ACCESS to insurance for millions of low-income Filipinos, most of whom have no financial protection, is a potent tool to make them less vulnerable to economic shocks. Thus, a team of researchers are looking for ways to improve the access of poor people to microinsurance, to protect them against certain risks through life and property insurance, as well as health insurance and insurance-based savings schemes.

While microinsurance is provided by a different set of providers, it does not operate in isolation and  forms part of the broader insurance market. It is usually distinguished by its particular market-segment focus, which is the poor, and offers insurance products that cater to the unique needs of the low-income bracket of the population. The research project, which is undertaken under the guidance of the International Association of Insurance Supervisors and the Consultative Group to Assist the Poor, a multidonor agency situated within the World Bank, specifically looks at the existing regulation of insurance markets and analyzes whether these regulations support or hamper the development of microinsurance markets.

The project is being conducted in five developing countries, namely, Colombia, India, South Africa,  Uganda and the Philippines, where microinsurance products have evolved. In the Philippines, specifically, Risk Management Solutions or RIMANSI Organization for Asia and the Pacific Inc.  oversees the implementation of the project, which is funded by the Canadian International Development Research Centre,  the South Africa-based FinMark Trust, the UK Department for International Development and the German Technical Cooperation.

 Titled “Developing Principles for the Regulation of Microinsurance,” the results of the Philippine component study will be presented in a forum jointly organized by the RIMANSI and  the Philippine Institute for Development Studies on August 15 at the Romulo Hall of the Nationa Economic and Development Authority–Makati Building in Makati City. The key presentors will be Dr. Gilbert Llanto, Dr. Ma. Piedad Geron and director Joselito Almario. For more information, please contact the secretariat at telephone numbers 633-9327 (c/o RIMANSI) or 892-4059 (c/o PIDS).

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Access to insurance for millions urged

ACCESS to insurance for millions of low-income Filipinos, most of whom have no financial protection, is a potent tool to make them less vulnerable to economic shocks.

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