Extending mutual microinsurance to 5 million uninsured households in five countries over five years.

Philippines forum hosted by 5-5-5 partner RIMANSI highlights growth potential of microinsurance

The Microinsurance MBA Association of the Philippines (RIMANSI) recently held the 2018 National Microinsurance Forum, in observance of National Microinsurance Month, at the grand ballroom of the Century Park Hotel in Manila. 

The event, which was supported by Global Affairs Canada, was attended by more than 200 of the country’s microinsurance stakeholders from microinsurance mutual benefit associations (Mi-MBAs) and microfinance institutions (MFIs), regulators, promoters and supporters of microinsurance. 

This year, the gathering of key microinsurance players and stakeholders provided the venue for discussions on the gains, challenges and prospects of expanding the reach of microinsurance, which included presentations on developments in regulations, outreach, market penetration, non-traditional products and distribution. 

Despite the lack of financial literacy and lack of insurance penetration in the Philippines, more and more low-income Filipinos are leveraging microinsurance thanks to the collaboration between government and the private sector. The discussions highlighted the growth potential of MFIs. The more than 5 million unserved households were potential sources of the growth of microinsurance providers, especially Mi-MBAs. 

ICMIF is partnering with its local member organisation RIMANSI on the 5-5-5 country intervention in the Philippines. As part of the 5-5-5 Strategy RIMANSI will help develop and expand the business operations of its existing network of 17 mutual benefit associations (MBAs) and will establish new MBAs to extend the provision of life insurance, credit life and retirement savings to five million more urban and rural low-income people across the Philippines.

 

Article and photo reproduced from Manila Life