Indonesia, Mongolia, Nepal, Pakistan, Sri Lanka, Vietnam, and the Philippines will meet with industry players in Makati City tomorrow until Wednesday to discuss how to strengthen financial protection for low-income people in the region through microinsurance, a government press release said.
They will discuss the use of digital technologies to reach more people, viable business models, disaster risk insurance options for small and medium enterprises, 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.
The Asian regulators and industry players comprise the Mutual Exchange Forum on Inclusive Insurance Network, which is pursuing knowledge exchange to strengthen micro-insurance 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 GmbH, to promote inclusive growth for sustainable development, the press release said.
The Philippines is an active member of the network, and has shared its good practices in spurring microinsurance growth in the country.
The Philippine Insurance Commission reported that by end-September 2017, some 32.03 million Filipinos were already covered by microinsurance policies, 21.66 percent more than a year before.
This means that almost one in every three Filipinos now have financial risk protection through microinsurance.
Non-life insurance coverage accounted for much of the growth, with a 66.77 percent increase. Life insurance coverage increased by 18.72 percent, the press release added.*
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