Forum highlights growth potential of microinsurance

(L-R) Citi Philippines CEO Aftab Ahmed, Rimansi president Pelagia Mendiones, Insurance Commissioner Dennis Funa, Canadian Ambassador John Holmes and CARD MRI founder and chairman Dr. Jaime Aristotle Alip

Despite the lack of financial literacy and lack of insurance penetration in the Philippines, more and more low-income Filipinos are leveraging microinsurance thanks to the collaboration between government and the private sector.

The Microinsurance MBA Association of the Philippines (RIMANSI) recently held the 2018 National Microinsurance Forum, in observance of National Microinsurance Month, at the grand ballroom of the Century Park Hotel in Manila.  

The event, which was supported by Global Affairs Canada, was attended by more than 200 of the country’s microinsurance stakeholders from microinsurance mutual benefit associations (Mi-MBAs) and microfinance institutions (MFIs), regulators, promoters and supporters of microinsurance.  This year, the gathering of key microinsurance players and stakeholders provided the venue for discussions on the gains, challenges and prospects of expanding the reach of microinsurance, which included presentations on developments in regulations, outreach, market penetration, non-traditional products and distribution.