03 February 2017, Issue 03

MEFINews

A Newsletter on Inclusive Insurance


In this issue:


  • What is the inclusive insurance event happening in Hanoi on 14 to 16 March 2017 ?
  • What are the latest updates on inclusive insurance in Asia? New studies? Good practices?

ERRATUM: In Issue No 2, Learning Sessions on MI is co-organized by Munich Re Foundation, not Munich Re.

Don’t you know...

That the Public Private Dialogue (PPD) is a major platform to attain the purpose of the MEFIN, a network of insurance regulatory authorities in Asia working for for a peer-to-peer exchange of knowledge and experiences with the insurance industry?

That the second MEFIN PPD is co-organized by Munich Re Foundation and Microinsurance Network where the annual Learning Sessions on MI and a workshop to get inputs for the APEC MI Roadmap are incorporated in the 3-day event?

That international and national experts will come together for 3 days to share and discuss experiences on inclusive insurance and that you can be part of this enriching knowledge exchange by registering at MEFIN PPD Registration Page.

Industry News

Enabled by the Grand Design for the Development of Indonesia’s Microinsurance Market, Asuransi Central Asia (ACA), a local private non-life insurer with 60 years of experience in Indonesia insurance market, in partnership with RFPI Asia II, is exploring a MI business model appropriate for the low income population of the NTT Province.

A seminar on risk protection mechanisms for SMEs to Strengthen Inclusive Insurance in Mongolia was conducted on 05 October 2016 in Ulaanbataar to share experiences and potential of microfinance involvement in incusive insurance development and explore possibilities of risk management options from the perspective of SMEs. To read full report, visit MEFIN Website.

By increasing their microinsurance product offerings, insurance companies in Nepal are able to serve more the low income population as well as comply with Beema Samiti’s directive to allocate 5% of their product portfolio to microinsurance.

Efu Life Assurance Ltd embraces inclusive insurance as one of their strategic objectives. Efu Life is currently offering 3 MI products in partnership with a telecommunications company, a non-profit organization and a microfinance network as delivery channels. Business model factsheets will be discussed during the MEFIN Network PPD.

The first online communities promoting access to microinsurance will be created through the partnership of the German Development Cooperation (GIZ), Prudential Life UK, and Commlinked. Microinsurance Distribution through Online Communities (MicroComm)" is designed to maximize the Filipinos use of online services estimated at 35 million users in mid-2014 and projected to grow to 70 million by 2018 . Read full article at MEFIN Website.

The Asia Pacific Financial Forum (APFF), APEC Business Advisory Council (ABAC) and RFPI Asia, secretariat to MEFIN and chair of the APFF microinsurance work stream, will jointly host a half-day “workshop on Microinsurance Development Roadmap for Asia Pacific Emerging Markets on 16 March 2017 in Hanoi, Vietnam. Vietnam hosts the APEC Forum in 2017.

The GIZ RFPI Asia participated in the APFF 2017 Brainstorming and Strategy Meeting in Tokyo on 22 January 2017. RFPI committed during the meeting to lead and coordinate in developing the APEC Microinsurance Roadmap which aims to increase insurance access in the Asia Pacific Region.

As insurance regulators and members of the Mutual Exchange Forum on Inclusive Insurance Network, we make uplifting the lives of the poor not only our business, but the meaning and purpose of our existence. As the first Chairman of the network, it is a great challenge for me to lead distinctive paths to the goal of inclusive insurance – but I also recognize that this is an opportunity to deepen our commitment to live our core meaning and purpose.

Emmanuel Dooc Former Commissioner, Insurance Commission—Philippines during the first MEFIN PPD held in Manila, July 2016

Updates for MEFIN Members

MEFIN will hold its organizational meeting on 14 March 2017. Selection of new chairperson is ongoing. Working groups are updating their respective work plans. Check updates at MEFIN website members only page.