Microinsurance Network cites PH insurers’ financial inclusion push

MANILA  -Luxembourg-based non-profit association Microinsurance Network (MiN)  commends promising inroads made by the Philippine insurance industry in their efforts to provide financial inclusion to those who need it most.

MiN’s Landscape of Microinsurance 2022 Study tracked the uptake of inclusive insurance products and services, and provided insights into emerging trends connected with closing the people protection gap. It covers 253 insurance providers that reported on 935 products in 34 countries across Africa, Asia, Latin America, and the Caribbean.

“With insurance activities on the rise in developing countries and growing interest from a broader range of stakeholders, providing an overview of the industry and dynamics of any given region is crucial in helping drive growth and engagement, ” said Katharine Pulvermacher, executive director of MiN.

“The reports not only help inform policy and business decisions, they help determine product design and provide market entry for the private sector as well,” she added.

Among the best practices cited in the study is the way the sector goes beyond the primary distribution channel to reach its target market.

The 2022 study explored how Philippine motorcycle distributors serve as the distribution partner for motorcycle insurance.

The study also highlighted how the local microinsurance sector was being used as an important tool to support low-income families in the Philippines, who are mainly engaged in agriculture.

“People are exposed to risks every day. No one is spared regardless of their socio-economic class. But some are better equipped and prepared to absorb and handle risks than others. Microinsurance thus plays an even more impactful role to those at the lower end of the pyramid where the issue of risk can make or break lives and livelihoods,” said Lorenzo Chan Jr., MiN chairman and head of the Pioneer Group of Insurance Companies.

Published annually since 2010, the research and insights series seeks to provide a unique global benchmark in tracking the uptake of inclusive insurance products and services, along with insights into emerging trends connected with closing the people protection gap.

CARD Pioneer Microinsurance Inc. (CPMI) is one of the companies under the Pioneer group and the country’s leading microinsurance company that provides relevant and affordable insurance products to meet the needs of the mass market.