Microinsurance Policies and Initiatives in the Philippines in Support of Urban Poor Populations
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Presenting the Policies and Initiatives of the Insurance Sector to bring about affordable insurance to the Filipino People
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Microinsurance Policies and Initiatives in the Philippines in Support of Urban Poor Populations
- 1. Microinsurance Policies and Initiatives in the Philippines in Support of Urban Poor Populations Risk Transfer in Local Government Units: Challenges and Opportunities A MOVE UP orientation on Microinsurance 24 August 2016 1:00 PM-4:00 PM HIVE Hotel and Convention Place Presentation by Shayne Rose R. Bulos Acting Division Chief| Microinsurance Division
- 2. Microinsurance policies and initiatives in the Philippines in support urban poor populations The Philippines Projected to be the 16th biggest economy of the world in 2050 GDP 5.70% (2015-2020) Home to 103 million people
- 3. The Philippines Micro-insurance policies and initiatives in the Philippines in support urban poor populations
- 4. Microinsurance policies and initiatives in the Philippines in support urban poor populations The Philippines 1 out of 4 people is considered โPoorโ 50% of the Philippines labor force belongs to the informal sector
- 5. Microinsurance policies and initiatives in the Philippines in support urban poor populations We are all at risk!
- 6. Microinsurance policies and initiatives in the Philippines in support urban poor populations Hope for the best, prepare for the worstโ โ Chris Bradford โ A lot of us do not avail insurance! โข Lack of Money โข Perception of High Cost
- 7. Application of Proportionality in Regulations Success Factors to Inclusive Insurance/Microinsurance Creating Buying Power Shaping Aspirations Improving Access Tailoring local solutions Microinsurance policies and initiatives in the Philippines in support urban poor populations
- 8. Microinsurance policies and initiatives in the Philippines in support urban poor populations Microinsurance in the Philippines โ Itโs an insurance product responsive to priority needs for risk protection; easy to understand; and affordable. Appropriate for low-income market - cost, terms, coverage, and delivery mechanisms.
- 9. Mutual xchange Forum on Inclusive Insurance (MEFIN) Public โ Private Dialogue What is Microinsurance? - Video Microinsurance policies and initiatives in the Philippines in support urban poor populations
- 10. Microinsurance policies and initiatives in the Philippines in support urban poor populations 1st regime 2nd regime 3rd regime IMC 9-2006 Microinsurance Regulation & Declaration of Policy Objectives IMC 01-2010 Regulation for the Provision of Microinsurance Products and Services IMC 2015-54 Regulation for the Provision of Microinsurance Products and Services 3.1 MILLION (2010) 31.1 MILLION (2014)
- 11. Regular Insurance vs. Microinsurance Microinsurance policies and initiatives in the Philippines in support urban poor populations Common Provisions for Insurance Plans Traditional Insurance Products Microinsurance Products โข Maximum Premium No Limitation 7.5% of the current daily minimum wage rate in Metro Manila โข Maximum Benefit No Limitation 1,000 times the daily minimum wage rate in Metro Manila โข Policy Contract Full of complex conditions Simple and easy to understand โข Frequency of Premium Collection Monthly, Quarterly, Semi-Annual, Annual Daily, Weekly, Monthly, Quarterly, Semi-Annual, Annual
- 12. Regular Insurance vs. Microinsurance Microinsurance policies and initiatives in the Philippines in support urban poor populations Common Provisions Insurance Plans Traditional Insurance Products Microinsurance Products โขGrace Period 31 days from premium due date 45 days from premium due date โขSuicide Clause 2 years from date of issue or last reinstatement of the policy 1 year from date of issue or last reinstatement of the policy โขClaims Settlement 60 days after submission of complete documents 10 days after submission of complete documents โข Contestability Period Max of 2 years from date of issue or last reinstatement of the policy Maximum of 1 year from date of issue or last reinstatement of the policy
- 13. Mutual xchange Forum on Inclusive Insurance (MEFIN) Public โ Private Dialogue Microinsurance Products Microinsurance policies and initiatives in the Philippines in support urban poor populations Life โข Group Life Insurance โข Individual Life Insurance โข Personal accident Non-Life โข Personal Accident โข Fire Assistance โข Accidental Burial/Burial Assistance โข Property and Agri Insurance Micro Pre- need Framework Micro-Agri Framework Micro Health Framework Recently issued frameworks
- 14. Mutual xchange Forum on Inclusive Insurance (MEFIN) Public โ Private Dialogue Microinsurance Providers Microinsurance policies and initiatives in the Philippines in support urban poor populations Life insurance entities Mutual Benefit Associations Cooperative Insurance Societies Non-life insurance entities Pre-need companies Health Maintenance Organizations
- 15. Mutual xchange Forum on Inclusive Insurance (MEFIN) Public โ Private Dialogue Distribution Channels Microinsurance policies and initiatives in the Philippines in support urban poor populations Rural Banks On-line Sites Pawnshops NGOs Coops/MFIsEmployers Retailers Service Providers
- 16. Microinsurance policies and initiatives in the Philippines in support urban poor populations The Typhoon Haiyan
- 17. Micro-insurance policies and initiatives in the Philippines in support urban poor populations The Typhoon Haiyan
- 18. Mutual xchange Forum on Inclusive Insurance (MEFIN) Public โ Private Dialogue Microinsurance โ Rebuilding Lives After Disasters- Video Microinsurance policies and initiatives in the Philippines in support urban poor populations
- 19. Mutual xchange Forum on Inclusive Insurance (MEFIN) Public โ Private Dialogue Microinsurance
- 20. Mutual xchange Forum on Inclusive Insurance (MEFIN) Public โ Private Dialogue Microinsurance International involvement Trust and collaboration Proportionate regulations Innovative and creative mechanisms Microinsurance policies and initiatives in the Philippines in support urban poor populations
- 21. Microinsurance policies and initiatives in the Philippines in support urban poor populations Thank you.