Microinsurance discuss finds scale, value-for-money products, services critical

A microinsurance discuss that gathered together over 40 countries, focusing on how to improve regulation for the evolving industry notes that besides sale, there also need for value-for-money products and services. These they pointed are critical in realising the growth project and impact of the sector to the economies of societies.

The forum being 9th International Microinsurance Conference hosted by the International Association of Insurance Supervisors (IAIS) and the Microinsurance Network, which brought together representatives of the insurance industry and supervisors.

Firdaus Djaelani, commissioner from the Indonesian supervisory authorities, emphasised the level of priority the government has been giving to achieve broad-based access to insurance.

Peter van den Broeke, representing the secretariat of the IAIS and the Governing Council of the Access to Insurance Initiative, reiterated the strong focus of IAIS to instilling regulatory practices. He underlined the importance of proportionate approaches best serving the low-income segment. He sees the Consultative Forum as an important platform for the exchange of information between the IAIS and the Microinsurance Network.

Setting a frame for the discussions, Stefanie Zinsmeyer from the Access to Insurance Initiative presented emerging micro-insurance business models from 25 jurisdictions around the globe, focusing on related risks and regulatory implications for supervisors.

Insurance supervisors from Tanzania, the Interafrican Conference on Insurance Markets, and the Philippines, as well as representatives from global and national players of the insurance industry, multilateral development banks and development experts deliberated on business models that work for low-income populations.