The Insurance Development Forum (IDF) and the Microinsurance Network (MiN), two prominent global associations, have jointly orchestrated a groundbreaking workshop aimed at propelling the adoption of inclusive insurance strategies within the Philippines. The primary objective of this initiative is to bridge the insurance gap prevalent among the low-income populace, making insurance products accessible and affordable.
Pedro Pinheiro, Coordinator of the IDF’s Inclusive Insurance Working Group, articulated the workshop’s purpose as addressing the lack of protection within the low-income segment. By fostering the development of accessible and reasonably priced insurance offerings from local insurers, the workshop strives to amplify insurance participation among those who can gain immensely from these services.
Lorenzo Chan, Chairman of MiN and Pioneer Group Head, explained that the partnership between IDF and MiN naturally aligns with the objective of enacting inclusive insurance strategies. The collaboration leverages MiN’s extensive grassroots reach and abundant resources accumulated over two decades, facilitating the implementation of inclusive insurance practices as part of the overarching strategy.
Chan disclosed that this workshop heralds the inception of IDF’s involvement in the Philippines, marked by the establishment of a dedicated country task force. This task force, operating within the Philippines, is poised to efficiently allocate financial resources and technical support from IDF’s membership toward local inclusive insurance initiatives. Together, the aim is to address the gaps identified through the workshop’s deliberations.
Pinheiro emphasized the Philippines’ selection as a priority nation by IDF’s inclusive insurance working group. The country’s vulnerability to climate risks and the pressing need for insurance solutions make it a pivotal market for these endeavors. Moreover, Pinheiro noted the Philippines’ advanced progress in crafting a regulatory framework for inclusive insurance, coupled with a robust private sector and a government body fervently dedicated to these matters.
Reynaldo Regalado, the Insurance Commissioner, expressed unequivocal support for the inaugural IDF-MiN Country Workshop for Inclusive Insurance in the Philippines. Commissioner Regalado underscored the Insurance Commission’s commitment to collaboratively work with microinsurance providers, non-governmental organizations, and other stakeholders to forge innovative and sustainable solutions tailored to the requirements of the low-income demographic. The intention is to enact policies that amplify financial inclusion across the nation, fostering resilience and economic stability.
The IDF, a dynamic public-private partnership, is steadfast in its mission to augment insurance-related resources and capabilities, aligned with the Sustainable Development Goals (SDGs) and the UN Global 2030 Agenda. Originating from the 2015 United Nations Conference of the Parties (COP21) Paris Climate Summit, the IDF was formally launched in 2016 through the collective efforts of insurance industry leaders, the United Nations, and the World Bank.
Headquartered in Luxembourg, MiN stands as a unique nonprofit global platform that unites stakeholders in promoting inclusive insurance among low-income individuals and households across the world. Notably, Lorenzo Chan, an Asian insurance practitioner, holds the distinction of being elected as MiN Chairman in 2021.
The workshop drew attendance from a diverse array of insurance industry stakeholders, including representatives from 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 various other organizations deeply embedded within the inclusivity ecosystem.
