Microinsurance policies for farmers as a way to reduce poverty in China
China is trying to develop microinsurance policies for farmers as a way to reduce poverty, Chen Wenhui, an assistant chairman of the China Insurance Regulatory Commission said.
He was talking at a two-day International Workshop on Regulation and Microinsurance, organised by CIRC and the IAIS-Microinsurance Network Joint Working Group on Regulation, Supervision and Policy.
News in Chinese
Microcredit Associations are given the go ahead to offer insurance products
La Vie Eco, 13 July 2009
The microcredit associations and Barid Al Maghrib are now authorised to distribute insurance products. According to the insurance directors and the social security department (DAPS), this is an extension of the already existing priniciples of banking insurance activity, and remains within the insurance code.
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Microinsurance policy needed in Nepal
eKantipur, 9 July 2009
Insurance experts in Katmandu on Wednesday said that the microinsurance industry has not been able to perform well because of the lack of sound policy and proper monitoring in the sector.
Speaking at an interaction programme organised by the Beema Sansthan, experts asked for the creating of a microinsurance campaign targeting the low and middle class people of the country. Ramesh Raj Bhattarai, executive director of the Insurance Board (IB) said that the microinsurance industry had still not been recognized as a formal insurance sector because there was no policy in place to do so. “A formal policy should be developed and introduced,” said Bhattarai.
He also said that the IB was ready for joining hands with the concerned bodies to introduce the National Insurance Initiative (Rastriya Beema Abhiyan) in rural parts of the country.
According to Tej Hari Ghimire, chief executive officer of the Centre for Micro Finance, insurance schemes targeted mainly at the poor and low income populace was crucial and should be expanded to help them in their personal security, health, security for their cattle and agro-products.
Currently, there are 21 insurance companies offering microinsurance services, of which five are working with commercial insurance companies. The sector started providing services in the country in 1976.
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Govt policy stresses on peace process, constitution drafting, state restructuring, eKantipur, 9 July 2009
Insurance CEOs Call on Industry to Get Proactive About Climate Change
SolveCimate, 8 July 2009
The insurance industry is in a unique position in the fight against climate change: It can encourage behavior changes simply by doing what so many governments have avoided – putting a price on ignoring the danger.
Just as insurance discounts can encourage safe driving practices, insurers can persuade their clients to embrace energy efficiency and reduce greenhouse gas emissions with financial incentives. Their massive investment power can further pressure corporations and states to take action.
The self-interest is obvious: The potential for insured losses is enormous as global warming brings on stronger storms, longer droughts and more intense heat waves.
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Mutuals Regulation adopted in the UEMOA Zone
The Council of Ministers has adopted a unified regulation for the promotion of good value and efifciently managed "social" mutuals, including the health mutuals in the West African Economic and Monetary Union (Benin, Burkina Faso, Côte d'Ivoire, Guinée Bissau Mali, Niger, Senegal and Togo).
More information on www.concertation.org
Taiwan Financial Supervisory Commission passed draft microinsurance regulation
Taiwan Today (source China Times), 3 July 2009
The Financial Supervisory Commission announced July 2 that it has passed a draft regulation on microinsurance, known colloquially as “poor man’s insurance.”
Microinsurance will be limited to traditional life and personal injury insurance with maturity at one year, with policy values limited to NT$300,000 (US$9,108). Health insurance is not included. Trial calculations show that life insurance will be 45 percent to 60 percent cheaper than currently available policies, and personal injury insurance 40 percent to 50 percent cheaper.
The Insurance Bureau under the FSC estimates that about 3 million people are eligible for these insurance products. ll have 5 plenary panel discussions on key topics addressing an interdisciplinary audience. 12 parallel working group sessions will deal in depth with different subtopics. Interactive sessions of approximately 90 minutes are the key part of the conference, encouraging discussion of work in progress and facilitating dialogue in small groups on emerging issues.
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Nigerian insurance companies consider microinsurance
Vanguard, 28 June 2009
Insurance companies ready to generate premium from microinsurance, appeal for a guideline to enable them have a backup to fully go into the business.
Insurance operators have made a request to the National Insurance Commission (NAICOM) for a guideline that will endear insurance companies to microinsurance, following the age long neglect of small insurance business by the sector.
The request for a guideline on microinsurance, according to insurance practitioners, will help steer the sector to judiciously take micro-insurance business seriously.