The Philippines will head the newly-created Mutual Exchange Forum on Inclusive Insurance or Mefin Network in Asia which aims to promote inclusive insurance in the region.
Insurance commissioner Emmanuel Dooc was elected as the first chairman of the Mefin Network which is composed of insurance regulators and private sectors from six Asian countries. The member-countries are the Philippines, Indonesia, Vietnam, Mongolia, Pakistan and Nepal.
Dooc said the network aimed to share views and pick out specific lessons relevant for the development of inclusive insurance in the country context.
He said the Philippines surpassed its insurance penetration rate target for 2016 as early as the third quarter of 2015, with the help of microinsurance.
“Through our initiatives in fostering inclusive insurance markets, we have again emerged as a model for microinsurance promotion in Asia with 29.03 million Filipinos covered with microinsurance as of the third quarter of 2015, surpassing our own commitment to cover 27 million Filipinos by 2016,” Dooc said.
Data from IC showed that as of the third quarter of 2015, the microinsurance penetration rate hit 28.52 percent. This means that 28.52 percent or 29.03 million individuals of the 101.80 population were covered by insurance.
“As the Philippines continues to take pride for being at the forefront of promoting microinsurance as an effective vehicle for financial inclusion and as a benchmark for other Asian countries in terms of microinsurance market development, we are fueled to keeping our markets strong, stable and sustainable,” Dooc said.
He also revealed the new microinsurance frameworks for agriculture, health and pre-need.
Adopted in October 2015, the Micro-Agri Framework formally introduced a parametric-based or index-based microinsurance where benefits shall be facilitated by microinsurance providers when predefined parameters or indices are breached.
The framework aims to provide the low-income sector access to pre-need products, including memorial, education and pension plans.
“The Philippines remains aggressive in its campaign for inclusive economic growth as greater efforts and genuine programs should be delivered to those who have not yet risen from poverty,” Dooc said.
