Philippine Insurers and Reinsurers Association leads reseach efforts
The Philippine Stars, 27 December 2011
The Philippines has volunteered to lead the research work for the development of microinsurance and other insurance-related concerns in the Southeast Asian region.
During the recent 37th ASEAN Insurance Council (AIC) Meeting in Singapore, Dr. Pedro P. Benedicto Jr., chairman of the Philippine Insurers and Reinsurers Association (PIRA) offered the country’s services in gathering data and analyzing facts on important industry issues, particularly microinsurance or insurance for the poor.
Research work will also be done on three other important areas of insurance in Southeast Asia, namely solvency and capitalization of insurance companies, compulsory insurance, and taxation of insurance products.
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Vacancy at Jubilee Insurance Company in Kenya
Jubilee Insurance Company of Kenya Limited, an insurance company in East Africa with 75 years of experience, is looking for a Microinsurance Executive who will be responsible for developing strategic and mutually beneficial relationships with MFIs and development agencies in the informal sector and developing business through this channel.
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Mobile monitoring and microinsurance for children in Mali
Mobile Active, 19 December 2011
Mali has one of the highest infant mortality rates in the world. There are roughly 111 deaths for every 1,000 live births in the country and the under-5 mortality rate is 191 out of every 1,000 children. The need for early detection of diseases and stronger local health structures led to the creation of Pesinet, a non-profit that uses mobile technology to provide regular health check-ups and affordable health insurance for young children in Mali's capital, Bamako.
Roughly 600 children are currently enrolled in the programme in the neighbourhood of Bamako Coura, under the care of four Pesinet agents, each covering around 150 children. Pesinet combines both early warning systems and insurance. Families pay CFA 500 a month for each enrolled child; the payments cover doctor examinations and half the cost of any medications the child needs if he or she gets sick.
Enrolled children are tested weekly for symptoms of illness such as fever, cough, diarrhea, low weight, or vomiting by community health workers who enter data from each visit into a custom-designed Java application on their phone. The data is sent via GPRS to an online database. Doctors at local community health centres monitor the patient data for sudden changes in health. If changes occur, the community health workers receive an alert on their phones and then go back, in turn, to alert the family that the doctor needs to give the child a check-up.
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Insurance company reaps benefits from strong microinsurance focus in Panama
Business News America, 15 December 2011
Panamanian insurer Nacional de Seguros has been able to significantly surpass its growth targets for 2011 thanks to a strong microinsurance focus, company general director Jorge Barreiro in an interview with BNamericas.
At the beginning of the year, the insurer hoped to have 6,000-8,000 clients and premium growth of 71% to USD 12 million by the end of the year. But the company now expects to end the year with more than 21,000 clients and written premiums of USD 25 million.
Microinsurance is highly important in Panama's market, as it caters to a population sector that until recently was unable to access insurance, Barreiro noted, adding that it should be an "obligation" for insurers to offer appropriate insurance products to those without access.
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Request for proposals: Opportunities and challenges for microinsurance development in Nigeria
This request for proposal from the Access to Insurance Initiative is for the services of international and national consultant(s) and an Insurance Core Principles (ICP) expert to conduct a microinsurance diagnostic study in Nigeria. The country diagnostic will be funded by the National Insurance Commission (NAICOM), the German Federal Ministry for Economic Cooperation and Development (BMZ) via GIZ Nigeria/SEDIN programme and GIZ/Making Finance Work for Africa (MFW4A).
The diagnostic approach, which will be based on the methodology developed by the Access to Insurance Initiative, is aimed at assisting the development of local stakeholder strategies to develop the microinsurance market. In order to achieve this, the diagnostic covers four main areas: context factors, demand-side, supply-side and regulatory issues in identifying the key opportunities, drivers and constraints for microinsurance development in Nigeria.
Deadline for submitting proposal: 15 January 2011
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Over 160 rural banks complete microinsurance training in the Philippines
RBAP/MABS, 9 November 2011
Eighteen rural banks based in Luzon and Mindanao recently completed the Rural Bankers Association of the Philippines (RBAP) Basic Microinsurance Training. Altogether, 160 rural banks have now been trained under the RBAP Basic Microinsurance Training course since January 2011.
The two-day training covers the fundamental concepts and principles of microinsurance through lecture, group exercises and simulation activities. More importantly, participants are guided on the procedures and requirements of the Bangko Sentral ng Pilipinas for Microinsurance Agent licensing.
The course is part of the activities of the Rural Bankers Association of the Philippines (RBAP) Microinsurance Initiative, a project that aims to build the capacity of rural banks on responsible microinsurance selling, marketing and distribution. The initiative is a partnership between the ILO’s Microinsurance Innovation Facility and the United States Agency for International Development-supported RBAP-Microenterprise Access to Banking Services (MABS) Programme.
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Regulations needed to boost microinsurance in Bangladesh
Asia Insurance Review, 13 December 2011
About 93% of the Bangladesh's population still lack insurance and the absence of microinsurance regulations makes it difficult to bring the poor under its coverage, according to a UNDP study titled "Micro-insurance for the Ultra Poor".
The UNDP reports that though Bangladesh is rich in social safety nets, these typically provide a coping mechanism for affected households after a shock occurred, however, there is no system in place to provide protection against risks before they happen.
UNDP is exploring the possibility of developing an appropriate insurance product for suitable solutions towards reducing risks and vulnerability of the ultra poor as well as designing an institutional and regulatory framework on microinsurance. The international agency has commissioned the Institute of Microfinance to carry out a consultancy exercise defining free-standing insurance products suitable for the extreme poor, including women-led households, the delivery mechanism and the institutional and regulatory framework required.
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Call for papers for the workshop on inclusive financial innovation
This workshop, entitled "Making Finance and Insurance Markets Work for the Poor" and organised by XLRI School of Business, will take place in Jamshedpur, India between 1-3 March 2012. It is expected to serve as a forum for intensive discussion among researchers, policy makers as well as field level practitioners involved in financial inclusion.
The organisers are calling for papers with substantial analytical aspects, models of inclusive financial innovations and field level data analysis. They encourage papers and case studies to have broader perspectives, blending both conceptual rigor as well as practical applications, including identifying policy and regulatory constraints.
Deadline for submitting proposals is 31 December 2011.
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First microinsurance company launched in Cambodia
Phnom Penh Post, 7 December 2011
Prevoir Kampuchea Micro life Insurance (PKMI) is the first insurance company of its kind in Cambodia to target and offer insurance products to the country's lower-income population.
The Ministry of Economy and Finance issued a licence to PKMI, which is a subsidiary of French insurer Groupe Prevoir. PKMI recently opened an office in Phnom Penh and are looking to partner with a Cambodian MFI and is currently in negotiations with other players in the industry, as well as NGOs and banks.
General Insurance Association of Cambodia yesterday said it supported PKMI's domestic launch as it would bring insurance to areas of Cambodia where bigger companies cannot reached. "It will help raise awareness about insurance and its benefits among grassroots people."
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BPI Globe Banko launches m-insurance products in the Philippines
Mobile Money for the Unbanked, 7 December 2011
The mobile financial services industry has designed a range of products, which can help the low-income populations against some of the risks they face, thereby reducing their vulnerability and as a consequence, enabling them to improve their lives.
BPI Globe BanKO, the mobile microfinance bank in the Philippines, has announced it is launching three m-insurance products, which can help the low-income populations against some of the risks they face. BPI Globe BanKO is a joint venture between the Bank of the Philippine Islands (BPI), a commercial bank, and Globe/GCash, which offers loans and savings services to individual clients and microfinance institutions (MFIs). In this model, BanKO issues loans and maintains savings accounts, while Globe/GXI is the bank’s distribution partner carrying out functions in account acquisition.
The three new products being offered are as follows:
- PondoKO: Entitles individuals to life insurance paying five times the balance of contributions and interest earned on savings deposits once the balance reaches an amount equivalent to USD 46. This product is linked to a personal savings account.
- PuhunanKO: Provides a life insurance benefit of USD 231 plus the amount of any outstanding loan balance. This product is linked to small-scale loan offered to BanKO’s accountholders.
- PaniguroKO: Offers coverage for accidental death, flood, typhoon or earthquake damage. The PaniguroKO policy costs USD 8.50 for one year of coverage.
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Insuring small businesses in Fiji
The Fiji Times, 3 December 2011
Microinsurance has taken another step forward with the Life Insurance Corporation of India (LICI) and South Pacific Business Development signing an agreement in Fiji.
The two companies signed a memorandum of understanding where LICI would provide microinsurance benefits to customers of SPBD, which is a microfinance institution that lends only to women groups.
Customers of SPBD will have access to life insurance cover up to USD 5000 with an additional death cover of USD 5000. All these are being offered at a premium of less than USD 2 per week. The cover will be provided to all people in the age group of 18 to 65 with very simplified enrolment formalities.
LICI and SPBD have also agreed to work together to add value to the product by looking at opportunities to cover all members of a family and providing educational benefits to children of those households covered.
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Health insurers benefit from new bancassurance rules in India
Asia Insurance Review, 2 December 2011
Standalone health insurance companies will be able to sell their products through banks, when new bancassurance rules are implemented. The country's insurance regulator is currently gathering feedback from the industry on the proposed distribution changes.
Banks will be able to tie up with one insurance company in the life, non-life and specialised health insurance space under the new rules being proposed by the IRDA. They will, however, be allowed to do so only in a specified number of states.
"It is an exciting opportunity for us and these guidelines definitely do open up the bancassurance channel for us," Dr Damien Marmion, CEO of Max Bupa Health Insurance tells Hindu Business Line. Apollo Munich and Star Health are the other two standalone health insurers that will gain from the new regulations.
Under existing bancassurance guidelines, banks are allowed to tie up with one life and one non-life insurer. The banks prefer working with insurers offering multi-line high-ticket products such as motor and fire insurance.
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