In photo: (First row, l to r) IIAP Education Director Ma. Divina “Mady” Tablante, GIZ Senior Financial Advisor Dante Portula, MiN Chairman and Pioneer Group Head Lorenzo Chan Jr., CPMI Officer-in-Charge Aira Labao, Benlife General Manager Jose Simon, and GIZ Senior Financial Advisor Jimmy Loro. (Second row l to r) IDF Working Group Coordinator Pedro Pinheiro, PCIC Planning and Management Information Manager Sem Cordial, IIAP Executive Director Francisco Papa, and PIRA Executive Director Michael Rellosa.
In a landmark move towards financial inclusivity, two global associations – the Insurance Development Forum (IDF) and the Microinsurance Network (MiN) – have joined forces to organize the first-ever country workshop in the Philippines. This initiative aims to advance an inclusive insurance strategy, targeting the low-income population of the country.
Pedro Pinheiro, IDF Inclusive Insurance Working Group Coordinator, emphasized the workshop’s objective: to bridge the protection gap for the low-income population through accessible and affordable insurance.
“We aim to boost the uptake of insurance among the low-income population who can greatly benefit from affordable and accessible insurance products developed by local insurers,” Pinheiro stated.
The partnership between IDF and MiN is a strategic move to implement an inclusive insurance strategy. Lorenzo Chan, MiN Chairman and Pioneer Group Head, explained that the collaboration allows IDF to leverage the grassroots reach and extensive resources that MiN has amassed over the past two decades.
This workshop marks the beginning of IDF’s engagement in the Philippines and the establishment of a country task force. Chan revealed,
“The country task force in the Philippines will effectively allocate financial resources and technical assistance from the IDF membership to local inclusive insurance programs. Together, we will seek to address the gaps identified in the workshop.”
The Philippines has been selected as a priority country by the IDF’s inclusive insurance working group due to its vulnerability to climate risks and the urgent need for insurance solutions. The country also boasts a progressive regulatory framework for inclusive insurance, a thriving private sector, and a highly engaged government body.
Insurance Commissioner Reynaldo Regalado expressed his full support for the initiative, pledging the Insurance Commission’s commitment to work collaboratively with microinsurance providers, non-government organizations, and other stakeholders.
“We commit to crafting policies that will further enhance financial inclusion in the country,” Regalado stated.
The IDF, a public-private partnership, supports the growth and development of insurance-related resources and capabilities to help achieve the objectives of the Sustainable Development Goals (SDGs) and the UN Global 2030 Agenda. The MiN, based in Luxembourg, is a non-profit global platform dedicated to promoting inclusive insurance to low-income people worldwide.
The workshop saw participation from various insurance industry stakeholders, including the Philippine Insurers and Reinsurers Association (PIRA), Philippine Life Insurance Association (PLIA), Microinsurance Intermediaries and Practitioners Association of the Philippines (MIPAP), Philippine Crop Insurance Corporation (PCIC), GIZ Philippines, and several other organizations in the inclusivity ecosystem.
This groundbreaking initiative marks a significant step towards financial inclusivity and resilience in the Philippines, setting a precedent for other countries to follow.
