29 May 2017, Issue 06


A Newsletter on Inclusive Insurance

In this issue:

  • MEFIN webinar on risk-based capital
  • Existing collaborations with the private sector towards promoting inclusive insurance in Asia
  • Latest regulations on inclusive insurance and industry response

Don’t you know...

That the MEFIN Network is organizing its first webinar to explain and discuss specific topics related to risk protection on 06 June 2017? To know more on the benefits of risk-based capital and the challenges in making it proportionate to inclusive (micro) insurance, you may register at www.mefin.org.

That the insurance industry can be supported in designing products that are accessible to low income households or in developing distribution channels to expand client base through a partnership with MEFIN’s secretariat? Know more about MicroComm Project, a PruLife UK, CommLinked and GIZ RFPI Asia partnership.

Industry News

On 1 September 2016, Indonesia President Joko Widodo signed a Presidential Regulation No. 82/2016 on National Strategy for Financial Inclusion (Strategi Nasional Keuangan Inklusif – SNKI). To know more on the synergy in public-private partnership in implementing this, read on the case of microinsurance penetration in East Nusa Tenggara Province.

The FRC, Bank of Mongolia, Ministry of Finance, and Ministry of Education, Culture and Science jointly approved the “National Financial Literacy Program” in September 2015. This led to creation of financial literacy programs for people and retraining programs implementors. This year, RFPI Asia’s Disaster Risk Insurance Manual (DRIM) will be tested in Mongolia.

The Beema Samiti recently released a new circular raising capitalization of insurance companies by up to 4 times. The MEFIN TWG members, Nepal Life and Shikhar Life, already compliant with the new regulation, have introduced additional MI products to expand their markets. See factsheets for details.

EFU Life Assurance Ltd joins the MEFIN Network as its first private sector member. Mr Mohammed Ali Ahmed, Executive Director generously shared their experience in partnering with a mobile company to offer innovative insurance solutions to low income households in Pakistan.

In the Philippines, the transition process to risk-based capital 2 (RBC2) has only started in Sept 2014. Full implementation of RBC2 framework is expected until 2019. To know the methods and the processes that the Insurance Commission had undertaken to graduate from RBC1 to RBC 2, you may join the webinar on RBC, 06 June, 14:00 to 15:00 Philippine Time.

Once again, experts and practitioners on inclusive insurance will join a round table discussion to further elaborate the microinsurance roadmap for emerging economies in the Asia-Pacific. This follow up discussion after the first workshop in Hanoi, will be held in Hoi An, Vietnam on 10-11 July, back to back with the Asia-Pacific Forum on Financial Inclusion.

DRIM, a manual currently being tested in various countries, is a comprehensive approach in identifying disaster risk insurance options for public and private decision makers in bridging the protection gap on natural catastrophe insurance for SMEs in agriculture and other sectors. This is shared by Dante Portula during the Equip Global Catastrophe Insurance and Risk Management Summit last 22 –25 May in Singapore. Dr Antonis Malagradis will also spread same message to the 15th Conference on Catastrophe Insurance in Asia on 20-21 June in Taiwan.

"This is the moment when we realized our commitment. This is what we have been working for in MEFIN."

Mr Yoga Prasetyo, Head of Credit Life and Emerging Consumers , PT Asuransi Allianz Life Indonesia

(during release of first SEKOCI claims payout of IDR 3Million )

Updates for MEFIN Members

GIZ RFPI Asia provides support to private sector players through the Business Advisory Group. Aside from virtual calls, country missions are organized for on-site activities. See BAG report for 2016. Check updates at MEFIN website members only page.