Five insurers link up to develop inclusive insurance for Asia

Industry initiative to promote affordable insurance is supported by Germany’s foreign development arm

Five insurers link up to develop inclusive insurance for Asia

Insurance News

By Gabriel Olano

An alliance of five insurers in the Philippines seeks to promote the growth of inclusive insurance in the country as well as the rest of the Asian region.

The five firms ­– CARD Pioneer Microinsurance, Cebuana Lhuiller Insurance Solutions, CLIMBS Life and General Insurance Cooperative, Pru Life UK, and Western Guaranty Corporation – have established the Mutual Exchange Forum on Inclusive Insurance (MEFIN) Inc., a non-stock and non-profit organisation.

MEFIN will forward the growth of inclusive insurance by finding solutions to regulatory challenges and helping create new business models to allow widespread access to affordable insurance and provide protection to vulnerable members of society.

The partnership is supported by the German government, through its international development agency, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH.

The launch event was attended by several major figures in the insurance industry, including Insurance Commissioner Dennis Funa. Business models and insurance growth drivers for the Philippines and several other Asian countries were presented, including Indonesia, Mongolia, Nepal, Sri Lanka, Thailand, and Vietnam.

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