DEVK, a German member of the International Cooperative and Mutual Insurance Federation (ICMIF), has announced its pledge to support the ICMIF 5-5-5 Mutual Microinsurance Strategy. DEVK will be providing financial assistance to the project in the Philippines under the 5-5-5 Strategy, which will directly assist with providing mutual microinsurance to 5 million people from low-income communities who were previously uninsured.
Nadine Anemüller, Head of International Cooperation, DEVK, said: "In our thinking and actions, we are committed to values that aim for a sustainable development. We believe that structures in more vulnerable parts of the world that follow the same principles deserve support so they can provide affordable, comprehensive, and quality risk protection to their population.”
ICMIF’s 5-5-5 Mutual Microinsurance Strategy is a five year project based in five emerging market countries and aims to provide 5 million households with insurance cover for the first time with the aim of helping to take them out of poverty. The ultimate objective is to build resilience in poor communities in the countries of India, The Philippines, Kenya, Sri Lanka and Colombia. The 5-5-5 Strategy will also directly contribute to at least five of the United Nations Sustainable Development Goals (SDGs).
The project in the Philippines under the 5-5-5 Strategy commenced in June 2016 and was the first of the five projects to be launched. The Philippines is considered as one of the countries’ most vulnerable to both natural and man-made disasters in the world. With an estimated 25% of the population living below the poverty line in the Philippines, microinsurance against extreme disasters can play an important role in preventing low-income communities slipping into poverty after a catastrophe strikes.
For this project, ICMIF has partnered with local member Microinsurance MBA Association of the Philippines, Inc (also known as RIMANSI), an association of 17 microinsurance mutual benefit associations (Mi-MBAs) and a microinsurance technical resource centre. RIMANSI will, in turn, support its network of Mi-MBAs to extend the provision of life insurance products to 5 million more low-income Filipinos. Since its launch nearly 3.2 million additional people are now covered by mutual microinsurance thanks to the 5-5-5 Strategy.
Speaking on behalf of the ICMIF Foundation, Sabbir Patel, CEO and Managing Dirctor, said: “We are very grateful to DEVK for their commitment to the 5-5-5 Strategy, which will ultimately make a real difference to the lives and livelihoods of low-income communities. The 5-5-5 Strategy is a unique opportunity for ICMIF members from both emerging and developed markets to come together and promote the expansion of mutual microinsurance in a sustainable way.”
The DEVK Group is directed by two mutual insurance companies: one for life (DEVK Lebensversicherungsverein a.G.) and one for non-life business (DEVK Sach und HUK-Versicherungsverein a.G.), founded by railway workers respectively in 1886 and 1889. The company has focused ever since on the basic principle of reciprocity. These roots have shaped its understanding of partnership and sustainable growth. Today, DEVK covers a whole range of financial and insurance services and has approximately 4 million policyholders.