IDF, MiN host 1st country workshop to advance inclusive insurance in the Philippines
Two global associations – the Insurance Development Forum (IDF) in partnership with the Microinsurance Network (MiN) organized the first country workshop for local insurance industry stakeholders to advance an inclusive insurance-focused strategy in the Philippines.
IDF Inclusive Insurance Working Group Coordinator Pedro Pinheiro said that the objective of this country workshop is to close the protection gap of the low-income population through accessible and affordable insurance.
“We want to increase the uptake of insurance among the low-income population who can benefit from affordable, and accessible insurance products developed by local insurers,” Pinheiro said.
MiN Chairman and Pioneer Group Head Lorenzo Chan said that IDF partnered with MiN as a natural step to implement its inclusive insurance strategy. “The partnership allows the IDF to capitalize on the grassroots reach and wealth of resources the MiN has accumulated in the last 20 years,” Chan said.
Chan revealed that the workshop marks the kick-off engagement of the IDF in the Philippines and the establishment of a country task force. “The country task force in the Philippines will effectively allocate financial resources and technical assistance from the IDF membership to local inclusive insurance programs. Together, we will seek to address the gaps that were identified in the workshop,” Chan said.
Pinheiro said that the Philippines has been selected as one of the priority countries by the inclusive insurance working group of the IDF.
“The Philippines is identified as a crucial market because it is very vulnerable to climate risks and has a real need for insurance solutions. The Philippines is also advanced in the development of a regulatory framework for inclusive insurance with a thriving private sector and a very engaged government body,” Pinheiro said.
Insurance Commissioner Reynaldo Regalado expressed his full support for the 1st IDF-MiN Country Workshop for Inclusive Insurance in the Philippines. “The Insurance Commission (IC) will continue to work collaboratively with microinsurance providers, non-government organizations, and other stakeholders to develop innovative and sustainable solutions that will further cater to the needs of the low-income sector of society. We commit to crafting policies that will further enhance financial inclusion in the country.” Commissioner Regalado said in a statement.
“IC recognizes the significance of inclusive insurance in fostering resilience and promoting economic stability in the Philippines. Inclusive insurance empowers individuals and communities by providing the same protection needed against unexpected shocks and calamities.,” Commissioner Regalado added.
The IDF is a public-private partnership supporting the growth and development of insurance-related resources and capabilities to help achieve the objectives of the Sustainable Development Goals (SDGs) and the UN Global 2030 Agenda. It was first announced at the United Nations Conference of the Parties (COP21) Paris Climate Summit in 2015 and then formally launched by leaders of the insurance industry, the United Nations, and the World Bank in 2016.
The MiN, based in Luxembourg, is the only non-profit global multi-stakeholder platform dedicated to promoting inclusive insurance to low-income people & households worldwide. Chan is the first Asian and insurance practitioner elected as MiN Chairman in 2021.
The workshop was attended by insurance industry stakeholders representing the Philippine Insurers and Reinsurers Association (PIRA), Philippine Life Insurance Association (PLIA), Microinsurance Intermediaries and Practitioners Association of the Philippines (MIPAP), Philippine Crop Insurance Corporation (PCIC), GIZ Philippines, and several other organizations in the inclusivity ecosystem.