A Newsletter on Inclusive Insurance
In this issue:
- Launch of Mutual Exchange Forum on Inclusive Insurance (MEFIN), Inc.
- Innovative business models on microinsurance
- New member of MEFIN Network
- Application of regulatory instruments in MEFIN countries
Don’t you know...
Five (5) executive officers of the leading insurance companies in the Philippines came together to promote inclusive insurance in Asia? Visit MEFIN's News and Stories for details on the launch of MEFIN, Inc on 14 July 2017 in Manila.
That innovative business models were developed in different MEFIN member countries as private sector response to regulations on microinsurance? Six of these models were presented during the launch of MEFIN, Inc. To know more, check publications section of the MEFIN website
Mr Jimmy Loro of GIZ RFPI Asia, together with other microinsurance experts discussed the future of microinsurance in Indonesia during the Microinsurance Market Place Indonesia 2017, held at the Shangrial Hotel Jakarta on 10 July 2017. See presentation.
The post RIA assessment in Mongolia, looking at implementation of microinsurance regulation issued in 2014 is almost complete. Focus group discussions with insurers and intermediaries and interview with the regulatory divisions were already finished. A multistakeholder dialogue is currently being organized to communicate the results of the RIA.
Nepal is trying out a new business model, "insurance pool". The insurance pool is composed of all non-life companies and will carry the non-life products as provided in the Beema Samiti MI directive. First report of the insurance pool is due October this year.
Pakistan is currently preparing for post Regulatory Impact Assessment (post RIA) to be conducted in October this year to look into the changes after RIA in 2014. RIA looks into certain indicators like market development, institutional development and client value. Results of the RIA were presented to key industry stakeholders thru a multi-stakeholder dialogue in August 2016.
Local communities of Butuan and Tacloban cities will undergo Financial Literacy and Digital Literacy training in preparation for the full operation of the Empowering Filipinos , a platform to increase uptake of microinsurance thru online communities.
A landscape study was published in 2016 by Munich Re Foundation and Microinsurance Network looking into the challenges and opportunities of microinsurance in Sri Lanka. To know more about the study, visit The Landscape of Microinsurance in Sri Lanka 2016. Sri Lanka is the newest member of the MEFIN Network.
International experts once again came together to discuss MI roadmap for emerging economies in the Asia Pacific. In the workshop conducted within the ABAC Asia-Pacific Financial Forum on Inclusive insurance in Hoi An, Vietnam on 10 to 11 July 2017, the participants identified the four (4) pillars of priority action plans and the priority inititives within the short-term, medium-term and long-term. Check out presentation of Dr Antonis Malagardis, lead of the Microinsurance Workstream.
MEFIN joins the gathering of experts in microinsurance to discuss how inclusive insurance can reduce vulnerability of the poor. Dr Antonis Malagardis, Program Director of GIZ RFPI Asia, which serves as secretariat to MEFIN, shared the experiences of the MEFIN countries during the Microinsurance Network meeting in Luxembourg last month.
"Pru Life UK is proud to be a partner of MEFIN. This inclusive insurance platform is set to pave the way in strengthening public–private partnership to promote insurance in Asia."
Mr Antonio de Rosas, President and CEO, Pru Life UK during the launch of MEFIN, Inc on 14 July 2017 in Manila; excerpt from a speech read by Mr Kenn Ramirez, Vice President, Pru Life UK
Updates for MEFIN Members
MEFIN Network has a new member country. The Insurance Board of Sri Lanka (IBSL) joined the Network effective 01 July 2017 naming Mrs Dayamanthi Fernando, Director General of IBSL, as principal member and Mr Ranil Angunawela, Director for Legal, as alternate member of the Regional Steering Committee (RSC).