ICMIF’s 5-5-5 Mutual Microinsurance Strategy and the sector receive high praise at Manila Microinsurance Forum
The forum was held at the Insurance Commission’s office in Manila and was attended by delegates from key organizations which included: members of RIMANSI’s network of Mutual Benefit Associations (MBAs); cooperative insurance providers; government representatives from the Insurance Commission, the Department of Social Welfare and Development, the Department of Finance and the Bangko Sentral ng Pilipinas; as well as representatives from reinsurance, life insurance and non-life insurance companies. Delegates from donor agencies such as the Asian Development Bank, International Labour Organization, GIZ, Canadian Embassy and Care International were also present.
The Insurance Commissioner of the Philippines, Hon. Emmanuel Dooc, gave an inspiring keynote speech reporting on recent gains of the insurance industry and future developments for the microinsurance sector. The Commissioner stated that, as of 2015, around 30% of the population were covered by life insurance in the Philippines where the major growth seen in the microinsurance industry has been led by microinsurance MBAs and the cooperative insurance providers.
Dr Aris Alip, CARD MRI Founder and Managing Director, spoke to delegates about the innovative 5-5-5 Mutual Microinsurance Strategy, launched by the International Cooperative and Mutual Insurance Federation’s (ICMIF) to help extend the outreach of mutual microinsurance in emerging markets. The strategy aims to reach 5 million uninsured households in five countries over the next five years. Dr Alip announced that the Philippines was chosen as one of the five countries to participate in the project due to its position as an international frontrunner in microinsurance. In the Philippines, ICMIF will partner with RIMANSI, and together they will work with microinsurance MBAs to build their capacity, develop new products and services, and thereby extend the provision of comprehensive microinsurance products and services to more urban and rural poor across the country. The technical and financial assistance assigned to the project will help in issuing an extra 1 million life insurance policies in the next five years covering 5 million low income individuals.
Dr Alip informed delegates that the Philippines’ country diagnostic report illustrating the landscape of the mutual microinsurance market in the Philippines will be published by ICMIF in March 2016. The actual intervention programme will begin later in the year.
Slides from the forum are now available to download.
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About the mutual and cooperative insurance sector
- The mutual sector holds 27% of global insurance market share by premium.
- Premium growth of the insurance sector since 2007 is 28% vs 11% in industry
- The sector’s assets of USD 8 trillion are 30% of global insurance assets and have grown by 29% since 2007
- Employment in the sector has grown by 20% since 2007 and accounts for more than one million jobs
About ICMIF (see www.icmif.org)
- ICMIF holds five years’ worth of exclusive data about the mutual sector
- With its global headquarters in the United Kingdom and regional offices in Washington DC, USA; Tokyo, Japan and Brussels, Belgium, today ICMIF represents 230 values-based insurers in 72 countries with over USD 250 billion premium income.
- ICMIF delivers unique networking opportunities, market and member intelligence and external relations services. It takes a strong lead in encouraging best practice amongst its member firms in key insurance issues, including; performance management, legal and governance, marketing, brand and reputation, reinsurance and social and environmental performance.
- ICMIF is active in the microinsurance and Takaful sectors, with Takaful providing Shariah-compliant risk amelioration products to Islamic markets