The MEFIN, a Network of insurance regulatory authorities in Asia working for a peer-to-peer exchange of knowledge and experiences with the insurance industry, covering the countries Indonesia, Mongolia, Nepal, Pakistan, Philippines and Vietnam, hosted its second Public Private Dialogue (PPD) on Microinsurance. The first one was held in Manila, Philippines last July 2016. This year, the MEFIN PPD was conducted in Hanoi, Vietnam in partnership with Munich Re Foundation and Microinsurance Network on 15 and 16 March 2017.
The PPD is a platform of the MEFIN Network to exchange knowledge, build good practices in inclusive insurance, and follow up in finding solutions to the lessons and challenges of inclusive insurance market development. The main topics for the PPD2 are regulation and supervision, distribution and use of technology and financial literacy and awareness. Both regulators and industry leaders in the MEFIN member countries discussed the initiatives they are doing in the above fields and agreed on how they can support each other through the MEFIN work plans. The panelists also discussed their respective MI business models which are documented in the factsheets and saw how they can adopt the good practices in other countries in their own context. Experts from GIZ, Munich Re Foundation and Microinsurance Network gave expert’s inputs to give an overview on inclusive insurance and kick start discussion on the PPD topics.
This year’s PPD is enhanced by the Learning Sessions on Microinsurance where international and national experts discussed Disaster Risk Insurance for SMEs and Agriculture and MicroHealth. Experts from the World Bank, ILO Impact Insurance and Asia-Pacific Financial Forum (APFF) shared international experiences, backed by resource persons sharing country specific good practices from India, the Philippines and Vietnam.
On top of an enriching discussion on inclusive insurance, the participants have the rare opportunity to contribute to the building of a Microinsurance Roadmap in the frame of the Asia Pacific for Economic Cooperation (APEC) as the APFF and APEC Business Advisory Council (ABAC) co-organize with GIZ RPFI Asia II, secretariat to the MEFIN Network, a workshop in getting inputs for the roadmap, targeted for submission to the APEC Finance Ministers Process (FMP).
Based on participants’ comments, they value the knowledge and learnings from the sessions as well as the chance to connect with peers in the inclusive insurance sector. The 68 males and females from 14 countries will bring with them their learnings as they continue to advocate for inclusive insurance. GIZ RFPI Asia will conduct close follow up of the work plans approved by the Regional Steering Committee of the MEFIN Network which also met in Hanoi back-to-back with the PPD2. The MEFIN Organizational meeting this year has two milestones: election of its new chairperson, Mr Tariq Bakhtawar of the Securities and Exchange Commission of Pakistan, and acceptance of its first private sector member, Efu Life of Pakistan.