BUSINESS | Promising inroads in PH insurance industry
Microinsurance plays an impactful role to those at the lower end of the pyramid where the issue of risk can make or break lives and livelihoods.
Close up Business people meeting to discuss the situation on the market. Business Financial Concept
Luxembourg-based non-profit association Microinsurance Network (MiN) highlighted promising inroads made by the Philippine insurance industry in their efforts in providing financial inclusion to those who are most in need of it.
The Landscape of Microinsurance 2022 Study, its most comprehensive study to date, tracked the uptake of inclusive insurance products and services, and provided insights into emerging trends connected with closing the people protection gap. About 253 insurance providers reported on 935 products in 34 countries across Africa, Asia, Latin America, and the Caribbean.
“With insurance activities on the rise in developing countries and growing interest from a broader range of stakeholders, providing an overview of the industry and dynamics of any given region is crucial in helping drive growth and engagement. The reports not only help inform policy and business decisions, they help determine product design and provide market entry for the private sector as well,” said Katharine Pulvermacher, executive director of the MiN.
Among the best practices cited in the study are how the sector goes beyond the primary distribution channel to reach its target market. The 2022 study explored how Philippine motorcycle distributors act as the distribution partner for motorcycle insurance.
The study also highlighted how the local microinsurance sector is being used as an important tool for low-income families in the Philippines, where a bulk of the population are engaged in agriculture.
“People are exposed to risks every day. No one is spared regardless of their socio-economic class. But some are better equipped and prepared to absorb and handle risks than others. Microinsurance thus plays an even more impactful role to those at the lower end of the pyramid where the issue of risk can make or break lives and livelihoods,” said Lorenzo Chan Jr., MiN chairman and head of the Pioneer Group of Insurance Companies.
Published annually since 2010, the research and insights series seeks to provide a unique global benchmark in tracking the uptake of inclusive insurance products and services, along with insights into emerging trends connected with closing the people protection gap.
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