A Newsletter on Inclusive Insurance
In this issue:
- Risk-based capital (RBC) development in Asia
- Application of regulatory instruments and new business models in MEFIN countries
- Microinsurance Roadmap for AsiaPacific Economies
- Partnerships for risk financing
Don’t you know...
That change towards risk-based capital (RBC) is happening in almost all markets in Asia, albeit with varying pace and scope? To get an overview of RBC development in select jurisdictions in Asia, check out presentation of Dante Portula of GIZ RFPI Asia during the MEFIN webinar on 06 June 2017.
That even if you missed the MEFIN webinar on risk-based capital, you can still learn from the experiences of Philippines in applying RBC and RBC2 and Pakistan on riskbased framework for insurers towards a prudential RBC and supervisory regime for insurance companies? Check out the presentations uploaded in the MEFIN website.
ACA, a general insurance company, documented its village-based model in distributing microinsurance products at Tiku Selatan, in support to the OJK 2016/2017 MI pilot project. See factsheet for more details.
The FRC, with support from GIZ RFPI Asia, is currently undertaking a Regulatory Implementation Assessment (RIA) to look into performance and impact of regulations for inclusive insurance released in 2014. The assessment will look into market development, institutional development and client value. Read on RIA application in the Philippines.
MEFIN work plans in Nepal are underway with Beema Samiti in the forefront, engaging various partners to move towards inclusive insurance. A training for microinsurance agents is set for June and Regulatory Impact Assessment (RIA) is set for the year. Know more on experiences of MI agents trained by GIZ RFPI in 2014.
GIZ’s Disaster Risk Insurance Manual (DRIM) , 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 and is inspired by the Diagnostic Toolkit for Insurance Against Natural Catastrophes for MSMEs is currently being adapted to micro finance institutions (MFIs) . The new instrument, which was developed with support of SECP, will be piloted in Pakistan by September this year.
The insurance Commission, together with GIZ RFPI Asia, is conducting a Post—Regulatory Impact Assessment (RIA) to look into developments in the insurance sector after the conduct of RIA in Philippines in 2014. The Post-RIA will look into the gains, challenges, areas for improvement and opportunities in implementing inclusive insurance in the country. Check out publications in RFPI website for RIA results.
The first workshop on drafting the Microinsurance Roadmap (MIR) for Emerging Economies in Asia -Pacific which was conducted in Hanoi will be followed by another session right after the ABAC Asia –Pacific Forum on Financial Inclusion on 11 July 2017. The session aims to identify elements of the MIR, implementation approaches and resources available to support its implementation. See program of the event.
Dr Antonis Malagardis talked about developing multi-stakeholder partnerships for financing climate risk protection during the Inter-Ministerial Technical Workshop on Valuation of Climate Change Impacts in Vietnam conducted on 06 and 07 June 2017 in Hanoi. He shared the Philippine experience on role of institutional capacity for improved change risk management and introduced InsuResilience, a global platform to support climate risk insurance. For his presentation, click here.
“MEFIN Network is a great way to learn the journey of microinsurance in other neighbor countries, from both Financial Service Authority and industry point of view, for networking and to adopt and get new ideas to develop our own microinsurance. I cannot wait to get more new knowledge from other MEFIN colleagues in the next PPD MEFIN event.”
Mr. Jakub Nugraha
Head Microinsurance Department PT Asuransi Central Asia, Indonesia
Updates for MEFIN Members
MEFIN organized its fist webinar on risk-based capital last 06 June 2017. The webinar was followed by a virtual meeting of MEFIN RSC and TWG members. Click MEFIN website members only page for presentation materials and recording.