GIZ/BMZ extends microinsurance programme in the Philippines
Phildevfinance, 19 September 2012
The German Agency for International Cooperation (GIZ), which represents the German Federal Ministry of Economic Cooperation and Development (BMZ), extend its technical assistance to the Philippines by another 3 years. GIZ/BMZ pumped in EUR 3 million to the Philippines in 2009 to create the Microinsurance Innovations Program for Social Security (MIPSS). The program is due to end this December, but GIZ MIPSS program manager Antonis Malagardis said an extension has been approved.
Under the extension, GIZ MIPSS will focus on completing its work on crop insurance and integrating it with other initiatives of the private and public sector. Meanwhile, a new three-year EUR 3 million technical assistance will fund the development of microinsurance in Asia, focusing on four to six countries, including the Philippines, Mr. Malagardis said. The project will focus on regulatory support and regulatory issues.
In the Philippines, GIZ MIPSS was able to help the Insurance Commission create a comprehensive microinsurance regulatory framework: defining microinsurance products, setting requirements for providers and agents, launching a nationwide financial literacy campaign and even proposing consumer protection and dispute settlement procedures. This led to microinsurance uptake: Coverage was extended to 7.8 million Filipinos this year from only 3.1 million in 2008. The new program still needs approval by the Federal Ministry for Economic Cooperation and Development but is expected to begin by January 2013.
The next steps will be to study the role of technology to improve microinsurance products. The government and the private sector should also develop distribution channels so they can reach more people with less cost. The local government, for example, can be one of the conduits so that microinsurance has a stronger reach within the community. Lastly, the Philippines must delve further into microinsurance for natural catastrophes as the poor are often the most hard-hit. According to GIZ's 2010 "Study on Demand of Insurance for Natural Catastrophes," the Philippines is one of the countries most prone to natural disasters, with an average of 25 typhoons hitting the country every year.
23rd Microfinance Lunch: Microinsurance - Distribution approaches that reach the poor
ADA, 25 September 2012
The 23rd Microfinance Lunch, organised by Appui au Développement Autonome (ADA) and BRS, will focus on microinsurance dictribution. The working poor face substantial risks, which can have devastating circumstances on their daily lives. Global insurance markets have ample capital to ultimately insure the assets and income of the working poor. Nonetheless, demand and supply are not adequately aligned; huge numbers of families who most need appropriate insurance remain without the opportunity to buy, while insurers are continually searching for the cost effective and suitable ways to expand into untapped market segments.
Speaker Brandon Mathews, board member of the Microinsurance Network, will share his insights on innovative microinsurance distribution models, emphesasing new and successful distribution methods, such as mobile phone, global corporations, informal agents, or even lottery tickets.
The event will take place in Luxembourg on the 18 October, and in Brussels on the 19.
LeapFrog and Mahindra partner to provide insurance to rural India
Live Mint and the Wall Street Journal, 20 September 2012
LeapFrog Investments has acquired a 15% stake in Mahindra Insurance Brokers Ltd. LeapFrog, which mainly invests in companies providing insurance to customers in under-served regions, will assist Mahindra Insurance in designing insurance products. This is LeapFrog’s second investment in India. Last year, the firm invested in Shriram CCL, a financial services distribution company.
The new partnership is expected to help develop and expand Mahinda's insurance broking business in rural areas. “Mahindra Insurance suits our profit-with-purpose investment approach perfectly. The company has seen exponential growth and has remained profitable” said Andrew Kuper, president and founder of LeapFrog Investments.
Mahindra Insurance will use the money to develop affordable health, life and asset insurance products. The insurance company has serviced about 2.5 million customers, covering about 150,000 villages. Most of its customers are in rural areas. Mahindra Insurance sold 700,000 insurance policies in 2012.
Webinar: Enhancing microinsurance products and processes in microfinance institutions
On the 10 October 2012 (10/10), the ILO's Microinsurance Innovation Facility will hold a webinar on enhancing microinsurance products and processes in microfinance institutions. This webinar will look into the key successes and challenges of microfinance institutions that provide insurance to low-income persons and microenterprises. It will focus on the following questions: How can an MFI make its microinsurance program more successful and beneficial both for their clients and for itself? What can be learned from innovative MFIs that can make microinsurance operations more sustainable and impactful?
Participating panellists will be: Aparna Dalal from ILO's Microinsurance Innovation Facility; Fatina Abu Okab from Microfund for Women; Anne Hastings from Fonkoze; and Jasmin Suministrado (moderator) from ILO's Microinsurance Innovation Facility.
Watch the webinar
ADA and CIF to launch microinsurance company in Burkina Faso
PaperJam, 12 September 2012
ADA and the Confederation of Financial Institutions in West Africa (CIF) announced the launch of a microinsurance company in Burkina Faso before the end of 2012.
For almost 20 years, ADA has been involved in the development of microfinance in West Africa. In its effort, the Luxemburgish not-for-profit has been developing a partnership with the CIF to enhance the microfinance offering and microinsurance uptake in the region.
The two organisations designed a credit-life insurance product providing coverage for micro-entrepreneurs in case of death. This cover exempts the borrowers’ families to repay the loans and give them a financial compensation for the resulting lack of revenue.
Due to the large success of the scheme, the CIF, with support from ADA, plans to launch several insurance companies in West Africa in the three coming years. First to be launched will be CIF Burkina Faso before the end of 2012, with mainly credit life and micro pension schemes. ADA will take part up to 15% of the capital, e.g. EUR 228,000.
Read article (in French only)
Access to Insurance Initiative seeks Project Manager
GIZ/Access to Insurance Initiative wishes to appoint a Project Manager responsible for the activities of the Initiative that will advance the shared agenda of the Initiative and the IAIS on financial inclusion. The following main tasks are to be performed:
- Facilitate the development of training modules on inclusive insurance markets as part of the IAIS training curriculum
- Participate in a multi-country diagnostic synthesis project to extract learning and disseminate it in various IAIS forums
- Participate in the creation of A2ii and IAIS tools
- Contribute to guidance and application papers on policy, regulation and supervision of inclusive insurance markets, consumer protection and other topics
- Lead the creation of training and other tools for supervisors (e.g. a self-assessment tool for supervisors on accessibility of insurance in their insurance markets)
- Provide on-going coordination with IAIS committees on financial inclusion matters
- Contribute to the G20 Financial Inclusion Process and its work with financial standard setting bodies
- Participate in the Joint Working Group of the IAIS and Microinsurance Network and foster linkages with that group
Interested parties are invited to submit a proposal by the 23 September 2012.
Read full offer
Call for Applications: Curriculum Development Intern for the Microinsurance Innovation Facility
Microinsurance Innovation Facility, 04 September 2012
The ILO's Microinsurance Innovation Facility seeks an intern to support the Microinsurance Training Programme development activities of the Facility.
Description of tasks includes:
- Microinsurance Training Programme Market Research
- Microinsurance Training Programme Structure
- Microinsurance Training Programme Map Version 2
- Tools Mapping
- Other Support
Interested candidates shall submit a statement of interest along with a CV to email@example.com by the 21 September 2012.
Read Terms of References