Microinsurance protection comes to realisation for Timor-Leste women
Pacific Financial Inclusion Programme, 26 April 2012
For a country that has an estimated 41% of its population living below the poverty line, the provision of regulated microinsurance to the vulnerable people in the community has finally come to realization. Earlier this month, National Insurance Timor-Leste (NITL) partnered with Tuba Rei Metin and Moris Rasik, the two microfinance institutions currently operating in Timor-Leste, to introduce the first ever regulated microinsurance products in the country. Through this partnership, NITL expects to provide protection to nearly 6% of the economically active population by the end of 2012.
The first products developed, ‘Credit Life Plus’ and ‘Asuransi Protesaun ba Familia’, are mandatory as they are tied to the disbursement of new loans and provide coverage for the women and their spouses. For many of the women, this will be their first encounter with microinsurance and the first time to ever be introduced to the concept. In total, these products are expected to cover more than 34,000 lives by the end of 2012.
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G20 meeting of finance ministers and Central Bank governors
G2012 México, 20 April 2012
The 19 and 20 April 2012, the G20 finance ministers and Central Bank governors met in Washington to assess progress on the fulfilment of their mandates and to address ongoing economic and financial challenges and promote robust growth and job creation.
During those two days, the G20 reaffirmed its commitment to financial inclusion. Finance ministers and Central Banks governors agreed to follow through on the five recommendations of the 2011 Global Partnership for Financial Inclusion report and take the financial inclusion agenda forward towards concrete results. They also decided to present the G20 Basic Set of Financial Inclusion Indicators at the Los Cabos Summit (19-20 June 2012), which will assist countries, policymakers and stakeholders on focusing global efforts on measuring and sustainably tracking progress to financial services globally.
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Free life insurance on mobile phone for Easypaisa suscribers in Pakistan
MicroCapital.org, 27 March 2012
In Pakistan, the telecom company Telenor created Easypaisa, a remittances and payment system on mobile phones launched in partnership with a Pakistanis microfinance institution. Easypaisa, with already more than one million transactions per month, just announced a deal with Adamjee Life, a big insurance company in Pakistan, which will offer life insurance coverage for free to Easypaisa suscribers.
Having a mobile account with Telenor is not necessary as the system also works with a network of 15.000 agents, including microcredit agents, telecom shops and other certified shops. This proximity network allows transaction from any mobile phone in the shop. Created in 2009, Easypaisa is particularly well adapted for scattered families, whether in towns, rural areas or abroad, as it includes mobile bank accounts, national and international money transfer, bill payment and prepaid balance purchasing.
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Microinsurance pilot project launched in Bangladesh
Social Enterprise Buzz, 9 April 2012
A microfinance institution in Bangladesh has started piloting a micro-health insurance scheme that seeks to help the poor overcome a cycle of poverty and illness.
The new two-year pilot project will cover at least 3,000 households in the district of Mymensingh and will be available in two packages: Sushasthya and Surokkha. For BDT 240 (USD 3) per person per year, Sushasthya includes outpatient services with full maternity and new born care. Surokkha covers the same plus inpatient services for BDT 384 (USD 4.6) per person per year. Green Delta Insurance Company Limited will carry the risk of the micro-health insurance project.
The main goal of the scheme is to provide a cushion against risk factors and minimise household healthcare costs, which could total around BDT 5,000 (USD 61) a year without insurance. Many organisations with health schemes for the poor offer discounted health services, but not insurance services.
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MicroSave dedicates April 2012 to microinsurance
This April, MicroSave is organising discussion sessions in different forums to facilitate interaction and sharing knowledge on microinsurance. This is an opportunity for the financial sector to benefit from on-field experiences, through discussions and publications MicroSave will publish.
The month will be divided in different themes:
- Week 1: Regulation and industry
- Week 2: Distribution and delivery of microinsurance
- Week 3: Demand, innovations and client perceptions of microinsurance
Join the LinkedIn discussion
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